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Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK

European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More

FATF Ministers Agree to ‘Open-Ended’ Mandate, Longer Presidencies

Finance ministers and other national representatives approved an indefinite extension of the Financial Action Task Force’s mandate, including revisions that increase the group’s presidential terms by a year. The open-ended mandate, which takes effect in 2020, comes as the Paris-based intergovernmental organization marked its 30-year anniversary in a ministerial meeting… Read More

FATF to Adopt Presidential Term Extensions, Weigh Mandate Revisions

The Financial Action Task Force is expected this month to lengthen the terms of its presidential and vice-presidential tenures and consider revisions to its mandate, the organization said in a report Monday. The Paris-based intergovernmental group, known as FATF, is set to approve a proposed “enhancement” of its rotating presidencies… Read More

8th April 2019

Tijuana Currency Exchanger Pleads Guilty to Laundering $13 Million

A Tijuana man pleaded guilty to using his currency exchange houses to launder $13 million in drug trafficking proceeds for the Sinaloa cartel, the US Justice Department said. From April 2013 through November 2015, Cesar Hernandez-Martinez managed and supervised an “extensive” international money laundering operation that knowingly accepted and transferred… Read More

8th April 2019

Family of American killed in downed MH17 jet sues Russia banks, money-transfer firms

The family of an American killed when a Malaysian Airlines plane was shot down over Ukraine in 2014 filed a lawsuit on Thursday against U.S.-based money transfer companies and two Russian banks they accuse of providing services to the group they blame for striking Flight MH17. MH17 was brought down… Read More

28th March 2019

Wirecard shares soar after law firm clears head office of wrongdoing

Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by an outside law firm has found. Shares in Wirecard, under pressure since the Financial Times ran the first of a series of investigative… Read More

6th March 2019

Indian central bank fines 19 lenders for non-compliance on SWIFT use

India’s central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT. The Reserve Bank of India imposed the fines over the past four days, according… Read More

3rd June 2018

Cayman Islands court dismisses claims in $126 billion Mideast ‘Ponzi scheme’

A Cayman Islands court has dismissed rival claims made by a Saudi Arabian family and the Cayman companies of a Kuwaiti-born businessman, finding both the family and the businessman to have defrauded scores of banks out of about $126 billion (£94.4 billion) over more than two decades. The ruling follows… Read More

16th January 2018

Laundering: Singapore proposes screening changes for forex, remittance businesses

Singapore’s financial regulator has proposed new customer checks for forex, money changing and remittance businesses in order to curb financial crime risks. The Monetary Authority of Singapore (MAS) on Tuesday published a consultation seeking industry views on its planned new rules that will require remittance firms to perform customer… Read More

28th November 2017

Hong Kong-listed firm linked to UK fraud, laundering inquiry

By Richard Cook, Asia Times Two directors from a China-based company that recently listed on the Hong Kong Stock Exchange have been linked to a US$45 million tax fraud and money laundering inquiry in the UK. The pair, James Liang Jian-heng and Andy Chan Kit-lung, are both executive directors and… Read More

24th November 2017

Singapore consults on money laundering risks to payment services

KYC360 News Singapore’s central banking authority is seeking views on plans to regulate risks to payment services such as money laundering and terrorism financing. The Monetary Authority of Singapore (MAS) has published its second consultation on the Payment Services Bill which also aims to empower it to set… Read More

23rd November 2017

RAKBANK allows money remittance to India using blockchain

By Samburaj Das, Cryptocoin News RAKBANK has announced that it has partnered with Ripple to leverage its global BlockChain network (RippleNet) to power cross-border payments. Recognising the rising power of blockchain in today’s markets, the bank’s tie up with Ripple has enabled the launch of instant, frictionless, and secure money… Read More

8th November 2017

Bank transfer fraud compensation as 20,000 victims lose £100m in six months

Victims of bank transfer fraud will in the future be able to apply to a formal compensation scheme under plans set out by the Payment Systems Regulator. The financial watchdog has responded to a super-complaint… Read More

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