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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

Trump administration reviewing foreign money to US colleges

AP — The U.S. Education Department has opened investigations into foreign funding at Georgetown University and Texas A&M University as part of a broader push to monitor international money flowing to American colleges. Both universities are being ordered to disclose years of financial records amid concerns they have not fully… Read More

Western Union to Pay $400,000 for Ties to Hezbollah-Linked Subagent

Western Union Financial Services, Inc. has agreed to pay the US Treasury Department’s sanctions arm $401,697 for processing thousands of transactions over a 4-year period on behalf of a subagent that had been blacklisted for links to terrorism. The Colorado-based money services business began working with Gambia-based subagent Kairaba Shopping… Read More

13th June 2019

FCA Outlines Risks of Money Laundering to Capital Markets

Investment banks and other firms participating in UK capital markets must do more to understand their potential exposure to money laundering, according to the Financial Conduct Authority (FCA). In a thematic review published Tuesday, the FCA found that most financial institutions involved in the trading of shares, derivatives, bonds… Read More

10th June 2019

Hong Kong plunged into political crisis after huge protest against extradition law

Riot police surrounded Hong Kong’s parliament early on Monday after what had been a peaceful million-strong protest against an extradition bill descended into running clashes between police and protesters. Several hundred riot police armed with batons, shields, tear gas guns and pepper spray sealed off the Legislative Council as a… Read More

10th June 2019

MoneyGram’s loan faces performance, money laundering concerns

Money transfer company MoneyGram International Inc is struggling to finalize a US$663m loan as its financial performance wilts under fierce competition following a US$125m US government fine last November for poor money-laundering controls, sources said. MoneyGram, the second largest provider of money transfers in the world, is raising the four-year… Read More

7th June 2019

EU Recommends AML Measures for Six Countries

The European Commission on Wednesday called on six EU member-states to bolster their anti-money laundering (AML) supervisory and enforcement efforts in light of recent bank scandals and the risks of crypto-assets. The requests highlight recent efforts by Denmark, Estonia, Latvia, Bulgaria, Sweden and Malta… Read More

6th June 2019

Former French Justice minister Dati probed over fees paid by Renault-Nissan

Former French Justice Minister Rachida Dati is being probed over consulting fees she has received from the Renault-Nissan strategic partnership, France’s financial prosecutor office said on Tuesday. The preliminary investigation follows a complaint by an individual Renault shareholder against Dati, Ghosn and Bauer for corruption and misuse of company funds,… Read More

6th June 2019

Man charged with abusing Stan Lee pleads not guilty

AP — A former business manager to Stan Lee has pleaded not guilty Wednesday to charges that he abused the Marvel Comics legend. Keya Morgan, 43, entered the plea Wednesday in Los Angeles after authorities transported him from Arizona, where he was arrested last month. Morgan was charged in May… Read More

3rd June 2019

In Response to Committee, UK Outlines Pending Steps to Fight Financial Crime

Earlier this month, the UK government submitted its response to the latest House of Commons Treasury Select Committee (TSC) report on economic crime, agreeing in many cases to advance parliamentarian recommendations and, in one instance, pushing back on a key proposal. Taken as a whole, the response outlines a path… Read More

31st May 2019

British Columbia Probes Suspicious Cash Payments to Schools

The government of British Columbia has asked public colleges and universities and private post-secondary schools to bar large cash payments from students as part of a broad crackdown on money laundering in the Canadian province. A recent report commissioned by the government found that students had paid thousands of dollars… Read More

30th May 2019

Lenders, governments must halt slide in international bank money transfers – FSB

Governments and lenders must do more to stop a decline in banks handling international money transfers, which are vital to some families in developing countries but have been hit by stricter compliance checks, a global finance watchdog said on Wednesday. Regulators have long been concerned that tighter rules against financial… Read More

30th May 2019

Estonia Shuts Down Payment Services Company Over AML Infractions

Estonia’s financial supervisor on Tuesday said it had revoked the operating licence of payment services provider GFC Good Finance Company AS over its failure to comply with the country’s anti-money laundering (AML) laws. The Tallinn-based company had in recent years “seriously breached” its legal requirements and repeatedly failed to address… Read More

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