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UBS pays more than 10 million euros to settle Italy money-laundering probe

An Italian judge has accepted a request by UBS (UBSG.S) to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe. “We are pleased to have resolved this matter,” a UBS spokesperson said in… Read More

Pakistan expects to avert blacklisting over terrorism financing

Backed by longtime ally China, Pakistan is confident it will avert blacklisting over terrorism financing by a global watchdog on Friday but it will not be completely off the hook until it proves it is genuinely severing ties with Islamist militants, officials and analysts said. The Financial Action Task Force… Read More

Congress Pushes Forward On Turkey Sanctions Despite Ceasefire

Republican and Democratic lawmakers vowed to move ahead with sanctions on Turkey despite the announcement by Vice President Mike Pence that Turkish President Recep Tayyip Erdogan agreed to temporarily halt hostilities in northern Syria. South Carolina Republican Lindsey Graham and Maryland Democrat Chris Van Hollen said they welcomed the agreement… Read More

18th October 2019

Ex-Credit Suisse Banker Hid $45 Million, Names Four Others

A former Credit Suisse Group AG banker told a federal jury in New York that he alone pocketed at least $45 million in a massive kickback scheme and named other ex-employees of the bank he says made millions of their own. Testifying on Wednesday, Andrew Pearse recited the illicit… Read More

18th October 2019

Can big data be used to stop human trafficking?

Technology and data have transformed the way we live, work and play. So far, the outcomes have been mixed. While we are undoubtedly more connected and better informed, we’re simultaneously more anxious about the pace of change and our personal privacy. And rightly so. Last year’s Cambridge Analytica scandal… Read More

18th October 2019

Privacy vs Transparency

In 2011, Pakistan’s finance minister gave a budget speech to the National Assembly, explaining that the country’s ratio of tax revenue to GDP, at 9.2 percent, was ranked lower than that of all but 1 of 154 jurisdictions. In a country of 180 million, just 1.2 million people and firms… Read More

18th October 2019

Probe of Giuliani Allies Gathered Records on 50 Bank Accounts

U.S. authorities investigating an alleged effort by associates of Rudy Giuliani to funnel foreign money into U.S. election campaigns have collected records of financial transactions for more than 50 bank accounts as well as correspondence on 10 email addresses, a federal prosecutor said in a New York courtroom Thursday. The… Read More

18th October 2019

Indian court jails former MD of PMC Bank as fraud probe deepens

An Indian court on Thursday sent the former managing director of Punjab and Maharashtra Co-operative (PMC) Bank, Joy Thomas, to jail as a probe into an alleged 43.55 billion rupees ($610 million) fraud intensifies. Thomas stands accused in a police complaint of criminal breach of trust, forgery and falsification of… Read More

18th October 2019

E-Pirate money-laundering investigation: Leadership problems, missteps proved fatal

Months after charges were stayed in Canada’s largest money-laundering case, neither the RCMP nor the Public Prosecution Service of Canada has provided any public explanation of what went wrong. But a Postmedia investigation has uncovered details of how the massive prosecution of Silver International and its owners, Caixuan Qin and… Read More

17th October 2019

Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Goldman Sachs has been negotiating with the Malaysian authorities to drop criminal charges against three of its subsidiaries in connection with three bond issues by 1Malaysia Development Berhad, or 1MDB. The government is seeking $3.3 billion in compensation from the U.S. investment bank, accusing it of helping a Malaysian businessman… Read More

17th October 2019

Khmer Riche – How relatives and allies of Cambodia’s leader amassed wealth overseas

Cambodia’s long-ruling prime minister, Hun Sen, had gathered athletes at his imposing office for a televised pep talk. “I don’t want to mention politics,” he began quietly. But he couldn’t help himself. It was December 2017. The main opposition party had just been outlawed, the latest move in Hun Sen’s… Read More

17th October 2019

Settlement Talks for Bank Followed Pressure on Trump by Turkey’s Leader

After repeated appeals to President Trump by Turkey’s president to avoid charges against a state-owned Turkish bank, Attorney General William P. Barr oversaw an effort earlier this year to negotiate a settlement with the bank, two people with knowledge of the matter said. The settlement push abruptly ended on Tuesday… Read More

17th October 2019

Estonia Says It’s Entitled to Majority of Money Laundering Fines

Estonia should get the “majority” of fines that banks under investigation for their roles in Europe’s biggest money-laundering scandals are likely to face, Finance Minister Martin Helme said. “We are talking about hundreds of millions at least, possibly about billions,” Helme said in a post on his Facebook page. Read More

Must Read

UBS pays more than 10 million euros to settle Italy money-laundering probe

Pakistan expects to avert blacklisting over terrorism financing

Congress Pushes Forward On Turkey Sanctions Despite Ceasefire

Ex-Credit Suisse Banker Hid $45 Million, Names Four Others

Can big data be used to stop human trafficking?