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UK in-house lawyer was ‘puppet director’ for dubious £16m schemes

An in-house solicitor who gave a ‘veneer of respectability’ to dubious property schemes has been struck off the roll. The Solicitors Disciplinary Tribunal heard that Timothy Ackrel was one of a succession of ‘puppet directors’ used to conceal the beneficiaries of a scheme to sell apartment blocks in north west… Read More

Canada’s money-laundering monitor now triaging reporting process by COVID-19-hit businesses

While crooks and terrorists are as susceptible to COVID-19 as other mortals, underworld cash always seems immune, so Canada’s money-laundering monitor has begun triaging financial transaction reports during the pandemic. Staffing shortages and business disruption forced by the coronavirus prompted the Financial Transactions and Reports Analysis Centre of Canada, known… Read More

Accountants at centre of multi-million-dollar ‘dummy director’ scam shut down

An accounting firm at the centre of a massive tax avoidance scheme which exploited homeless and drug-addicted people has had its registration cancelled in the wake of an ABC investigation. Last month the ABC revealed a group of Victorian accountants were using people addicted to drugs and alcohol, the… Read More

26th March 2020

AmBank seeks to strike out Najib’s suit over accounts disclosure

AmBank has filed an application to strike out former prime minister Najib Razak’s lawsuit for alleged negligence in disclosing his bank account details to an unauthorised individual. The bank and its subsidiary AmIslamic Bank are seeking to annul the suit on grounds that Najib’s lawsuit discloses no reasonable cause of… Read More

25th March 2020

Fraud, Asset Tracing and Recovery in Japan

Important legal framework and static underpinnings to fraud, asset tracing and recovery schemes Japanese civil law permits the filing of an action for damages caused by fraud or tort, and provides a mechanism to enforce compulsory execution against the property of the wrongdoer based on a successful… Read More

23rd March 2020

Luxembourg’s Parliament votes in favour of tax, anti-money laundering rules

Luxembourg’s parliament on Saturday voted in favour of new laws to implement EU rules increasing reporting duties on cross-border tax arrangements and stepping up the fight against money laundering. After Tuesday’s session was cancelled because of the pandemic, parliament convened over the weekend to vote on a package of laws. This… Read More

23rd March 2020

What is happening with PrivatBank court cases and why is this such a big deal?

PrivatBank, the largest and the most profitable bank in Ukraine, has been fighting a legal war with its former owners for a couple of years now. Right after the state took the bank away from its oligarch stakeholders Ihor Kolomoisky and Gennadiy Boholyubov in December 2016, the pair hired an… Read More

18th March 2020

Portuguese ‘Super Judge’ Orders Total Seizure Of Dos Santos Assets

Portugal’s so-called ‘super judge’ Carlos Alexandre has ordered the seizure of all Angolan billionaire businesswoman Isabel dos Santos’ assets in the country, including lucrative stakes in various companies and luxury properties. Alexandre, a high-profile judge specializing in white-collar crime, made the order in Lisbon’s Central Court for Criminal… Read More

17th March 2020

UK-Based Law Firm Rebuked by Regulator Over Money Laundering Training

Top 50 U.K. firm Withers has been rebuked by the Solicitors Regulation Authority (SRA) for failing to adequately provide anti-money laundering training to relevant employees. According to the SRA, the firm “failed to take appropriate measures to ensure that its relevant employees were regularly given training in how to recognize… Read More

13th March 2020

Swiss lawyers seek to keep special ‘advisor’ status in the shadow economy

Last week, the Swiss parliament voted against the government proposal to strengthen anti-money laundering laws, which included additional due diligence measures for all service providers, including lawyers that serve as advisors. In the 1980s, Swiss banks were considered preferred laundering havens of drug barons. The funds of the Cali and… Read More

12th March 2020

Investors Sue Deutsche Bank’s Board Members Over Compliance Lapses: FT

US shareholders are suing current and former Deutsche Bank board members for what they describe as an “unprecedented litany of wrongdoing” by the lender’s leadership, including its failure to prevent financial crime, the Financial Times reported Wednesday. The lawsuit, filed to New York’s Supreme Court, names Deutsche CEO Christian… Read More

10th March 2020

Russia ‘hired network of Britons’ to mask criminal interests

Russia has been accused of hiring a network of British politicians and consultants to help advance its criminal interests and to “go after” Vladimir Putin’s enemies in London, MPs who drew up the Russia report suppressed by Boris Johnson were told. In secret evidence submitted to parliament’s intelligence and… Read More

9th March 2020

Coronavirus’s Spread Could Complicate Corporate Anti-Bribery Efforts

Travel restrictions aimed at stemming the spread of the novel coronavirus could complicate companies’ efforts to prevent bribery and other corporate misconduct, lawyers say. As the epidemic spreads, compliance officers and the lawyers tasked with conducting internal investigations and bribery risk assessments have had to postpone meetings and interviews with… Read More

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