Featured Banking

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
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
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
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
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
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
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
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
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
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
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