Featured Data

Westpac’s ties to Puerto Rico Bank Euro Pacific spark calls for financial crime reform

Westpac’s links to an offshore bank at the centre of a sweeping international money laundering and tax evasion probe have sparked fresh calls for reform of the financial sector’s approach to curbing crime. The nation’s second biggest bank, which was embroiled in a major money laundering scandal last year that… Read More

The day the international tax authorities came knocking

On a sunny Friday in late January, investigators from the Australian Tax Office issued subpoenas and fired off letters as part of an unprecedented probe that reached around the world. It was a similar scene in Amsterdam, where investigators from the Dutch tax agency set about a similar task. So,… Read More

Arrests Target Money-Laundering Service for Cyber Criminals

Twenty people have been arrested as part of an investigation into QQAAZZ, a group that police said had laundered millions on behalf of the world’s most prolific cyber criminals. The arrests, part of a multinational investigation that included police in 15 countries, target a notorious gang of so-called money mules… Read More
13th October 2020
Central banks set out to regulate cross-border stablecoins like Facebook’s planned Libra with a common approach on Tuesday, saying more rules may later be needed to ensure stability. The prospect of a currency-backed stablecoin being used by billions of people on Facebook has galvanised central banks into putting together rules… Read More
7th October 2020
Banks and other financial institutions could be forced to cut ties with cloud providers and other technology suppliers under a draft European Union regulation that aims to limit cybersecurity risks to the sector. National regulators in EU countries could require banks to stop using external technology services if their providers… Read More
1st October 2020
GLEIF (Global Legal Entity Identifier Foundation) has introduced a new LEI ‘Validation Agent’ framework, which will enable FIs to simplify and accelerate LEI (legal identity identifier) issuance for their clients. Until now, the process of obtaining an LEI has usually occurred in the latter stages of client onboarding, requiring the… Read More
25th September 2020
Securities and tax regulators should have new powers to share information for cracking down on fraudulent tax reclaim schemes, the European Union’s markets watchdog said on Thursday. The European Securities and Markets Authority (ESMA) made the recommendation in its final report to the European Parliament into frauds whereby investors engineer… Read More
18th September 2020
The Justice Department said on Wednesday that a group of hackers associated with China’s main intelligence service had infiltrated more than 100 companies and organizations around the world to steal intelligence, hijack their networks and extort their victims. The United States government presented the allegations in a set of three… Read More
17th September 2020
Hundreds of Australian people smugglers, fraudsters, drug kingpins and a former Macquarie banker jailed for dealing ecstasy are named on a leaked Chinese database, pointing to Beijing’s use of organised crime figures for gathering intelligence and running foreign interference operations. The database compiled by military contractor China Zhenhua, revealed by The… Read More
15th September 2020
When the Twitter account of its own chief executive, Jack Dorsey, was taken over by hackers last year, a stream of tweets with racial slurs, profanity and praise for Adolf Hitler were posted for 30 minutes. Weeks later, the food writer and campaigner Jack Monroe lost £5,000 from… Read More
10th September 2020
Register-General Jemima Oware has announced the deployment of a new Central Beneficial Ownership Register for all companies operating in the country. “We will start with the extractive industry and other high risk sectors like banks and other financial institutions,” she noted. According to her, a lack of information about who… Read More
4th September 2020
Manila, Philippines — The country’s top financial intelligence unit is beefing up ties with other government agencies, especially in terms of information sharing, in a bid to strengthen efforts against money laundering and terrorist financing. In a statement, the Anti-Money Laundering Council said it is improving linkages with the Department… Read More
1st September 2020
A committee has been formed to prepare a law regulating and developing the use of financial technology (fintech) in non-banking financial activities, according to Chairperson of the Financial Regulatory Authority (FRA) Mohamed Omran. The FRA has received a number of proposals regarding the rules and controls for establishing, operating, and… Read More