12th July 2019
The sprawling, multibillion-dollar Malaysian development fraud scandal that has toppled a prime minister and stretched from Hollywood to Wall Street is threatening to implicate another major global financial institution: Deutsche Bank AG. The U.S. Justice Department is investigating whether the German lender violated foreign corruption or anti-money-laundering laws… Read More
10th July 2019
With other parts of its business facing hefty cuts, Deutsche Bank wants to expand its European operations handling the assets of rich clients and take market share from rivals after staunching the outflow of assets. Hiring new client relationship managers and perhaps making acquisitions in a few years’ time can… Read More
8th July 2019
Investigations surrounding Deutsche Bank’s more than decade-long relationship with President Trump and his business have created a crisis for the German financial giant. It’s caught in a legal tug of war between Trump and House Democrats for the president’s financial records and calls for broad investigations of its… Read More
8th July 2019
Along with free trade deals, tax cuts for high earners and the threat of a no-deal Brexit, special tax-free zones are likely to feature in a Boris Johnson premiership. The frontrunner to move into No 10 told a Tory hustings event this week that… Read More
5th July 2019
AP — Malaysia’s anti-graft agency said Thursday it has detained Riza Aziz, the stepson of former Prime Minister Najib Razak and a Hollywood film producer, and will charge him with money laundering. Anti-Corruption Commission chief Latheefa Koya said Riza was picked up Thursday but has been released on bail. “He… Read More
5th July 2019
The British Virgin Islands is home to more than 400,000 companies that hold $1.5 trillion in assets. You wouldn’t know it if you walked through Road Town, the capital of this Caribbean archipelago. Hens and roosters compete brazenly… Read More
3rd July 2019
From jet skis to yachts, traffickers are resorting to increasingly innovative ways to smuggle people into Europe, a senior Europol officer said on Tuesday as the police agency launched a taskforce to tackle the lucrative trade. Criminal gangs are also becoming more violent towards migrants as they seek to maximize… Read More
28th June 2019
Brussels-based KBC Group NV and its banking arm KBC Bank are facing prosecution for their purported roles in facilitating money laundering and tax fraud by Belgian clients.  The banking group disclosed the charges by the Ghent public prosecutor’s office in a statement on its website Thursday and said… Read More
28th June 2019
The Financial Action Task Force on Thursday published anti-money laundering (AML) guidance for legal professionals, supervisors involved in the legal sector and financial services businesses that have attorneys as clients. The 93-page guidance paper outlines how risk-based compliance controls should be applied to a host of legal functions, including tax… Read More
27th June 2019
Israel’s finance ministry has sought help from Switzerland in identifying Israelis it believes have undeclared assets at Union Bancaire Privee (UBP) and Bank Julius Baer, Swiss government documents show. UBP said on Wednesday it is cooperating fully with authorities, while the Swiss Federal Tax Administration is seeking contact addresses for… Read More