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The Cycle of Kleptocracy: A Congolese State Affair

Last month, more allegations emerged surrounding the Congolese presidential family’s ill-gotten gains. In Florida, US federal prosecutors took steps to seize a Miami penthouse of Denis Christel Sassou-Nguesso, son of Republic of Congo’s president, a sitting member of parliament and former powerful figure in the national oil company, SNPC. Read More

Suspicious U.K. trading alerts plunge as dealers work from home

London’s lockdown led to a plunge in tips to Britain’s markets watchdog. With traders working from home, reports of suspicious transactions and possible abuse fell in April to their lowest level since current regulations took effect in 2016, according to data obtained by Bloomberg News through a public-records request. “As… Read More

Mafia-Linked Bonds Sold to Banca Generali, Other Investors: FT

Italy’s Banca Generali and other investors from around the world purchased bonds partly backed by the illicit proceeds of the ’Ndrangheta mafia group, the Financial Times reported on Tuesday, citing financial and legal documents. The private bonds stemmed from unpaid invoices owed by Italian public health authorities that were… Read More

7th July 2020

‘Malta’s financial juridisction needs a revamp’: MFSA CEO

MFSA CEO Joseph Cuschieri says the financial regulator is ready to take on a new role that will bolster its investigative and supervisory powers against the problems of financial crime that risk Malta’s greylisting by Moneyval. There is serious talk about Malta’s possible grey listing from Moneyval. Let’s start with… Read More

7th July 2020

Iranian Military-Owned Conglomerate Sets Up Shop in Venezuela

An Iranian conglomerate owned by the country’s military and tied to its missile program has established a retail foothold in Venezuela, according to officials and records detailing the move, deepening Tehran’s involvement with the Maduro government. The Iranian firm is working with the Maduro government’s troubled emergency food program, which… Read More

29th June 2020

Oil, gas, and mining corruption: Is it inevitable?

In late January, almost five years after huge oil reserves were discovered off the shore of Guyana, an oil tanker loaded with about 1 million barrels of Liza light sweet crude finally departed the nation. After the three-football-field-long ship docked at Galveston, Texas, the oil went on its… Read More

24th June 2020

New Zealand’s FMA takes CLSAP NZ to court for alleged anti-money laundering breaches

The Financial Markets Authority is taking a company to court over nearly $50 million worth of transactions that it alleges breached the anti-money laundering act. The authority has filed proceedings in the High Court at Auckland against CLSA Premium New Zealand Ltd, formerly KVB Kunlun New Zealand Ltd. CLSAP NZ… Read More

23rd June 2020

Hong Kong regulator fines Guotai Junan unit $3.25 million

Hong Kong’s market watchdog fined a unit of Chinese securities broker Guotai Junan Securities HK$25.2 million ($3.25 million) for “multiple internal control failures” concerning anti-money laundering and other areas. Guotai Junan Securities (Hong Kong) had failed to detect numerous potentially suspicious transactions or report them appropriately, the Securities and Futures… Read More

19th June 2020

Malaysia Seeks to Amend 1MDB Charges Against Goldman Sachs

Malaysian prosecutors will seek to amend charges against three Goldman Sachs Group Inc. units in the case involving troubled state fund 1MDB. Prosecutors will be seeking amendments involving liability, with Goldman’s lawyers arguing the proposed changes would be substantial, according to proceedings at the Kuala Lumpur High Court on… Read More

15th June 2020

US ‘Caesar Act’ sanctions could devastate Syria’s flatlining economy

Its currency has plunged by 70% since April, more than half its people face food scarcity, and hopes of rebuilding a country shattered by war continue to ebb. Syria seems barely able to absorb new shocks, but new US sanctions that take effect next week, could devastate what is left… Read More

12th June 2020

Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal

Goldman Sachs is trying to get federal prosecutors to ease up on the bank for its role in a brazen scheme to loot billions of dollars from a Malaysian sovereign wealth fund. Lawyers for the bank have asked Deputy Attorney General Jeffrey Rosen to review demands by some federal… Read More

5th June 2020

Sudan trade prospects “hopeful” despite precarious political situation

Sudan remains a difficult place to do business, with a groundbreaking new study uncovering signs of widespread trade misinvoicing across its oil and gold exports. However, despite its precarious economic and political situation, hopes are growing that the country could soon be in a position to open its doors to… Read More

3rd June 2020

Tips to SEC Surge as Working From Home Emboldens Whistleblowers

A new side effect of remote working, layoffs and furloughs stemming from the coronavirus pandemic: more whistleblowers. The U.S. Securities and Exchange Commission received about 4,000 tips, complaints and referrals of possible corporate wrongdoings from mid-March to mid-May, said Steven Peikin, co-director of the SEC’s enforcement division. That number is… Read More

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The Cycle of Kleptocracy: A Congolese State Affair