Featured Compliance

What 6AMLD Doesn’t Say About Legal Liabilities

With only a day to go before the deadline for EU member-states to transpose the bloc’s Sixth Anti-Money Laundering Directive (6AMLD), significant questions remain unanswered about how it will be enforced on a national-level. In an apparent response to recent banking scandals, the directive will make the “aiding and… Read More

UK’s Big Four auditors await shake-up as corruption probes add up

Britain’s audit sector, dominated by the so-called Big Four accountancy giants, is shortly expected to discover how it must reinvent itself amid a series of probes into alleged corruption, including one linked to the collapse of German electronic payments group Wirecard. UK authorities want the industry to separate audit and… Read More

U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft

A U.K. civil court froze up to $5 billion in assets including stakes in luxury hotels, cash in bank accounts in half a dozen countries and a Burger King franchise, as part of an international legal saga that ensnared Kazakhstan’s richest businessmen, according to court documents. The Business and Property… Read More
2nd December 2020
The Bahamas’ inclusion on the European Union’s (EU) black list and Financial Action Task Force’s (FATF) gray list, has caused some local financial institutions to be refused service by correspondent banks, Attorney General Senator Carl Bethel said on Friday, adding that those lists have left The Bahamas at a competitive… Read More
2nd December 2020
Federal authorities are stepping up their efforts to seize millions of dollars deposited in Miami bank accounts that they say were used to pay kickbacks to Venezuelan government officials for inflated contracts with the national oil company, PDVSA. The latest target: Natalino D’Amato. The contractor is accused of selling $160… Read More
2nd December 2020
The United States accused China on Tuesday of “flagrant violation” of its obligation to enforce international sanctions on North Korea and offered rewards of up to $5 million for information about sanctions evasions. Deputy Assistant Secretary for North Korea Alex Wong accused China of seeking to undo a United Nations… Read More
1st December 2020
By Will Fitzgibbon, ICIJ, 30 November 2020 ICIJ — JPMorgan Chase, America’s largest bank, helped move millions of dollars for a New Jersey con man long after he was first accused of ripping off customers looking for good deals on the used cars of their dreams. Many borrowed from… Read More
30th November 2020
The UK’s NCA (National Crime Agency) has unveiled details of a project to reform the SAR (suspicious activity report) regime, amid a large increase in the number of submissions from financial institutions and other reporting entities. The NCA received over 570,000 SARs in the year to March 2020, an increase… Read More
30th November 2020
It was perhaps the world’s most expensive wedding; an extravaganza costing tens of millions of pounds with performances by Jennifer Lopez, Sting and Enrique Iglesias, a fleet of Rolls Royces to ferry the guests and a 20-year-old bride wearing a $1m dress and a $5m crown. The groom, Said Gutseriev,… Read More
30th November 2020
The EU will take on powers to freeze assets and impose travel bans on individuals involved in human rights abuses from next month, after the bloc’s member states provisionally approved a European Magnitsky Act. The restrictive measures – set to be formally signed off on Human Rights Day on 10… Read More
30th November 2020
Societe Generale SA was reprimanded by a Swiss court and ordered to give up $150 million deposited by convicted fraudster Allen Stanford that it had fought for nearly a decade to keep. The court ruled that Societe Generale failed to do proper due diligence before accepting Stanford’s money. The… Read More
30th November 2020
Packed trading floors are rare these days. An exception is the Shahzada currency-exchange market in Kabul. Seven days a week hundreds of men crowd into a modest courtyard. Each has a bundle of banknotes; some have piles several feet deep. Prices—for American dollars, Iranian rials and Pakistani rupees—ring out and… Read More
30th November 2020
Hong Kong leader Carrie Lam says she has to pile up cash at home as she has been unable to open a bank account in the global financial centre since Washington sanctioned her shortly after Beijing imposed a national security law on the city. Beijing circumvented Hong Kong’s legislature and… Read More