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Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos

Portuguese authorities said on Monday they had started investigating media reports concerning Angolan billionaire Isabel dos Santos, while a small bank said it had decided to put an end to commercial relationships with entities she controls. This was the latest fallout from increased scrutiny of Angola’s former first daughter, a… Read More

UK SARs fall from key company formation agents

The number of suspicious activity reports filed by company formation agents has fallen by more than half to only 23, despite government attempts to improve the system. There was a 56.6 per cent decline in SARs to the National Crime Agency in the year to March 2019 from trust and… Read More

Luxembourg’s fund sector faces risk of abuse

Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More

21st January 2020

INX Media Case: Enforcement Directorate Questions Karti Chidambaram Again

Karti Chidambaram, son of former Union minister P Chidambaram, appeared before the Enforcement Directorate on Monday for questioning in the INX Media money-laundering case, officials said. The investigating officer of the case recorded the statement of Karti, a Congress Member of Parliament from Tamil Nadu’s Sivaganga, under the Prevention of… Read More

21st January 2020

Ex-Portuguese minister named in €35 million corruption probe involving Venezuelan funds

Former Socialist minister António Vitorino – once tipped as a contender for party leader – is being cited by Spanish prosecutors over a “scheme of corruption and money laundering” involving more than €35 million in Venezuelan funds. Vitorino has denied the allegations, saying they are “absolutely false”. The story is… Read More

21st January 2020

‘Suspicious’ that Malta’s FIAU not given resources when investigating PEPs – former director

If the police did nothing on reports compiled and sent by the Financial Intelligence Analysis Unit, what was the point of having these reports, former FIAU director Manfred Galdes said. He said it was suspicious that the FIAU lacked resources – and were not given any – at the time… Read More

21st January 2020

The Reality About Corrupt PEPs: They’re a Global Problem

At the request of the International Consortium of Investigative Journalists (ICIJ), I recently analyzed e-mails and other records documenting some of the communication between PwC auditors and representatives of Fidequity, a financial services company that managed several entities formed in Malta, British Virgin Islands (BVI) and the Netherlands. The… Read More

20th January 2020

Western Advisers Helped An Autocrat’s Daughter Amass And Shield A Fortune

Pausing at the entrance to a star-studded bash at the Cannes Film Festival, ’90s icon Sharon Stone flashed her one-of-a-kind cuff bracelet. It was a wraparound hippo with rubies for eyes, sapphire nostrils and white diamond teeth. Its body was covered in brown, gray and white diamonds. The dazzling ornament… Read More

20th January 2020

HSBC aware of Huawei’s ties with Iran unit before arrest of founder’s daughter, documents show

The Canadian extradition proceedings of Huawei Technologies chief financial officer Meng Wanzhou hinge on allegations she made a fraudulent presentation to HSBC in 2013 over the technology giant’s business ties in Iran, but recently revealed documents show the bank had been aware of Huawei’s business relationships in the Middle Eastern… Read More

20th January 2020

Monzo bank ‘freezing accounts for no apparent reason’

The rise of Monzo has been nothing short of remarkable. Rave reviews from customers who universally loved its app-based banking, plus awards and glowing write-ups from the likes of Which?, helped it to become the UK’s fastest-growing bank. But what has led to so many customers claiming they have been… Read More

20th January 2020

SPAC Nation: the South London church, a £2.5m Surrey mansion and a sham loan storm at HSBC

When a fleet of luxury cars dropped off the well-heeled pastors of a South London church near Mayfair on New Year’s Eve, their lavish black-tie gala was marred by a media storm surrounding allegations of financial fraud. But as churchgoers gathered for selfies, they seemed to take scant notice… Read More

17th January 2020

Estonia expands Danske laundering probe to cover up to $2 billion of transfers

Estonian authorities have expanded their investigation into alleged money laundering through Danske Bank’s (DANSKE.CO) local branch to cover transfers of up to $2 billion, the Estonian prosecutor said on Thursday. Widening of the investigation in Estonia adds to pressure on Danske Bank, as the lender and its investors await… Read More

17th January 2020

Private war in Libya funded via Scots firms

A convicted arms dealer branded a “merchant of death” used Britain’s most notorious form of ghost company to finance a private air war in Libya, The Times can disclose. Rami Ghanem supplied mercenaries to fly and maintain fighter-bombers for one of the local militias battling for scraps of the fractured… Read More

Must Read

Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos

UK SARs fall from key company formation agents

Luxembourg’s fund sector faces risk of abuse

Australia’s Packer to face powerful Crown probe into alleged money laundering

Facebook’s ‘Failed’ Libra Cryptocurrency Is No Closer to Release