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Accountants are ‘turning a blind eye to dirty money’

Accountants are turning a blind eye to organised crime gangs making millions from fraud, the police chief who is heading Britain’s fight against economic crime has said. Karen Baxter, police national lead on economic crime, said some accountants and lawyers were “complicit” or “complacent” in the laundering of “dirty”… Read More

When the Cost of Doing Business Means Funding Terror Groups

When Lafarge, one of the world’s leading producers of building materials, acquired a cement plant in the north Syrian town of Jalabiya in 2007, it was with the hope of expanding into the Middle Eastern markets. The French company—which became LafargeHolcim after merging with a Swiss firm in 2015—spent over… Read More

EBA Chair Calls for More EU Action on Money Laundering

The European Union must either centralise its anti-money laundering (AML) and counterterrorist financing (CFT) supervision or take further “evolutionary” steps if it is to fight financial crime effectively, an official said Thursday. In remarks delivered to the Economic and Monetary Affairs Committee, European Banking Authority (EBA) Chairman Jose… Read More

4th September 2019

FATF Dings Greece over DNFBP Compliance in Largely Positive Report

The Financial Action Task Force (FATF) on Tuesday said that Greece is compliant or largely compliant with 37 of its 40 recommendations to combat money laundering and terrorist financing. The Paris-based intergovernmental group separately deemed Greece to be substantially or moderately effective in preventing the crimes under the 11… Read More

4th September 2019

Law firms ignorant of money-laundering risks

Half of law firms do not understand the threat posed to them by criminals looking to launder dirty money in the UK, a survey has shown. Lawyers said they lacked understanding of the ways in which criminals target them to launder ill-gotten gains. One in three firms said this failure… Read More

21st August 2019

France, Panama to launch bilateral body to fight tax evasion

France and Panama have signed a bilateral agreement in Panama City to create a group designed to curb tax fraud, announced Gérald Darmanin, French minister of public accounts. The move comes years after Panama was blacklisted amid the Panama Papers tax evasion scandal. “With Panama’s Minister of Economy and Finance, Hector Alexander, we… Read More

21st August 2019

Corporate Transparency Advances in Three Nations, More Tortoise than Hare

Shell companies—specifically, of the illicit sort—have so long been entangled with the concept of money laundering that one term often evokes the other. But after decades of acknowledging the problems associated with anonymous corporate ownership, and with little to show in the way of preventing the misuse of shell… Read More

19th August 2019

Trial Date Set for US Panama Papers Case

The first people charged with crimes in the United States arising from the Panama Papers investigation will face trial in January 2020, according to new court filings. The trial, in New York’s Southern District, will begin almost four years after the International Consortium of Investigative Journalists and more than 100… Read More

16th August 2019

Lawyer famed for work in Scott Young affair fights to avoid jail over castle deal

A property development firm is trying to have the lawyer famed for representing creditors to late tycoon Scott Young imprisoned in a bitter legal dispute over the whereabouts of millions of pounds in misappropriated funds. Stephen Jones is said to have lied to clients, the courts and the National Crime Agency… Read More

7th August 2019

HSBC agrees to 300 mln euro settlement of Belgian tax fraud case: prosecutors

HSBC’s Swiss private banking arm has agreed to pay nearly 300 million euros ($336 million) to settle a tax fraud case in Belgium, Belgian prosecutors said on Tuesday, the latest blow for the Alpine state’s banking sector from the EU. The settlement comes after a French court in February ordered… Read More

5th August 2019

HM Treasury Report Shows Shifting Supervisory Efforts, Few AML Penalties

The UK’s HM Treasury recently (and belatedly) published its Anti-Money Laundering and Counterterrorist Financing Supervision Report for the year ended 31 March 2018. With publication of the findings coming some fifteen months after the end of the review period, regulators and supervisors have no excuses for failing to address the… Read More

2nd August 2019

KPMG U.K. Fines Top $16 Million in 2019 Amid Industry Crackdown

Accounting giant KPMG was fined 3.5 million pounds ($4.24 million) for misconduct over reports on Bank of New York Mellon Corp. The Financial Reporting Council on Thursday said a partner, Richard Hinton, was also fined 75,000 pounds over 2011 client asset reports he had signed on behalf of KPMG. Both… Read More

17th July 2019

In systemic breach, hackers steal millions of Bulgarians’ financial data

Bulgaria’s finance minister apologized to the country on Tuesday after admitting hackers had stolen millions of taxpayers’ financial data in an attack that one researcher said may have compromised nearly every adult’s personal records. The breach of servers at the tax agency (NRA) happened at the end of June and… Read More

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US helping Venezuela’s Guaido track stolen art

High-risk entities to be audited by FIAU every 18 months