13th March 2020
The United States on Thursday imposed sanctions on another subsidiary of Rosneft, ramping up pressure on the Russian state oil giant that the Trump administration has said provides a financial lifeline to Venezuelan President Nicolas Maduro. The U.S. Treasury Department blacklisted TNK Trading International, a Swiss-based unit of Rosneft. Washington… Read More
12th March 2020
The two former investment bankers standing trial in Germany over their role in controversial dividend-tax deals have sought to avoid jail time by cooperating with authorities. Now the pair face another threat: a massive, 207 million euros ($233 million) tax bill slapped on them by the Federal Tax Office. Martin… Read More
4th March 2020
Trade-based money laundering (TBML) and tax evasion contributed to a nearly $9-trillion loss for developing countries between 2008 and 2017, according to a report published on Tuesday. Washington, DC-based Global Financial Integrity (GFI) analysed inconsistencies in import and export values between a developing economy and its developed economic partner. Adding… Read More
25th February 2020
Russia has a rising business star in Aleksandr Udodov, an entrepreneur whose apparent success is driven by savvy investments, financial smarts, and a sense of patriotism. At least that is the picture painted by a sudden series of articles in Kremlin-friendly media outlets about Udodov, owner of an agricultural company… Read More
25th February 2020
Three units of Goldman Sachs (GS.N) pleaded not guilty to charges of misleading investors regarding $6.5 billion in bond sales that the U.S. investment bank helped raise for state fund 1Malaysia Development Berhad (1MDB), Bernama state news agency reported on Monday. The U.S. Department of Justice estimates $4.5 billion… Read More
18th February 2020
The PBOC (People’s Bank of China) has fined China Minsheng Bank, China Everbright Bank and Huatai Securities for failing to adequately guard against money laundering. The three financial institutions were penalised for failing to perform customer identification obligations, failing to submit large transaction reports and suspicious transaction reports, and for… Read More
18th February 2020
One of the world’s richest corners has become a magnet for a growing number of Wall Street firms. The Nordic countries — best known for their universal welfare models and domination of world happiness rankings — now have a surplus of cash after years of central bank stimulus. That’s prompting… Read More
12th February 2020
Hong Kong’s SFC (Securities and Futures Commission) has reprimanded and fined BMI Securities HKD 3.7 million (USD 477,000) for failures in complying with AML/CFT regulatory requirements. In 2016, a number of BMI clients subscribed for the placing shares of two Hong Kong-listed companies – Bank of Jinzhou and Yadea Group… Read More
12th February 2020
Fugitive financier Low Taek Jho faces new charges in Malaysia along with PetroSaudi International directors Tarek Obaid and Patrick Mahony over their alleged roles in the 1MDB scandal. The three are accused of engaging in criminal conspiracy with Malaysia’s former Prime Minister Najib Razak, while Mahony and Obaid face additional… Read More
11th February 2020
There are three main methods by which criminal organisations and terrorist financiers move money for the purpose of disguising its origins and integrating it into the formal economy. The first is using the financial system; the second involves the physical movement of money (e.g. using cash couriers); and the third is through the physical movement of… Read More