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Regulator deletes two Latvian e-transfer firms from register

Latvia’s financial regulator, the Financial and Capital Markets Commission (FKTK) on August 12 said it had deleted the register entries of two firms dealing with electronic money transfers. The firms, called ‘Complete Payment Systems’ and ‘Money Express’ have had their entries in the credit register of payment institutions annulled, suspending their provision of… Read More

Portugal’s golden visa programme ‘swamped’ by inquiries from Hongkongers seeking alternative residence and a safe haven

Inquiries from Hongkongers about property in Portugal, the homeland of football superstar Cristiano Ronaldo, have seen an upswing in recent months as wealthy residents and investors clamour for an alternative residency amid escalating political tensions in the city, analysts said. Since its unveiling in 2012, Lisbon’s golden visa scheme has… Read More

Brazilian police again arrest Eike Batista, once Brazil’s richest man

Police in Brazil on Thursday arrested Eike Batista, the charismatic mining and oil magnate who was once the country’s richest man, on suspicion of money laundering and insider trading. Police and prosecutors said in statements that they arrested the eccentric former billionaire in Rio de Janeiro on a temporary basis. Read More

8th August 2019

SFO Tells Corporations How to Cooperate in Ongoing Investigations

Companies facing potential prosecutions by the UK’s Serious Fraud Office (SFO) should organize related financial records for investigators, identify relevant witnesses and waive pertinent legal privileges, according to new agency guidance. The recommendations, published Tuesday, outline how corporations can cooperate with the SFO ahead of any decision to prosecute… Read More

7th August 2019

Swiss indict former German soccer officials over World Cup payment

Swiss federal prosecutors have filed fraud charges against three former senior German soccer officials and one Swiss over a suspect payment linked to the 2006 World Cup hosted by Germany, the Swiss Attorney General’s office said on Tuesday. The indictment alleges former German Football Association (DFB) presidents Theo Zwanziger and… Read More

5th August 2019

35 bank accounts frozen, cash and properties worth RM4m seized in raids on unlicensed MSBs in Penang, Klang Valley, says Bank Negara

A total of 35 bank accounts were frozen in addition to RM4 million cash and properties seized in raids on a network of illegal money services business (MSB) operators around the Klang Valley and Penang. Bank Negara in a statement said the raiding operation, held in collaboration with the Royal… Read More

5th August 2019

HM Treasury Report Shows Shifting Supervisory Efforts, Few AML Penalties

The UK’s HM Treasury recently (and belatedly) published its Anti-Money Laundering and Counterterrorist Financing Supervision Report for the year ended 31 March 2018. With publication of the findings coming some fifteen months after the end of the review period, regulators and supervisors have no excuses for failing to address the… Read More

1st August 2019

Key witness against DEA agent sentenced in conspiracy case

AP — The star witness in a U.S. investigation of a once-standout Drug Enforcement Administration agent was sentenced Wednesday to nearly four years in prison after implicating his longtime handler in a multimillion-dollar money-laundering conspiracy with the very Colombian cartel criminals he was supposed to be fighting. The 46-month sentence… Read More

31st July 2019

Chinese President Xi Jinping’s Cousin Draws Scrutiny of Australian Authorities

Australian law-enforcement and intelligence agencies are scrutinizing the activities of one of Chinese President Xi Jinping’s cousins as part of broad probes of organized crime, money laundering and alleged Chinese influence-peddling, according to Australian officials. Among other things, police are looking into the alleged 2017 use by the cousin, Ming… Read More

29th July 2019

Swiss UBS ruling could open new doors on client data

Switzerland’s highest court has ruled that historical data about 40,000 UBS (UBSG.S) clients must be handed to French tax authorities in a landmark case that could set a precedent for foreign governments seeking information from Swiss banks. Three of the five judges presiding at the Swiss Supreme Court… Read More

22nd July 2019

StanChart Whistle-Blower Says U.S. Missed Billions in Trade

Standard Chartered Plc’s transactions with Iran were worth tens of billions of dollars more than previously known, a whistle-blower said in a lawsuit claiming the British bank actively pursued Iranian business in violation of U.S. sanctions. The whistle-blower, a bank executive who isn’t named in court papers,… Read More

22nd July 2019

Sweden’s Loomis finds failings in money laundering oversight

Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them. Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies. Danish authorities… Read More

18th July 2019

Japan to lead development of SWIFT network for cryptocurrency: source

Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering, a person familiar with the plan said on Thursday. Tokyo aims to have the network in place in the… Read More

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