10th October 2019
Prosecutors for the Serious Fraud Office (SFO) say attempts by former Barclays bank bosses to show advisory services provided by Qatar were merely a “smoke-screen” to try to “legitimise” fraudulent payments to the Gulf state in 2008. A jury at the Old Bailey in London heard that former banking executives… Read More
10th October 2019
Synthetic identity fraud is a relatively recent phenomenon that is on the rise. McKinsey claims synthetic ID fraud is the fastest-growing type of financial crime in the U.S. LexisNexis Risk Solutions found that “61% of fraud losses for [large] banks stem from identity fraud [and] 20% of the identity fraud incurred by these larger… Read More
9th October 2019
The European Union’s finance commissioner pledged on Tuesday to propose new rules to regulate virtual currencies, in a reaction to Facebook’s (FB.O) plans to introduce Libra, which the EU considers a risk to financial stability. France and Germany have said that Libra, whose size would dwarf cryptocurrencies such… Read More
9th October 2019
A court in Finland is set to pass judgment today in the largest money laundering case ever tried by a Finnish court, in which two Estonian nationals are accused of laundering €135 million in total. According to prosecutors, the Estonians laundered approximately €135 million of illicitly obtained Russian money into… Read More
9th October 2019
A dispute over home conversions in suburban Rockland County threatens to upend Manhattan’s luxury condominium market. Lawmakers in the county drew up state legislation to prevent the anonymous purchase of homes through the creation of limited-liability companies. Some residents suspected their new neighbors of making illegal home conversions or subdivisions,… Read More
9th October 2019
Two U.S. senators called on the U.S. Treasury on Tuesday to open an investigation into the world’s largest meat processing company, Brazil’s JBS S.A. (JBSS3.SA), due to alleged ties with the Venezuelan government of leftist President Nicolas Maduro. President Donald Trump’s government has imposed sanctions on dozens of… Read More
9th October 2019
Twenty years ago, anti–money laundering (AML) was an afterthought for most banks. Today, it’s at or near the top of the executive agenda. Daniel Moore is group head and chief risk officer at Scotiabank, one of Canada’s top five banks, with 99,000 employees and more than $1 trillion in assets. Read More
9th October 2019
Chinese oil imports from ship-to-ship transfers surged last month as flows from some traditional suppliers were crimped by the White House’s aggressive trade and foreign policies. Some 910,000 tons of crude, three times as much as in August, was offloaded at Chinese ports after being transferred in the South China… Read More
9th October 2019
AP — A Honduran former drug trafficker and mayor testified Tuesday that Honduran President Juan Orlando Hernández wanted thousands of dollars in bribes from him for his re-election campaign in 2017. On the witness stand on the fifth day of the drug trial against Hernández’s brother Tony Hernández, Amílcar Alexander… Read More
9th October 2019
Estate agents could be forced to hand over private information on the buyers of upmarket properties under measures to tackle money laundering. The information, which could include bank account details, would be given to the National Crime Agency as part of efforts to gather additional intelligence, including on “dirty money”… Read More