13th July 2020
To avoid a repeat of cross-border financial fraud that implicated local financial institutions, it’s time for Congress to ease the antiquated bank secrecy law while the government tightens enforcement against such crimes, Finance Secretary Carlos Dominguez III said. Stephen Cutler, a security analyst and antimoney laundering consultant, noted that the… Read More
13th July 2020
President Donald Trump’s refusal to release his tax returns has long fed a belief among his critics that they must contain politically damaging financial information or even evidence of criminal conduct. The U.S. Supreme Court on Thursday cleared the way for Manhattan District Attorney Cyrus Vance to get his hands… Read More
9th July 2020
The second edition of an influential handbook on the U.S. Foreign Corrupt Practices Act incorporates nearly eight years of developments in the antibribery law. It also clarifies the government’s view on controversial aspects of the statute’s enforcement. The U.S. Department of Justice and U.S. Securities and Exchange Commission released the… Read More
9th July 2020
A Monaco court on Wednesday upheld an earlier ruling dismissing a case against a prominent art dealer accused by a Russian oligarch of fraud and money laundering, lawyers for the art dealer said. Monaco’s appeals court in December ordered the closure of a preliminary investigation opened by local authorities into… Read More
9th July 2020
By Sandrine Gagné-Acoulon, OCCRP, 8 July 2020 OCCRP — A US think tank claims that poor enforcement has turned Dubai into a hotbed of dodgy dealings by allowing the emirate to serve as a major crossroad for gray networks and international finance. The Carnegie Endowment for International Peace released… Read More
9th July 2020
A Dutch court on Wednesday said it wanted to question the Dutch bank ING and its former chief executive Ralph Hamers, now heading for UBS, to determine whether to reopen a case that led to ING being fined for lax prevention of money laundering. ING, the largest bank in the… Read More
8th July 2020
A U.K. regulator on Monday told the country’s biggest professional services firms to draw up plans for separating their audit businesses by Oct. 23 and for the work to be completed by mid-2024. The Financial Reporting Council—the U.K.’s accounting and audit watchdog—said it aims to reduce potential conflicts of interest… Read More
8th July 2020
The law firm that represents the Duchess of Sussex has received $1.3m (£1m) for its work on a public relations campaign for a fugitive Malaysian financier accused of masterminding one of the world’s largest corruption scandals, documents show. Schillings, a London-based firm that specialises in managing the reputations of wealthy… Read More
7th July 2020
Mastercard was warned about Wirecard’s links to an alleged laundering network in 2016, The Times can reveal. The payments group was handed details of Wirecard’s alleged links to a scheme that used bogus online stores to disguise the processing of high-risk payments, and Mastercard executives privately admitted to concerns about… Read More
7th July 2020
The coronavirus pandemic has already seen one major accounting fraud. There could be more to come. The implosion of digital payments company Wirecard has set off a huge scandal in Germany, where financial regulators, auditors and the firm’s supervisory board are being asked how they missed a $2 billion… Read More