25th October 2019
The latest gathering of the global anti-financial crime standard-setter, the Financial Action Task Force (FATF) – the first under its Chinese presidency – included a number of eye-catching items reflecting the incoming president’s Objectives statement.  The plenary considered long-ignored threats such as money laundering associated with the illegal… Read More
25th October 2019
Swiss federal prosecutors said they had opened an investigation of private bank J. Safra Sarasin as part of a wide-ranging corruption probe surrounding Brazilian state oil company Petrobras (PETR4.SA) and construction firm Odebrecht. The Office of the Attorney General opened proceedings against the Basel-based bank in November 2018,… Read More
25th October 2019
Dirty money worms its way into banks, law firms, and accounting agencies. It seeps into properties, companies, and even schools. And despite a crackdown by British lawmakers and police, the $418 billion flood shows no signs of receding as criminals from around the world continue to make the U.K. a… Read More
24th October 2019
Malta’s financial services tribunal has upheld a complaint by a wealth management firm embroiled in a United States investigation on dirty money from Venezuelan politicians, saying the regulator’s decision to stop Portmann Capital Management from taking on new clients was not in line with the law. The FST… Read More
23rd October 2019
If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More
22nd October 2019
By Ronald F Pol, La Trobe University Money laundering rarely gets as literal as the case in Thailand last week, where police raided homes of a ring suspected of laundering a billion baht (about A$48 million) of drug proceeds and found millions stashed in a washing machine. Stories… Read More
16th October 2019
As Venezuela’s chronic food shortages began intensifying, Naman Wakil, a former street peddler who made millions of dollars supplying meat to the socialist government’s food programs, decided to share the wealth. Wakil ordered his Swiss bankers to transfer $5.9 million to relatives of state Food Minister Carlos Osorio, who’d given… Read More
15th October 2019
A Miami financial advisor who faced trial Tuesday on corruption and money-laundering charges that implicated Ecuador’s national oil company and Brazilian construction giant Odebrecht has decided to plead guilty. Frank Roberto Chatburn Ripalda, who has American and Ecuadorian citizenship, admitted in a plea agreement that he used the U.S. financial… Read More
14th October 2019
European Union taxpayers held assets worth at least $1.6 trillion offshore in 2016, equal to nearly 10% of the bloc’s output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year. In a report, the Commission said taxpayers in the Mediterranean islands of Cyprus… Read More
11th October 2019
In his first speech as the UK’s new prime minister in July, Boris Johnson slipped in a passing reference to free ports that sent alarm bells ringing across the nation’s anti-money laundering (AML) community. Speaking outside of 10 Downing Street, Johnson had called on the country to “look not at… Read More