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Next Hurdle in Treasury’s Corporate Transparency Push? Verification

The U.S. Treasury Department last month kicked off the process of establishing a long-awaited corporate ownership registry. The agency is already facing sharply diverging views on how it should work. Top of mind for financial institutions and other stakeholders is how ownership information that is submitted to the Treasury’s Financial… Read More

FCA opens investigation into collapse of Greensill Capital

The City watchdog has opened the door to a criminal prosecution of Greensill Capital and confirmed that it is investigating the failed lender. Nikhil Rathi, chief executive of the Financial Conduct Authority, said that the regulator was “investigating matters relating to Greensill Capital”. His comments came in a letter to… Read More

JPMorgan Must Turn Over U.S. Compliance Records in Nigerian Oil License Case: UK Court

The UK High Court has ordered JPMorgan Chase to turn over compliance documents ahead of a trial in which the bank stands accused of enabling the misappropriation of $875 million from the government of Nigeria, the Financial Times reported on Tuesday. The decision stems from an… Read More

12th May 2021

How bell-ringers and a bowls team are among groups caught up in HSBC’s money laundering blitz

Village bell-ringers and local bowls clubs are having their bank accounts closed by HSBC in a crackdown on money laundering. Last month, Money Mail revealed how the international bank had shut down the account of a pigeon racing club, and we have since heard from other community groups which have… Read More

12th May 2021

$100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investors

Shell companies sure make strange bedfellows. A New York real estate tax lawyer — who did work for former President Donald Trump decades ago — in 2011 purchased a shell company whose creators later became key investors in a mystery $100 million company that owns just a small… Read More

12th May 2021

US Sanctions Seven Lebanese Linked to Hezbollah

The United States has sanctioned seven Lebanese nationals it says are linked to the Iran-backed Hezbollah group, and its financial arm, Al-Qard al-Hassan (AQAH). In a Treasury Department press release Tuesday, the seven were listed as Specially Designated Global Terrorists (SDGT). “From the highest levels of Hezbollah’s financial apparatus… Read More

12th May 2021

Romanian deputy PM Barna possibly investigated for EU funds embezzlement

Romania’s Anti-Fraud Department (DLAF) announced that it completed the investigations and sent to the anticorruption directorate (DNA) the European fund embezzlement cases involving four persons – including, according to Newsweek, deputy prime minister and USR-PLUS co-president Dan Barna. Barna has served as an expert in both projects, and his… Read More

12th May 2021

Earthly Delights: Religious Groups and Money Laundering in Dominican Republic

By Katya Bleszynka, Insight Crime, 10 May 2021 InSight Crime — Millions of dollars in state funds were allegedly laundered through a religious non-profit in the Dominican Republic, showing how minimal oversight of these faith groups makes them ideal vehicles for embezzlement. On May 10, security… Read More

11th May 2021

Danske Bank had American clients in scandal-ridden Estonian branch – lawyers point to risk of tax fraud

Danske Bank’s notorious Estonian branch housed hundreds of U.S. taxpayers and businesses amongst its portfolio of suspicious non-resident-customers, states an internal legal memo that Berlingske has access to. The »comprehensive memorandum« is dated to the beginning of 2019 and was prepared by Danske Bank’s lawyers in various countries where the… Read More

11th May 2021

The UK is losing the fight on money laundering, but we can still win – if we want

By David Leask, openDemocracy, 10 May 2021 openDemocracy — At the end of 2018, a softly spoken British executive matter-of-factly told the European Parliament how to clean tens of billions of dirty dollars. Howard Wilkinson’s voice shook slightly as he described to MEPs how money from the… Read More

11th May 2021

EU prepares new round of Belarus sanctions from June, diplomats say

The European Union is readying a fourth round of sanctions against senior Belarus officials in response to last year’s contested presidential election and could target as many as 50 people from June, four diplomats said. Along with the United States, Britain and Canada, the EU has already imposed asset freezes… Read More

11th May 2021

UK: Loan sharks target new victims via WhatsApp and Facebook

Local WhatsApp groups have been one of the silver linings of the pandemic, creating community ties and support networks. Yet loan sharks are increasingly using these groups to extort money from their victims, according to England’s Illegal Money Lending Team (IMLT), an organisation that prosecutes illegal lenders and… Read More

11th May 2021

Deutsche Bank 1MDB Probe Dropped by U.S. Justice Department

The U.S. Department of Justice has dropped a probe into Deutsche Bank AG’s role in the 1MDB scandal, removing a potential legal headache as Malaysia steps up its demands for compensation. The DOJ sent a letter to notify the German bank that the investigation had been closed, people familiar… Read More

Must Read

Next Hurdle in Treasury’s Corporate Transparency Push? Verification

FCA opens investigation into collapse of Greensill Capital

JPMorgan Must Turn Over U.S. Compliance Records in Nigerian Oil License Case: UK Court

How bell-ringers and a bowls team are among groups caught up in HSBC’s money laundering blitz

$100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investors