18th February 2020
The US Treasury Department has justified sanctions against a Russian oligarch by citing reports claiming that he helped President Vladimir Putin launder illicit funds, the Financial Times reported Friday. In a letter sent last month to attorneys representing Oleg Deripaska, the Office of Foreign Assets Control (OFAC) outlined allegations… Read More
17th February 2020
A Middle East operation of Pakistan’s largest bank displayed “significant irregularities” in dealings with politically exposed clients and screening some transactions, according to an inspection by the South Asian nation’s central bank that took place more than a year after the lender was shut out of the U.S. financial system. Read More
17th February 2020
Turkish President Tayyip Erdogan on Friday said he would help Pakistan stay off a terrorism financing blacklist at a meeting of a global finance watchdog, a move he suggested would counter “political pressure” from Islamabad’s critics. The Financial Action Task Force (FATF), which tackles money laundering, told Islamabad late last… Read More
17th February 2020
The widespread bank fraud and financial malpractice that took place in Ukraine up until 2014 cost the country at least $25 billion in direct taxpayer losses and likely much more. Yet six years later, nobody of consequence has been prosecuted, while recovery of lost and stolen money is feeble —… Read More
17th February 2020
For many, the headline-making stunt Italian artist Maurizio Cattelan pulled at Art Basel Miami this year—Cattelan duct taped a banana to a blank white wall, called it “Comedian”, and sold it for $120,000—crystallized the problems with how art is valued. After Jeff Koons’s Balloon Dog shattered records in… Read More
17th February 2020
An Italian appeal court gave its verdict in a criminal case against two former officials of the Holy See’s Institute for the Works of Religion — often mistakenly styled the “Vatican Bank” — earlier this month: Not guilty. The IOR’s ormer director and vice-director  respectively, Paolo Cipriani and Massimo Tulli,… Read More
17th February 2020
AP — U.N. experts say North Korea has increased imports and exports of banned and restricted goods such as coal and petroleum products as it continues to enhance its illicit nuclear and ballistic missile programs in violation of sanctions. The experts identified new methods that the country is using… Read More
17th February 2020
Papa Massata Diack, the son of former world athletics supremo Lamine Diack, has denied corruption linked to the Russian doping scandal, saying he is too rich to bribe. Diack has been indicted by French prosecutors for allegedly accepting millions of dollars along with his father, Lamine Diack, in return for… Read More
17th February 2020
A $35 million fraud and money-laundering scandal that ensnared Newsweek magazine and a small, California bible college wrapped up Friday with guilty pleas from two executives who had helped mastermind the scheme. Etienne Uzac, former co-owner of IBT Media, which owned Newsweek; and William Anderson, former CEO of Christian… Read More
17th February 2020
Drug barons have moved from laundering cash through banks to using smaller money service businesses, Scotland Yard’s head of specialist crime has said. DCS Michael Gallagher told the Guardian the network of 34,000 money service businesses (MSBs) was suspected of being the main way for those involved in serious and… Read More