4th November 2019
Hundreds of millions of dollars in cash has been shipped from Russia to Venezuela, providing a lifeline to the South American country as U.S. sanctions limit its access to the global financial system. A total of $315 million of U.S. dollar and euro notes were sent in six separate shipments… Read More
4th November 2019
Small businesses are assessing the potential costs of complying with requirements under proposals in both chambers of Congress aimed at limiting the use of anonymous shell companies. The House in October passed a bill requiring most limited-liability companies, among other firms, to tell the Treasury Department who their primary… Read More
4th November 2019
Malaysia has rejected an offer from Goldman Sachs of less than US$2bn in compensation over the 1MDB scandal, in contrast to the country’s publicly stated demand of US$7.5bn.  Malaysia has charged Goldman and 17 current and former directors of its units for allegedly misleading investors over bond sales totalling… Read More
4th November 2019
Room 237 of Hamburg’s Hanseatic Higher Regional Court is no ordinary courtroom. Here, particularly dangerous individuals, like radical Islamists, are put on trial — naturally with special security measures in place. This Friday, 68-year-old Vladimir D. goes on trial here. The public prosecutor general accuses the Russian man, who lives… Read More
4th November 2019
A recent joint report by the European Banking Authority (EBA), the European Securities & Markets Authority and the European Insurance and Occupational Pensions Authority (the Joint Supervisory Authorities, or JSAs) has highlighted current money laundering and terrorist financing risks to the EU’s financial sector participants. Transaction monitoring and suspicious… Read More
1st November 2019
Officials in the Trump administration are pushing for financial sanctions against Spain for what they say is its financial support of Nicolas Maduro’s regime in Venezuela, according to people familiar with the matter. The U.S. Treasury Department is considering sanctions against Spain’s central bank and measures against other entities where… Read More
1st November 2019
ING’s chief executive said his institution would “absolutely” support EU proposals to create a cross-border authority charged with overseeing anti-money laundering efforts in the bloc, the Financial Times reported Thursday.  The comments follow the disclosure that EU finance ministers are expected to formally task the European Commission with considering… Read More
1st November 2019
New rules to hold individual bankers who do wrong to account will not result in jail but will still help to change culture, the finance minister has said. Paschal Donohoe said yesterday that he is working on legislation to bring in a senior accountability regime (Sear) for prominent figures in… Read More
1st November 2019
European Union finance ministers are expected to formally call for the creation of a central EU anti-money laundering (AML) authority, the Financial Times reported Thursday. The ministerial mandate would task the European Commission with drawing up plans for an independent enforcement body with “direct powers” to oversee AML efforts among… Read More
31st October 2019
The U.S. Justice Department has struck a deal with fugitive financier Jho Low to recoup almost a billion dollars looted from Malaysian investment fund 1MDB, in what would be the biggest recovery from a decade-old anti-corruption crackdown. The 1MDB global corruption scandal has toppled a government, ensnared a Wall Street… Read More