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The Northern Irish ghost companies that mask crime worldwide

By David Leask, Peter Geoghegan and Richard Smith openDemocracy — Nikolai Sukhanov is used to flags of convenience. The flags of many nations flutter from the stern of ships on the docks and quays of Nakhodka in Russia’s far east. Owners often register their vessels thousands of miles from home, in countries… Read More

U.S. Charges Venezuelan President Nicolás Maduro With Drug Trafficking

U.S. authorities charged Venezuelan President Nicolás Maduro and senior government officials with drug trafficking and conspiring with terrorists and offered multimillion-dollar rewards for their arrests, escalating the Trump administration’s effort to unseat the leftist regime. Prosecutors unsealed a series of criminal cases in New York, Florida and Washington on… Read More

Canada’s money-laundering monitor now triaging reporting process by COVID-19-hit businesses

While crooks and terrorists are as susceptible to COVID-19 as other mortals, underworld cash always seems immune, so Canada’s money-laundering monitor has begun triaging financial transaction reports during the pandemic. Staffing shortages and business disruption forced by the coronavirus prompted the Financial Transactions and Reports Analysis Centre of Canada, known… Read More

27th March 2020

Big banks reassure staff about potential job cuts

Big banks are postponing decisions about staff cuts as the coronavirus outbreak hits their businesses hard, with executives saying they are unsure how long the outbreak will hurt the economy and worried about being unprepared if business suddenly snaps back. Morgan Stanley (MS.N), Goldman Sachs Group Inc (GS.N),… Read More

27th March 2020

U.S. corporate crisis bailouts may prove bonanza for insider trading, new study warns

White-collar crime prosecutors and defense attorneys are likely to be busy following a massive economic stimulus package from the U.S. Congress aimed at mitigating the fallout from the coronavirus, according to a new academic study of insider trading. The research, from scholars at the University of Pennsylvania’s Wharton School, Stanford… Read More

27th March 2020

Close friend of Spain’s emeritus king transferred $39 million from “donation” to a US bank

An information exchange between a Spanish judge and a Swiss prosecutor has shed new light on an ongoing investigation into alleged financial irregularities involving emeritus king Juan Carlos I, the father of Spain’s reigning monarch Felipe VI. Spain’s High Court, the Audiencia Nacional, has been waiting for the Swiss… Read More

26th March 2020

Coronavirus Prompts Swedish Regulator to Delay Decision on SEB Probe

Sweden’s financial supervisory authority has delayed the conclusion of an anti-money laundering assessment of Skandinaviska Enskilda Banken AB due to the coronavirus pandemic. The assessment of the Swedish bank was expected to conclude in April, but the Swedish FSA, known as the Finansinspektionen, said Wednesday that it was now… Read More

26th March 2020

Malta’s Pilatus Bank was a ‘money transfer operation’

Pilatus Bank was a “money transfer operation” rather than an ordinary bank providing investment corporate and retail services to high net individuals, according to the bank’s administrator Lawrence Connell. The former US financial regulator reached his conclusion in his first six-month report covering up to August 2018, which was only… Read More

26th March 2020

AmBank seeks to strike out Najib’s suit over accounts disclosure

AmBank has filed an application to strike out former prime minister Najib Razak’s lawsuit for alleged negligence in disclosing his bank account details to an unauthorised individual. The bank and its subsidiary AmIslamic Bank are seeking to annul the suit on grounds that Najib’s lawsuit discloses no reasonable cause of… Read More

26th March 2020

Cum-Ex Trading: Challenges for Regulators

“This was a collective case of thievery from state coffers”—so declared presiding Judge Roland Zickler of the Bonn criminal court in December 2019 at the trial of Martin Shields and Nicholas Diable, two British traders charged with aggravated tax evasion in Germany’s biggest post-war fraud prosecution. Although this was only… Read More

25th March 2020

Fraud, Asset Tracing and Recovery in Japan

Important legal framework and static underpinnings to fraud, asset tracing and recovery schemes Japanese civil law permits the filing of an action for damages caused by fraud or tort, and provides a mechanism to enforce compulsory execution against the property of the wrongdoer based on a successful… Read More

25th March 2020

Holding the Line on Ultimate Beneficial Ownership

The misuse of legal structures for illicit activities has been the subject of intense global scrutiny since the release of the Panama Papers in April 2016 and the Paradise Papers in November 2017. Since then, the requirements around the identification of the UBOs (ultimate beneficial owners) of legal entities have… Read More

25th March 2020

Banks, regulators move to protect customers from wave of coronavirus scams in UK, U.S.

UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks, including fake sales of medical supplies and bogus government relief schemes. With British households effectively on lockdown, some banks said customers had already been… Read More

Must Read

The Northern Irish ghost companies that mask crime worldwide

U.S. Charges Venezuelan President Nicolás Maduro With Drug Trafficking

UK in-house lawyer was ‘puppet director’ for dubious £16m schemes

Coronavirus Is Idling North Korea’s Ships, Achieving What Sanctions Did Not

U.S. imposes fresh Iran-related sanctions despite coronavirus