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Italian mafia trial could expose underbelly of massive EU fraud

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

Florida fund manager forged college investment docs to land $95 million loan

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

U.S. ‘Deeply Concerned’ After Kyrgyz ‘Crime Boss’ Released From Detention

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 to Pay Malaysia $80 Million in 1MDB-Related Settlement

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

German Financial Regulator Refers Greensill Matters to Criminal Prosecutors

Embattled financial startup Greensill Capital plans to file for insolvency in the U.K. this week, as it simultaneously moves toward a deal to sell its operating business to Apollo Global Management, according to people familiar with the matter. Also Wednesday, in a dramatic ratcheting up of Greensill’s problems, Germany’s… Read More

4th March 2021

Libya’s interim PM elected through bribery, UN inquiry says

The legitimacy of Libya’s new interim prime minister, Abdul Hamid Dbeibah, has been thrown into doubt by a UN inquiry finding that he allegedly gained power after his supporters offered bribes as high as $200,000 to attract votes. His supporters allegedly offered the money in a hotel in Tunis where… Read More

3rd March 2021

Montenegro Fires Top Policeman over Alleged Crime Link

The Montenegrin government on Monday dismissed senior police officer Zoran Lazovic after the ruling coalition lobbied for him to step down because of his alleged ties to organised crime groups, which he has denied. The Interior Ministry also axed six other police directors’ assistants. One of the blocs in the… 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

3rd March 2021

India: Hawala dealer got Rs 565 crore as cuts for laundering money

In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through… Read More

3rd March 2021

Pakistan: Legislation still needed to meet FATF benchmarks

Pakistan will have to make further legislation on at least two counts to meet three outstanding benchmarks of the 27-point action plan of the Financial Action Task Force (FATF) before the June deadline. Also, the government will have to submit an updated report within a month… 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

2nd March 2021

FATF Says It Is Open to Amending Crypto Travel Rule Guidance

The Financial Action Task Force (FATF) is open to amending the “travel rule,” its guidance for cryptocurrency exchanges and companies providing crypto services. The anti-money laundering watchdog said Thursday it is confident the crypto industry will be able to implement complex data… Read More

1st March 2021

South Africa Probes 2 Billion-Rand Eskom Fraud, Press Says

South African authorities are investigating fraudulent transactions that cost state power utility Eskom Holdings SOC Ltd. 2 billion rand ($132 million), City Press reported, citing the Special Investigating Unit. The transactions involved several companies billing Eskom over the past three years for work that was never… Read More

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U.S., U.K. Weigh More Russia Sanctions, Possibly Targeting Debt

U.S. Weighs Sanctions Against Lebanon Central Bank Chief