Featured Compliance

£1.5m legal bill forces rethink over McMafia wealth orders

A central measure in the government’s strategy to investigate so-called McMafia corruption is at risk after the cost of fighting complex cases increased sharply. Ministers hailed the unexplained wealth order (UWO) as the centrepiece of a “full-spectrum” assault on illicit wealth being laundered through the London property market. The measure… Read More

Moscow front companies, tax havens tied to Assad’s ‘chemical arsenal’

A Russian-Syrian business network has been accused of using Moscow front companies, tax havens in British overseas territories and European countries to transfer millions of dollars around the world for the Assad regime. The network, run by a Russian-Syrian businessman called Mudalal Khouri and his brothers, is said to have… Read More

1MBD scandal: Kuwait royal family member arrested for money laundering

Sheikh Sabah Jaber Al Mubarak Al Sabah, son of the former prime minister, and his business partner Hamad Al Wazzan, were arrested on Wednesday night for money laundering related to the Malaysian fund case, known as the 1MBD scandal, Al Qabas reported. Attorney General Dharar Al Asousi issued a warrant… Read More
13th July 2020
By Adam Bychawski, openDemocracy, 10 July 2020 openDemocracy — MPs and anti-corruption campaigners have warned that the British government’s proposed ‘Magnitsky-style’ sanctions regime is not enough to tackle money laundering amid fears that Britain has become a ‘global hub for financial crime’. On Monday, the UK imposed sanctions against 49… Read More
13th July 2020
Last month, more allegations emerged surrounding the Congolese presidential family’s ill-gotten gains. In Florida, US federal prosecutors took steps to seize a Miami penthouse of Denis Christel Sassou-Nguesso, son of Republic of Congo’s president, a sitting member of parliament and former powerful figure in the national oil company, SNPC. Read More
13th July 2020
Jordan’s Prime Minister Omar al-Razzaz promised on Sunday to deepen a crackdown on tax evasion that officials say has deprived the country’s cash-strapped economy of billions of dollars’ revenue in recent years. The government has gone after senior businessmen and former politicians suspected of tax dodging, money laundering and customs… Read More
13th July 2020
To avoid a repeat of cross-border financial fraud that implicated local financial institutions, it’s time for Congress to ease the antiquated bank secrecy law while the government tightens enforcement against such crimes, Finance Secretary Carlos Dominguez III said. Stephen Cutler, a security analyst and antimoney laundering consultant, noted that the… Read More
13th July 2020
Nigerian President Muhammadu Buhari on Friday ordered the immediate suspension of the Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, and instituted an investigation against him for his alleged involvement in various cases of financial irregularities. A statement issued from the president’s office stated that Magu was… Read More
13th July 2020
President Donald Trump’s refusal to release his tax returns has long fed a belief among his critics that they must contain politically damaging financial information or even evidence of criminal conduct. The U.S. Supreme Court on Thursday cleared the way for Manhattan District Attorney Cyrus Vance to get his hands… Read More
13th July 2020
The trio of clients that got Deutsche Bank AG in regulatory trouble this week had a shared back story: They were all castoffs of JPMorgan Chase and Co. Deutsche Bank moved millions of dollars across the globe for convicted sex offender Jeffrey Epstein in the past decade, and… Read More
10th July 2020
Growth in cryptocurrency adoption in recent years has attracted public interest, investment opportunities and regulatory attention. While cryptocurrency-related headlines are now commonplace, cryptocurrency mining remains an obscure topic to most. Anti-financial crime professionals familiarizing themselves with cryptocurrency risks should be certain to focus on what may appear to be a… Read More
10th July 2020
German prosecutors are looking into possible money laundering by executives at Wirecard AG, adding to ongoing probes related to potential fraud and fake accounting at the insolvent payments firm. A spokeswoman for the Munich public prosecutor said it was conducting several legal cases related to possible money laundering… Read More
10th July 2020
Dutch banks ING (INGA.AS), ABN Amro (ABNd.AS) and Rabobank said on Wednesday they would join forces in the fight against money laundering by sharing transaction data. Together with the smaller Volksbank and Triodos Bank, the three largest Dutch banks said they would establish an agency to monitor all… Read More