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What 6AMLD Doesn’t Say About Legal Liabilities

With only a day to go before the deadline for EU member-states to transpose the bloc’s Sixth Anti-Money Laundering Directive (6AMLD), significant questions remain unanswered about how it will be enforced on a national-level. In an apparent response to recent banking scandals, the directive will make the “aiding and… Read More

UK’s Big Four auditors await shake-up as corruption probes add up

Britain’s audit sector, dominated by the so-called Big Four accountancy giants, is shortly expected to discover how it must reinvent itself amid a series of probes into alleged corruption, including one linked to the collapse of German electronic payments group Wirecard. UK authorities want the industry to separate audit and… Read More

U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft

A U.K. civil court froze up to $5 billion in assets including stakes in luxury hotels, cash in bank accounts in half a dozen countries and a Burger King franchise, as part of an international legal saga that ensnared Kazakhstan’s richest businessmen, according to court documents. The Business and Property… Read More

30th November 2020

Deutsche Bank Accounting Head Probed Over EY Wirecard Audit

Deutsche Bank AG’s top accounting executive, Andreas Loetscher, is being investigated over his role as the auditor of Wirecard AG while he was with his former firm, Ernst & Young, two people familiar with the matter said. Germany’s accounting regulator, APAS, is… Read More

23rd November 2020

An heiress, a judge and a job: France’s Sarkozy goes on trial for corruption

Former French president Nicolas Sarkozy goes on trial on Monday accused of trying to bribe a judge and of influence-peddling, one of several criminal investigations that threaten to cast an ignominious pall over his decades-long political career. Prosecutors allege Sarkozy offered to secure a plum job in Monaco for judge… Read More

19th November 2020

UK’s National Crime Agency Calls for Further SARs Reforms

The UK’s National Crime Agency (NCA) is calling for additional reforms to the country’s system for reporting suspicious transactions in an effort to scale back the volume of defensive filings it receives, the Financial Times reported Thursday. Although the Home Office has launched a “transformation programme” aimed at overhauling… Read More

16th November 2020

Call for three-year ban on EY bidding on public contracts

A prominent anti-corruption campaign group is calling on the government to ban EY from bidding on public contracts for three years, accusing the big four accounting and consultancy group of “recurring professional misconduct”. Spotlight on Corruption has written to the Crown Procurement Service asking it to examine if business… Read More

13th November 2020

Swiss to ban deducting bribes from taxes starting in 2022

Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said on Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022. Beyond bribes, costs from financing criminal activities or money paid in return for… Read More

12th November 2020

Qatar threatened witnesses to hide Nusra Front financing, court told

The Qatari state is orchestrating a criminal conspiracy to pervert British justice through bribery, witness intimidation and the planting of illegal tracking devices, a court was told yesterday. It was claimed in the High Court that such steps were ordered in an attempt to shield the emir of Qatar from… Read More

11th November 2020

The man who could explain the $2 billion Wirecard mystery is missing

On a cool Saturday evening in March, Jan Marsalek headed across Munich for dinner at the home of a friend. It was a welcome respite for the chief operating officer of German payment processor Wirecard AG, as the previous few weeks had been particularly exacting. Allegations of accounting fraud… Read More

11th November 2020

UK: ‘Puppet’ solicitor suspended over money-laundering breach

An east London solicitor handling six-figure international transactions with no experience of ever having done so has been suspended indefinitely. The Solicitors Disciplinary Tribunal found that Biplab Jumar Poddar, who practised from Hamlet Solicitors LLP, accepted £122,000 from a Chinese client and subsequently paid out £112,000 of those funds to… Read More

9th November 2020

Philippines probes money flows linked to Wirecard, ex-official

The Philippines is examining financial transactions of a law office and a tour operator that “appeared to have acted for” Wirecard AG or the company’s former chief operating officer Jan Marsalek, Justice Secretary Menardo Guevarra said. The National Bureau of Investigation has submitted a progress report on its probe… Read More

6th November 2020

South Korea: Probe launched into allegations against top prosecutor’s wife over bribery and stock manipulation

The prosecution has launched a probe into allegations that Prosecutor General Yoon Seok-youl’s wife was involved in bribery and stock manipulation cases, judicial sources said Thursday. According to the sources, the Seoul Central District Prosecutors Office has assigned the cases to an anti-corruption investigation team to look into the allegations… Read More

Must Read

What 6AMLD Doesn’t Say About Legal Liabilities

UK’s Big Four auditors await shake-up as corruption probes add up

U.K. Court Freezes Up to $5 Billion Tied to Alleged Kazakhstan Bank Theft

Wirecard: Gardaí investigate alleged €400m fraud at Irish arm

EU, FATF lists causing correspondent banking problems in Bahamas