19th October 2016
The European Central Bank (ECB) has urged its members to impose tighter controls on the activities of companies that exchange virtual currencies or custody them for their clients. The comments come as the European Union moves toward extending the economic bloc’s anti-money laundering statutes to cover digital currency activities. At the… Read More
18th October 2016
A Turkish-Iranian gold trader must stand trial for laundering hundreds of millions of dollars and violating U.S. sanctions on Iran, a New York judge said in rejecting a bid to dismiss the case as “unprecedented.” Reza Zarrab, who allegedly owns a multi-billion dollar network of companies in Turkey and the United… Read More
17th October 2016
There has been a 40% jump in the number of suspicious financial transactions reported to the authorities in the last two years, according to Ireland’s first money-laundering report. The National Risk Assessment for Ireland also said that 32 prosecutions for money laundering were taken between 2011 and 2015. The document… Read More
14th October 2016
China’s cabinet and major financial regulators on Thursday published details of rules aimed at stamping out fraud and illegal fundraising in the country’s fast-growing online finance sector. The State Council document, which dates from April, provides guidelines and more far-reaching oversight for regulation of online financial activity, including peer-to-peer (P2P)… Read More
13th October 2016
Three associates of Hizbullah party suspected of laundering cocaine money for the Colombian cartel have been busted after agents said they illegally moved $500,000 into Miami banks through a series of complicated financial transactions stretching from Australia to Europe, the Miami Herald reported. Mohammed Ahmad Ammar, 31, is… Read More
12th October 2016
Police in China’s southern province of Guangdong have busted underground banks that handled 230 billion yuan ($35 billion) in illegal money transfers this year, state news agency Xinhua reported, underscoring the challenges Beijing faces in blocking illicit outflows. China has become increasingly concerned about capital flight and the potential fallout… Read More
12th October 2016
The United States blacklisted four men and their companies based in Pakistan and the United Arab Emirates on Tuesday, for purported ties to an organization accused of laundering money for drug traffickers and Chinese, Colombian and Mexican crime groups. Among them was Pakistani national Obaid Khanani, whose father Altaf Khanani… Read More
11th October 2016
A domestic helper who told a court that money laundering was to wash money with water was jailed for 30 months on Tuesday over her pivotal role in a loan scheme with high interest rates targeting grass-roots borrowers. Although Siti Rianah, 30, was only involved in letting her… Read More
10th October 2016
Electronic payments to employees in Iraq’s Kurdistan Region will officially start on Monday in a bid to reduce corruption in the workplaces and enhance transparency in a country where nearly 65 percent of its workforce are on government payroll, government officials said Sunday. According to the ministry of labour and… Read More
5th October 2016
Around a year ago, the government of Jersey, a British Crown dependency, announced its intention to look at regulation for the activity of digital currency exchanges. While they said at the time they did not want to impose an oversight heavy licensing system such as that favored by New York,… Read More