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Commerzbank Frankfurt Offices Raided in Widening Tax Scandal

Commerzbank AG’s offices in Frankfurt were searched Tuesday as German authorities continued their investigations into a widening tax scandal involving multiple global lenders. The raids are tied to controversial trading practice across the industry known as Cum-Ex, according to a person with knowledge of the matter who asked not… Read More

SEC Chairman Scolds Weak Anticorruption Enforcement Abroad

The chairman of the U.S. Securities and Exchange Commission chided counterparts around the world for spotty enforcement of antibribery laws. In a speech in New York on Monday, Jay Clayton said countries that neglect to punish corporate bribery create a two-tiered system that gives their domestic companies a leg up… Read More

Bosnia: 3 ex-Sberbank Employees Nabbed for Money Laundering

Authorities in Bosnia arrested on Thursday three former Sberbank employees who are suspected of money laundering and have allegedly deprived the bank of more than one million Konvertible Marks. The State Investigation and Protection Agency (SIPA) said the three are suspected of ‘abuse of position and authority’ and of… Read More

9th September 2019

EBA Chair Calls for More EU Action on Money Laundering

The European Union must either centralise its anti-money laundering (AML) and counterterrorist financing (CFT) supervision or take further “evolutionary” steps if it is to fight financial crime effectively, an official said Thursday. In remarks delivered to the Economic and Monetary Affairs Committee, European Banking Authority (EBA) Chairman Jose… Read More

6th September 2019

Money-laundering scandals spark new risk retrenchment

Ever since the 2008 financial crisis, US financial misconduct fines have led the world. However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More

5th September 2019

FATF: Hong Kong Partially Compliant on PEPs, Beneficial Ownership

The government of Hong Kong should strengthen its oversight of politically exposed persons (PEPs) and improve its beneficial ownership laws, a financial crime watchdog group said. In a mutual evaluation report published Wednesday, the Paris-based Financial Action Task Force (FATF) found the Chinese special administrative region partly compliant with… Read More

4th September 2019

FATF Dings Greece over DNFBP Compliance in Largely Positive Report

The Financial Action Task Force (FATF) on Tuesday said that Greece is compliant or largely compliant with 37 of its 40 recommendations to combat money laundering and terrorist financing. The Paris-based intergovernmental group separately deemed Greece to be substantially or moderately effective in preventing the crimes under the 11… Read More

4th September 2019

How to Scandal-Proof Your Company

In the late summer of 2016 allegations that employees of Wells Fargo’s retail banking unit had opened more than a million unauthorized accounts and sold customers thousands of unneeded products hit the national news. The scandal cost Wells Fargo dearly. On September 8 the Consumer Financial Protection Bureau (along with… Read More

4th September 2019

Fugitive Jeweler Gets 5 Years in U.K. Insider-Trading Case

A fugitive luxury jeweler, who eluded police after a judge found him too ill to stand trial, was sentenced to five years and eight months in prison for his role in a U.K. insider-trading scheme. Richard Baldwin was sentenced by Judge Christopher Hehir, who said the jeweler was convicted on… Read More

4th September 2019

‘Billion-dollar whale’: Dark secret of mega-rich fugitive Jho Low

Kylie Jenner’s outrageously extravagant 22nd birthday party in Italy earlier this month was held on the 91-metre Tranquility superyacht, which features a beauty salon, sauna, gym, massage room, plunge pool and two helipads. The luxury vessel, which cost $1.2 million for a week’s hire, is also home to a secret. Read More

29th August 2019

SEC Questions More Companies About Sanctions Disclosures

The Securities and Exchange Commission is increasingly questioning public companies about compliance with U.S. sanctions as the nation’s blacklist of individuals and entities grows. The regulator has slowly ramped up comment letters to companies seeking more details about disclosures related to dealings in countries targeted by U.S. sanctions, according to… Read More

21st August 2019

Corporate Transparency Advances in Three Nations, More Tortoise than Hare

Shell companies—specifically, of the illicit sort—have so long been entangled with the concept of money laundering that one term often evokes the other. But after decades of acknowledging the problems associated with anonymous corporate ownership, and with little to show in the way of preventing the misuse of shell… Read More

19th August 2019

Goldman’s Star in Hong Kong Turns Into 1MDB Scandal’s Enigmatic Man

Andrea Vella was Goldman Sachs’s top dealmaker in Hong Kong. He had a nose for splashy trades, a fondness for the Bentley Continental, and a vague enough resemblance to George Clooney that there was even a joke among some bankers: “What would George do?” That was almost a year ago. Read More

Must Read

Luxembourg Falls Further Behind EU AML Rules As Companies Fail To Disclose Ownership

HMRC faces legal fight for handing Britons’ data to US tax officials

Moneyval: Malta must step up investigation and prosecution of money laundering

San Marino seizes $19m from Congo dictator who spent $100,000 on crocodile shoes

Russia carries out mass raids on Kremlin critic Navalny’s supporters