Featured Governmental

U.S. blocked Myanmar junta attempt to empty $1 billion New York Fed account

Myanmar’s military rulers attempted to move about $1 billion held at the Federal Reserve Bank of New York days after seizing power on Feb. 1, prompting U.S. officials to put a freeze on the funds, according to three people familiar with the matter, including one U.S. government official. The transaction… Read More

Jersey trust company fined $835,000 for opening ‘gateway to possible money laundering’ in Angola

By Will Fitzgibbon, ICIJ, 4 March 2021 ICIJ — A court in the Channel Islands has fined a team of accountants and economists who for years ignored “obvious” risks of possible corruption and embezzlement when providing services to an investment management company working with the government… Read More

UBS May Use Money-Launderer Case to Appeal $5.4 Billion Penalty

Just over two years ago, UBS Group AG got a nasty shock when a Paris judge handed it a record $5.4 billion penalty for helping French clients avoid taxes. As the Swiss bank returns to the French capital on Monday for a three-week long appeal, its team of lawyers… Read More
5th March 2021
The U.S. and U.K. are weighing additional penalties against Russia over the use of chemical weapons, with options ranging from sanctions against oligarchs to the extreme step of targeting the nation’s sovereign debt, according to people familiar with the matter. British officials plan to push for the Organisation for the… Read More
5th March 2021
The U.S. is considering sanctions against Lebanon’s long-serving central bank chief as a broader investigation into the alleged embezzlement of public funds in the country gathers pace, according to four people familiar with the matter. Officials within the Biden administration have discussed the possibility of coordinated measures with their European… Read More
5th March 2021
More than HK$900 million (US$116 million) in suspected crime proceeds has been frozen in an unprecedented joint crackdown by Hong Kong police and stock regulators against so-called “ramp and dump” online investment scams, the Post has learned. Twelve Hongkongers – seven men and five women – were arrested over the… Read More
5th March 2021
In a bunker-style courthouse tacked onto a prison, close to a hundred suspected mafiosi and their accomplices are standing trial, accused of defrauding the EU out of millions of euros. The so-called maxi-trial is expected to reconstruct, for the first time, an integrated system through which prosecutors… Read More
5th March 2021
By Scilla Alecci, ICIJ, 3 March 2021 ICIJ — Malta is reportedly demanding payment of more than $275,000 total in taxes and fines from a telecom consultancy firm owned by Angolan billionaire Isabel dos Santos after rejecting its call for a tax clawback. According to MaltaToday,… Read More
4th March 2021
Florida private equity manager Elliot Smerling has overseen a growing empire of private equity funds reportedly worth more than $1.8 billion and lived a lavish lifestyle, with homes in Florida, New York and Brazil as well as a collection of luxury cars including a Ferrari, a Corvette and a Cadillac… Read More
4th March 2021
The United States says it is “deeply concerned” over the release from pretrial detention of a Kyrgyz organized-crime figure for whom Washington has offered a $1 million reward. In a statement on March 3, the U.S. Embassy in Bishkek described Kamchy Kolbaev as a “transnational organized-crime… Read More
4th March 2021
Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC International between 2011-2014. The payout is the largest 1MDB-related settlement by an audit firm in Southeast Asia, the Finance… Read More
4th March 2021
ING Group’s unit in France will pay €3 million to address anti-money laundering (AML) and counterterrorism financing compliance shortcomings identified by the country’s prudential regulator. The banking group, which acknowledged the fine in a statement Tuesday, said the enforcement action stemmed from a 2018 inspection by the Autorité de Contrôle… Read More
4th March 2021
Cyprus plans to launch a register in coming months identifying the owners of thousands of companies on the island, lifting a veil of secrecy on opaque and complex corporate structures that campaigners say can help criminals seeking to hide their loot. Details of thousands of companies domiciled on the island,… Read More