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China Passes Law to Counter Foreign Sanctions

China enacted a new law aimed at countering foreign sanctions, in response to U.S. and European efforts to pressure Beijing on issues spanning human rights, trade and technology. Senior members of China’s legislature approved the “anti-foreign-sanctions law” on Thursday, state media said, following an expedited process that skipped public consultation… Read More

Prosecutor in Trump criminal probe convenes grand jury to hear evidence, weigh potential charges

Manhattan’s district attorney has convened the grand jury that is expected to decide whether to indict former president Donald Trump, other executives at his company or the business itself, should prosecutors present the panel with criminal charges, according to two people familiar with the development. The panel was convened recently… Read More

CNA Financial Paid $40 Million in Ransom After March Cyberattack

CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack. The Chicago-based company paid the hackers about two weeks after a… Read More

9th May 2021

Cybercrime: Insurance giant Axa to stop covering ransomware payments in France

One of Europe’s top five insurers has said it will stop reimbursing people in France who pay up after being targeted by cybercriminals with ransomware. The global insurance company said on Thursday that it will stop writing cyber-insurance policies that cover customers for extortion payments to ransomware attackers. Ransomware attacks… Read More

28th April 2021

Barbados ex-minister sentenced to two years in U.S. for laundering bribes

A former minister in the government of Barbados was sentenced on Tuesday to two years in prison for laundering bribes he received from a Barbadian insurance company through a U.S. bank, the U.S. Justice Department said. Donville Inniss, 55, who had served as minister of industry in the Caribbean nation… Read More

26th April 2021

Australia: Feds junk plans to unmask nominee directors

The Morrison government has walked away from plans to unmask nominee directors, a move experts claim will entrench Australia as a safe haven for laundered money and the proceeds of corruption. Australia committed to introducing a so-called “beneficial ownership register” in 2016 and again in 2018 with expectations the reform… Read More

13th April 2021

New Zealand central bank launches new enforcement department

The Reserve Bank of New Zealand (RBNZ) said on Tuesday it was expanding its regulatory resources with a new standalone enforcement department focusing on compliance in the banking, insurance and anti-money laundering sectors. The new department and the bank’s separate supervision team will work closely to achieve compliance goals, RBNZ… Read More

26th March 2021

Melbourne man faces court over alleged $395 million NDIS fraud

A Melbourne man accused of orchestrating a $395 million fraud to dupe two Korean investment houses into investing in fake NDIS-related property deals has appeared in court. Demetrios “James” Charisiou on Friday attended a short administrative hearing at the Melbourne Magistrates via video to face five… Read More

26th March 2021

Malta’s FinServices sector left reeling in wake of high-profile arrests on money laundering charges

Malta’s business community is in turmoil following recent damning developments in the investigation of Daphne Caruana Galizia’s assassination, the outgoing president of the Malta Chamber of Commerce said. David Xuereb told sister newspaper BusinessToday this morning that the arrest and incarceration of a number of prominent individuals – including… Read More

22nd March 2021

Philippines banks have medium risk exposure to money laundering, terror financing

Domestic banks and other financial institutions have a medium risk exposure to money laundering, terrorist and proliferation financing, according to the result of the Third Sectoral Risk Assessment (SRA) conducted by the Bangko Sentral ng Pilipinas (BSP), Anti-Money Laundering Council (AMLC) and other relevant institutions. BSP Governor Benjamin Diokno said… Read More

3rd March 2021

FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said. Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual… Read More

3rd March 2021

FATF Seeks Financial Sector Input on Proliferation Financing Guidance

The Financial Action Task Force (FATF) launched a public consultation on Monday seeking public- and private-sector feedback on pending guidance that would task financial institutions with doing more to stop the proliferation of weapons of mass destruction. The consultation marks the second such call by the intergovernmental organization, which in… Read More

2nd March 2021

EBA Revises Guidelines on Money Laundering, Terror Financing Risk Factors

The European Banking Authority (EBA) on Monday published revised guidelines for money-laundering and terrorist-financing risk factors, including guidance on related risk assessments and customer due diligence (CDD) for beneficial owners. The guidelines, which are addressed to both financial institutions and supervisory authorities, separately incorporate sectoral guidance on crowdfunding platforms, corporate… Read More

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U.S. financial executive dies by suicide as firm faces fraud claims