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Probe Into Defence Force Vessels Deal: Bahamas $150m Contract Caught In Dutch Inquiry

The Netherlands is investigating alleged bribery involving the Christie administration’s acquisition of nine defence force vessels in 2014 and has been receiving co-operation from local officials for its investigation since June of last year. Dutch officials suspect corruption related to the shipbuilding services this country received from Damen Shipyard Group… Read More

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More

Malta: Financial services sector exposed to flows of funds from higher risk jurisdictions

Malta’s financial services sector is exposed to flows of funds from higher risk jurisdictions and customers, the Malta Financial Services Authority (MFSA) has indicated in a report. This is mainly due to the exposure to flows of funds from higher-risk jurisdictions and customers, Malta’s economic policy, as well as the… Read More

5th November 2019

Investigation: UK accounting firms tied to alleged Kolomoisky fraud

Britain is known for its strong rule of law. Yet London is also a global hotspot for money laundering, tax evasion and other financial crimes. Experts say that a no-questions-asked approach to opening U.K. companies has exacerbated this problem. However, the U.K.’s transparent registries and its freedom of information laws… Read More

4th November 2019

Small Businesses Brace for Compliance Hurdles Under Shell-Company Bills

Small businesses are assessing the potential costs of complying with requirements under proposals in both chambers of Congress aimed at limiting the use of anonymous shell companies. The House in October passed a bill requiring most limited-liability companies, among other firms, to tell the Treasury Department who their primary… Read More

29th October 2019

Fifth of law firms fail to comply with money laundering rules

A fifth of law firms are failing to comply with anti-money laundering rules, a watchdog has revealed as it vowed to clamp down on non-compliance. In March the Solicitors Regulation Authority (SRA) asked 400 firms to complete risk assessments to demonstrate compliance with 2017 money laundering regulations. However 83 (21… Read More

29th October 2019

EY: Gold, drug money and a major auditor’s ‘cover-up’

A major accountancy firm covered up evidence of smuggling and laundering of drug money by an organised crime gang, an investigation has revealed. EY failed to report suspicious activity at one of the world’s largest gold refineries and then altered a compliance report to hide the crime. BBC Panorama discovered… Read More

28th October 2019

EU readies stricter rules against money laundering: document

The European Union is getting ready to tighten rules against money laundering, an EU draft document shows, a year after previous reforms now deemed inadequate to tackle a series of banking scandals. EU regulators were caught off guard last year by revelations of one of the largest ever money-laundering scandals,… Read More

28th October 2019

‘We Need to Think Long and Hard’ about Better AML Supervision: FATF Exec Secretary

Intergovernmental groups and nations must reconsider how anti-money-laundering (AML) supervision and evaluations are conducted, according to the executive secretary of the Financial Action Task Force (FATF). In a recent interview for KYC360’s AML Talk Show, David Lewis noted that approximately 75 percent of the countries evaluated in recent… Read More

25th October 2019

FATF Recommends ‘Multi-Pronged Approach’ to Naming Beneficial Owners

Timely intergovernmental data-sharing and effective monitoring of gatekeepers are key steps to identifying criminals who exploit shell companies and other legal entities, according to new guidance by a money-laundering watchdog. The best-practices paper, published Thursday by the Financial Action Task Force (FATF), notes that the group’s member-states still struggle… Read More

25th October 2019

It’s Time to Reform and Refocus the Financial Action Task Force

The latest gathering of the global anti-financial crime standard-setter, the Financial Action Task Force (FATF) – the first under its Chinese presidency – included a number of eye-catching items reflecting the incoming president’s Objectives statement. The plenary considered long-ignored threats such as money laundering associated with the illegal… Read More

25th October 2019

U.K.’s Dirty Money Trail Leads to Private Schools, Crocodile Handbags

Dirty money worms its way into banks, law firms, and accounting agencies. It seeps into properties, companies, and even schools. And despite a crackdown by British lawmakers and police, the $418 billion flood shows no signs of receding as criminals from around the world continue to make the U.K. a… Read More

23rd October 2019

Whistle-Blowers Are the Last Defense Against Global Corruption

If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More

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