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In systemic breach, hackers steal millions of Bulgarians’ financial data

Bulgaria’s finance minister apologized to the country on Tuesday after admitting hackers had stolen millions of taxpayers’ financial data in an attack that one researcher said may have compromised nearly every adult’s personal records. The breach of servers at the tax agency (NRA) happened at the end of June and… Read More

India says Deloitte misreading law in challenging government’s call for ban

India has told a tribunal the local auditing affiliate of international accounting group Deloitte Touche Tohmatsu is misreading a key federal law as the firm seeks to avoid a five-year ban on new business, according to legal documents reviewed by Reuters on Sunday. Deloitte Haskins & Sells LLP is contesting… Read More

Bribery Division: Raids in Peru Target Former First Lady, Law Firms Linked to Odebrecht Pipeline

Prosecutors in Peru have raided the home of former first lady Nadine Heredia in a sweeping operation linked to alleged corruption connected to a massive gas pipeline constructed by the disgraced multinational Odebrecht. The Heredia home was one of 26 properties targeted by anti-corruption forces probing corruption in the construction… Read More

5th July 2019

Sun, Sand, and the $1.5 Trillion Dark Offshore Economy

The British Virgin Islands is home to more than 400,000 companies that hold $1.5 trillion in assets. You wouldn’t know it if you walked through Road Town, the capital of this Caribbean archipelago. Hens and roosters compete brazenly… Read More

4th July 2019

German prosecutors intensify Deutsche Bank client investigation: source

German prosecutors are escalating a money laundering inquiry involving Deutsche Bank (DBKGn.DE), including planned raids on wealthy former clients, a person with direct knowledge of the matter told Reuters. Frankfurt’s state prosecutors will in the coming months search the homes of people who it suspects of using a… Read More

28th June 2019

KBC Bank Charged in Money Laundering, Tax Fraud Case

Brussels-based KBC Group NV and its banking arm KBC Bank are facing prosecution for their purported roles in facilitating money laundering and tax fraud by Belgian clients. The banking group disclosed the charges by the Ghent public prosecutor’s office in a statement on its website Thursday and said… Read More

28th June 2019

FATF Outlines Risk-Based AML for Legal Professionals

The Financial Action Task Force on Thursday published anti-money laundering (AML) guidance for legal professionals, supervisors involved in the legal sector and financial services businesses that have attorneys as clients. The 93-page guidance paper outlines how risk-based compliance controls should be applied to a host of legal functions, including tax… Read More

28th June 2019

Switzerland Looks to Fill Gaps in AML Regime

Switzerland’s Federal Council disclosed on Wednesday that it is moving forward with a proposed amendment to the Anti-Money Laundering Act that would impose new regulatory obligations as soon as 2021. The draft amendment seeks to address weaknesses identified by the Financial Action Task Force in a 2016 mutual… Read More

27th June 2019

In Australia, Some See Appetite to Pass AML Laws for Estate Agencies

Drug traffickers, tax evaders and other criminals are likely placing “significant” sums of dirty money into Australia’s real estate market, and could be affecting the cost of housing, according to a report by Australian TV network SBS. While estimates of money laundering in the country remain vague, a 2015… Read More

26th June 2019

Money Laundering in UK Professional Services Sectors Not Understood: RUSI

UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to the exploit firms in the country, according to research published Tuesday by the Royal United Services Institute (RUSI). The London-based think tank based its analysis on the findings of… Read More

17th June 2019

Aiding “organised crime”: India alleges 22 audit violations by Deloitte, KPMG arm in fraud case

India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detected as part… Read More

17th June 2019

Hong Kong tycoons start moving assets offshore as fears rise over new extradition law

Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions. One tycoon, who considers himself potentially politically… Read More

17th June 2019

Dominica removed from EU tax haven blacklist

The Caribbean island of Dominica has been removed from a European Union list of tax havens, the EU said on Friday. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. The EU said 11 jurisdictions… Read More

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