Featured Gambling

Formations House leak shows need for reforms on creating companies, says anti-corruption chief

Boris Johnson’s anti-corruption champion has said that the UK must “clamp down harder” on corruption after an investigation revealed how a British company registered a global web of businesses linked to international crime gangs. John Penrose, who co-ordinates the response to corruption, said that Britain’s reputation for integrity was vital… Read More

Malta: Yorgen Fenech’s 61 connected companies under scrutiny

The Financial Intelligence Analysis Unit (FIAU) has launched a massive hunt for information regarding any possible financial transactions made by former Tumas Group CEO Yorgen Fenech or any of the 61 companies connected to him over the past years. In “strictly confidential” correspondence sent to all financial practitioners and financial… Read More

Securing the Integrity of the EU’s Financial System is Overdue – Why is Progress so Slow?

It is said that if you place a frog in water and slowly raise the temperature to boiling, it will fail to act until it is too late. I don’t know if this is true; I’d certainly never wish to test the theory. But the metaphor is apt for what… Read More
26th November 2019
Racing professionals have reacted with shock to the news that the man behind the leading international racing and bloodstock operation, Phoenix Thoroughbreds, Amer Abdulaziz Salman, was recently named by a defendant in a criminal court in the US, who accused him of involvement in a money-laundering operation. The allegation was… Read More
21st November 2019
Malta’s biggest bank failed for years to detect or address risks involving thousands of payments, the European Central Bank (ECB) said, detailing “severe shortcomings” that could have allowed money laundering or other criminal activities. A confidential ECB report seen by Reuters said Bank of Valletta (BoV) BOV.MT had not dealt… Read More
14th November 2019
At least €13bn is laundered through the Netherlands on an annual basis, with most of the money coming from Dutch criminal enterprises, according to new research quoted in the Finanancieele Dagblad. Utrecht University professor Brigitte Unger estimates that half the €16bn generated by crime in the Netherlands is laundered through… Read More
8th November 2019
UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More
5th November 2019
AP — As gamblers called out bets around craps and roulette tables at a sports club in Bangladesh’s capital, dozens of black-clad security forces burst inside. Gamblers were ordered to the floor as police and members of Bangladesh’s Rapid Action Battalion, which normally handles major counterterrorism operations, cracked open iron… Read More
1st November 2019
Gambling Commission CEO Neil McArthur says the level of compliance among UK-facing operators based in Malta is currently “not good enough.” Referencing the outcome of Commission research from 2018, McArthur said 45 of 123 online operators were told to submit an action plan to raise compliance standards. A further 14… Read More
29th October 2019
Sweden’s gambling watchdog Spelinspektionen will launch a new anti-money laundering and terrorist financing compliance initiative to help it boost tracking of money in the casino industry in the country. The new AML measures will come in force on January 13, 2020, a year after Sweden officially launched casinos in the… Read More
28th October 2019
Intergovernmental groups and nations must reconsider how anti-money-laundering (AML) supervision and evaluations are conducted, according to the executive secretary of the Financial Action Task Force (FATF).  In a recent interview for KYC360’s AML Talk Show, David Lewis noted that approximately 75 percent of the countries evaluated in recent… Read More
23rd October 2019
If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More
22nd October 2019
By Ronald F Pol, La Trobe University Money laundering rarely gets as literal as the case in Thailand last week, where police raided homes of a ring suspected of laundering a billion baht (about A$48 million) of drug proceeds and found millions stashed in a washing machine. Stories… Read More