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Malaysian ex-PM Najib ordered to enter defense in 1MDB case

AP — A Malaysian judge on Monday ordered former Prime Minister Najib Razak to enter a defense at his first corruption trial linked to the multibillion-dollar looting at the 1MDB state investment fund that helped spur his shocking election ouster last year. Defense lawyers said Najib was shocked he wasn’t… Read More

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More

Marijuana Laws Create Compliance Quandary for U.S. Broker-Dealers

A patchwork of state and federal laws governing the use and sale of marijuana is creating compliance challenges for U.S. firms that manage accounts for investors and trade securities for them. Uncertainty about how to navigate the evolving legal landscape has prompted some brokerages to bar existing clients from trading… Read More

4th November 2019

Malaysia rejects Goldman Sachs offer of $2bn damages over 1MDB scandal

Malaysia has rejected an offer from Goldman Sachs of less than US$2bn in compensation over the 1MDB scandal, in contrast to the country’s publicly stated demand of US$7.5bn. Malaysia has charged Goldman and 17 current and former directors of its units for allegedly misleading investors over bond sales totalling… Read More

4th November 2019

European Supervisors Outline Financial Sector’s AML Weak Spots

A recent joint report by the European Banking Authority (EBA), the European Securities & Markets Authority and the European Insurance and Occupational Pensions Authority (the Joint Supervisory Authorities, or JSAs) has highlighted current money laundering and terrorist financing risks to the EU’s financial sector participants. Transaction monitoring and suspicious… Read More

31st October 2019

Jho Low Strikes Billion Dollar 1MDB Pact With U.S. Over Lawsuits

The U.S. Justice Department has struck a deal with fugitive financier Jho Low to recoup almost a billion dollars looted from Malaysian investment fund 1MDB, in what would be the biggest recovery from a decade-old anti-corruption crackdown. The 1MDB global corruption scandal has toppled a government, ensnared a Wall Street… Read More

31st October 2019

Daiwa loses UK duty of care appeal, faces $150 million bill

Daiwa Capital Markets Europe lost a court appeal on Wednesday that leaves the Japanese bank facing a $150 million damages bill and reinforces the expected duty of care between a bank and a corporate customer. The court was ruling on a dispute between Singularis Holdings, now in liquidation, and London-based… Read More

25th October 2019

Finra Fines BNP Paribas $15 Million Over Money-Laundering Controls

The Financial Industry Regulatory Authority said Thursday it fined BNP Paribas SA $15 million for failing to develop an anti-money-laundering program that could detect suspicious penny stock and wire transfer activity. The fine relates to activity from BNP Paribas Securities Corp. and BNP Paribas Prime Brokerage Inc. Finra said… Read More

23rd October 2019

Whistle-Blowers Are the Last Defense Against Global Corruption

If anyone at Deutsche Bank—or at any of Europe’s other financial institutions, accounting firms, or tax offices—has evidence of wrongdoing by Donald Trump, now would be a good time to share it. Deutsche Bank, for example, has insisted that it doesn’t have copies of Trump’s tax returns. But employees of… Read More

23rd October 2019

Convicted Banker’s Appointment at Turkey Bourse Opposed by EBRD

The European Bank for Reconstruction and Development is against Turkey’s appointment of a convicted banker as head of the stock exchange, saying it now has the right to exit its 10% stake in Borsa Istanbul. “We were not consulted on the appointment,” Jonathan Charles, managing director for communications for… Read More

22nd October 2019

A criminal asked to design our anti-money laundering laws would probably keep the ones we’ve got

By Ronald F Pol, La Trobe University Money laundering rarely gets as literal as the case in Thailand last week, where police raided homes of a ring suspected of laundering a billion baht (about A$48 million) of drug proceeds and found millions stashed in a washing machine. Stories… Read More

18th October 2019

Congress Pushes Forward On Turkey Sanctions Despite Ceasefire

Republican and Democratic lawmakers vowed to move ahead with sanctions on Turkey despite the announcement by Vice President Mike Pence that Turkish President Recep Tayyip Erdogan agreed to temporarily halt hostilities in northern Syria. South Carolina Republican Lindsey Graham and Maryland Democrat Chris Van Hollen said they welcomed the agreement… Read More

17th October 2019

Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Goldman Sachs has been negotiating with the Malaysian authorities to drop criminal charges against three of its subsidiaries in connection with three bond issues by 1Malaysia Development Berhad, or 1MDB. The government is seeking $3.3 billion in compensation from the U.S. investment bank, accusing it of helping a Malaysian businessman… Read More

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