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UK seeks to confiscate convicted Nigerian politician’s loot

A British prosecutor launched a fresh attempt on Thursday to confiscate tens of millions of pounds stolen from an oil-producing state in Nigeria by its former governor, who was convicted of laundering his loot in Britain. James Ibori, who was governor of Delta State from 1999 to 2007, pleaded guilty… Read More

Another law firm dragged into Fishrot scandal

The Anti-Corruption Commission (ACC) has confirmed investigating another law firm, Ellis Shilengundwa Incorporated, in connection with funds deposited into their bank account by the National Fishing Corporation of Namibia (Fishcor). Ellis & Partners Incorporated was established in 1997 by renowned lawyer Phillip Ellis. Ellis, however, left the law firm in… Read More

What to Expect From U.S. White-Collar Prosecutions in 2020

The new year promises to be an interesting one in white-collar crime. Goldman Sachs is negotiating with the Justice Department to pay a penalty of about $2 billion for its role in the 1Malaysia Development Berhad scandal, known as 1MDB. Accounting fraud became a particular focus of the Justice… Read More

14th January 2020

Oligarchs launder dirty cash in UK courts

Corrupt Russian oligarchs are bringing lawsuits in English courts to launder hundreds of millions of pounds in dirty money, research reveals. British lawyers and academics claim that there is “ample evidence” that they have attempted to manipulate the UK judicial system to wash ill-gotten gains and settle old scores. They… Read More

2nd January 2020

Malaysia tightens rules on anti-money laundering, terrorism financing

Malaysia’s central bank, known as Bank Negara Malaysia (BNM), has issued a revised policy document on anti-money laundering/counter financing of terrorism (AML/CFT) and targeted financial sanctions (TFS), which take effect on January 1. The document provides guidelines for designated non-financial businesses and professions (DNFBPs) and non-bank… Read More

1st January 2020

B.C. moving slowly on money laundering recommendations, Canada even more slowly

The B.C. government is slowly implementing changes to combat money laundering and the federal government is moving even more slowly. Money laundering has been a hot-button issue in B.C., with far-reaching implications for the economy and trust in institutions, but has also gained attention nationally. By next spring, the B.C. Read More

25th December 2019

China prepares to unleash artificial intelligence to catch tax cheats

Chinese scientists have been working on a system to use artificial intelligence that would make it almost impossible to cheat on taxes, according to researchers involved in the project. Over the last three years, about 300,000 government tax inspectors have been helping to train an AI system that draws… Read More

19th December 2019

UK watchdog chases law firms over money laundering rules

The solicitor’s watchdog is pursuing law firms that have failed to fulfil anti-money laundering rules after evidence showed high levels of non-compliance. It has written to 6,500 compliance officers for legal practices asking them to make a declaration that they have a firm-wide money laundering risk assessment in place. All… Read More

18th December 2019

Egrant: Inquiry ordered police probes into Karl Cini, whistleblower and Pilatus

A 1,500-page inquiry had ordered the police to investigate Nexia BT partner Karl Cini for perjury, Egrant whistleblower Maria Efimova for calumny and Pilatus Bank’s operations for money laundering. These conclusions, which were never published by the government, also order an investigation into who falsified and distributed documents linking the… Read More

18th December 2019

Westpac hit with shareholder class action lawsuit following AUSTRAC scandal

Westpac has confirmed it has been served with its first shareholder class action lawsuit following the money laundering scandal that threw the lender into turmoil and cost former chief executive Brian Hartzer his position at the bank. Specialist class action law firm Phi Finney McDonald will allege the country’s… Read More

16th December 2019

UK Regulators Mandating More External Probes in Financial Crime Crackdown: FT

UK regulators are increasingly ordering independent investigations into financial institutions due to concerns over money laundering and white-collar crime, according to data cited by the Financial Times. The Financial Conduct Authority (FCA) and the Bank of England (BoE) ordered 51 “skilled persons’ reports” in the 2018-2019 fiscal year—a 16-percent… Read More

11th December 2019

‘Less action plans, more action’: EU Commission under fire over money-laundering overhaul

The European Commission said it would only consider money-laundering reforms after it completes a thorough assessment of the issue, dashing hopes the EU executive would act rapidly to crack down on dirty money flowing through the continent. Last week, EU governments backed a plan to strengthen the bloc’s powers to… Read More

5th December 2019

MEP calls on EU to initiate suspension procedures against Malta

The European Commission should open an investigation into the rule of law. Preparations must now be made for Article 7 proceedings against Malta, MEP Sven Giegold said today. Article 7 of the Treaty on European Union is a procedure to suspend certain rights from a member state. At the end of the two-day… Read More

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