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Alleged RCMP mole accused of selling secrets to kingpin money launderer and terror-financier’s network

In October 2014, Canadian intelligence leaders were invited to the U.S. Drug Enforcement Administration’s headquarters in Chantilly, Va. The DEA had a theory: the upper echelons of global money laundering, terrorism, drug-trafficking and organized crime all bleed together. And only a handful of men in this murky world of extremely… Read More

Commerzbank Warned BaFin of Wirecard Concerns in Early 2020: FT

Commerzbank warned Germany’s financial watchdog in early 2020 of money laundering risks at Wirecard following the conclusion of an interview review launched the previous year, the Financial Times reported Tuesday. The review, which had been launched by the German lender in the wake of media reports… Read More

Singapore Money Remittance Sector Poses High TF Risk: MAS

MAS (Monetary Authority of Singapore) on 30 December released Singapore’s Terrorism Financing National Risk Assessment for 2020, outlining key TF (terrorism financing) threats and vulnerabilities to the city-state. The Assessment found that Singapore continues to be exposed to threats posed by terrorist groups both regionally and internationally, in particular the… Read More

11th January 2021

Deutsche Bank Will Pay $125 Million Over Bribery Violations

The German lender will enter a deferred prosecution agreement to resolve charges stemming from its attempts to win business in several countries. For nearly seven years it seemed like a good way to drum up business for Deutsche Bank: pay millions of dollars to consultants in countries like Saudi Arabia,… Read More

8th January 2021

MT Global gets record £23m money laundering fine

A money transfer company has been fined a record £23.8 million by the taxman for breaches of money laundering regulations. The penalty was imposed on MT Global, based in Luton, which claims to offer a financial service across 97 countries and operate to the “highest degree of ethical standards”. Read More

7th January 2021

Swedish bankers face identity crisis over digital currency plans

A new way to pay is causing existential angst among Swedish bankers who worry that the e-krona, an electronic equivalent of Sweden’s currency, could cost them their deposit base. Sweden launched a review into the e-krona’s feasibility in December after a pilot programme at the central bank, making the Nordic… Read More

5th January 2021

Philippines: Child porn transactions hit P113 million in 6 months

Suspicious transactions worth P113.1 million related to child pornography were reported in the first half of last year, almost double the P65.8 million booked in 2019 as the government stepped up its campaign against the sexual abuse of children, the Anti-Money Laundering Council (AMLC) revealed. In a public bulletin titled… Read More

5th January 2021

China says US sanctions have no ‘legal effect’ in Hong Kong or China

After China’s banking and insurance regulator claimed US financial sanctions have no “legal effect” in Hong Kong or China, analysts have warned that financial institutions might still face penalties if found providing services to sanctioned entities. Washington has unleashed a swathe of sanctions on Chinese and Hong Kong officials and companies… Read More

4th January 2021

Hong Kong customs seized HK$4.6 billion in dirty money in 2020

Hong Kong customs officials seized HK$4.6 billion (US$593.3 million) in dirty money in 2020 – a four-year high – as transnational rackets turned to novel methods for smuggling cash into the city and handling criminal proceeds amid the Covid-19 pandemic. Overall, the Customs and Excise Department last year arrested 38… Read More

1st January 2021

Singapore police arrest 230 for role in scams involving S$2.9mil

A two-week police operation conducted from Dec 19 has resulted in the arrest of 230 people for their role in different scams in which victims lost more than S$2.9 million. The 388 ruses involved social media impersonation, Internet love scams, cheats using fake gambling and loan platforms as well as… Read More

31st December 2020

China to expand scope of legislation targeting money laundering, terrorism financing- PBOC

China’s central bank said on Wednesday it will put non-bank payment institutions, internet micro-lenders and consumer finance companies under the scope of anti-money laundering and anti-terrorism financing supervision. The move is in part a response to shortcomings pointed out in 2019 by the Financial Action Task Force, an intergovernmental body… Read More

28th December 2020

The great opportunity: how Covid transformed global crime

By the end of March, one week into the UK’s first lockdown, recorded crime in Lancashire had dropped by a startling 40% compared with the four-year average. “At first there was some mild panic,” says DCI Eric Halford, of Lancashire Constabulary. “Most senior officers expected a surge in demand.”… Read More

28th December 2020

Turkish parliament approves controversial law targeting NGOs, donations

Turkey’s parliament on Sunday approved a controversial law approving the oversight of associations and foundations, which critics say will stifle NGOs and damage civil society. It gives the state the power to replace the boards of NGOs with trustees, as well as suspending their operations and having civil servants carry… Read More

Must Read

Defense Act Expands Scope of Foreign Bank Records U.S. Authorities Can Obtain

After Brexit, the UK is Open to Almost Unrestrained Antiquities Trade

Alleged RCMP mole accused of selling secrets to kingpin money launderer and terror-financier’s network

China Tripled AML Penalties in 2020 Compared to 2019

Fines for UK firms buying goods linked to Chinese slave labour camps