14th October 2019
President Donald Trump’s administration is set to impose economic sanctions on Ankara, potentially as early as this week, for its incursion into northern Syria, one of the few levers the United States still has over NATO-ally Turkey. Using the U.S. military to stop the Turkish offensive on U.S.-allied Kurdish fighters… Read More
14th October 2019
An Auckland-based money remitter has been penalised $4 million for failure to comply with recently introduced anti-money laundering laws. Justice Mark Woolford decided Jin Yuan Finance should pay $4 million following a lawsuit from the Department of Internal Affairs. The penalty compares with $5.29 million awarded against Ping An Finance… Read More
14th October 2019
In 2017, Israeli private investigation company Black Cube secretly recorded senior officials at Mexico’s Petróleos Mexicanos describing widespread bribery and corruption at the state-run oil company. The audio recordings are part of the evidence in a lawsuit filed last year against the Mexican government by a Mexican oil-field drilling company… Read More
14th October 2019
Facebook Inc’s ambitious efforts to establish a global digital currency called Libra suffered severe setbacks on Friday, as major payment companies including Mastercard and Visa Inc quit the group behind the project. The two companies announced they would leave the association Friday afternoon, as did EBay Inc, Stripe Inc. and… Read More
14th October 2019
Danske Bank (DANSKE.CO) has started a hiring freeze to cope with rising compliance costs and a tough business environment, the bank said on Thursday. Danske Bank has been rocked by its involvement in a major money laundering scandal. It said last year it had channeled 200 billion euros… Read More
11th October 2019
In his first speech as the UK’s new prime minister in July, Boris Johnson slipped in a passing reference to free ports that sent alarm bells ringing across the nation’s anti-money laundering (AML) community. Speaking outside of 10 Downing Street, Johnson had called on the country to “look not at… Read More
11th October 2019
The European Union is considering tighter rules to counter the flow of dirty money into the region’s banks and other economic sectors, EU officials said on Thursday. Following a spat of money-laundering scandals at several lenders that highlighted weak oversight by national authorities, the EU is also considering setting up… Read More
11th October 2019
The United States on Thursday sanctioned the three Gupta brothers at the center of the South African corruption scandal that contributed to the downfall of former President Jacob Zuma, saying they had misappropriated state assets. The U.S. decision to impose financial restrictions on the brothers is a public relations victory… Read More
11th October 2019
Betfred will face a fine of £322,000 ($395,000) after a Gambling Commission (GC) investigation found the operator failed to carry out adequate source of funds checks on a customer. Over a 12-day period in November 2017, a Betfred customer deposited £210,000 and lost a total of £140,000. The customer, who… Read More
11th October 2019
Pressure on the UK’s art trade is increasing as it faces a wave of legislative changes and increased attention from enforcement agencies. As UK courts introduced new sentencing guidelines for criminal damage to heritage assets on 1 October, the trade was counting down to the anti-money-laundering regulations that are coming… Read More