Luxembourg’s fund sector faces risk of abuse
21st January 2020
Luxembourg’s fund sector faces risk of abuse
Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More
INX Media Case: Enforcement Directorate Questions Karti Chidambaram Again
21st January 2020
INX Media Case: Enforcement Directorate Questions Karti Chidambaram Again
Karti Chidambaram, son of former Union minister P Chidambaram, appeared before the Enforcement Directorate on Monday for questioning in the INX Media money-laundering case, officials said. The investigating officer of the case recorded the statement of Karti, a Congress Member of Parliament from Tamil Nadu’s Sivaganga, under the Prevention of… Read More
Goldman Profit Falls as Bank Braces for 1MDB Fine
16th January 2020
Goldman Profit Falls as Bank Braces for 1MDB Fine
Eight years ago, Goldman Sachs Group Inc. bankers sold bonds on behalf of a little-known Malaysian investment fund. On Wednesday, the fallout from that deal wiped out about 13% of the bank’s 2019 profits and darkened otherwise strong results. Goldman socked away an extra $1.1 billion late last year… Read More
How shadowy brokers allegedly launder billions for crypto criminals
16th January 2020
How shadowy brokers allegedly launder billions for crypto criminals
Criminals have long turned to cryptocurrencies like Bitcoin to carry out crimes including ransomware and extortion. But as law enforcement has improved at tracking the semi-anonymous currencies, criminals have had to devise new tactics for turning ill-gotten crypto proceeds back into cash. In response, a… Read More
What to Expect From U.S. White-Collar Prosecutions in 2020
15th January 2020
What to Expect From U.S. White-Collar Prosecutions in 2020
The new year promises to be an interesting one in white-collar crime. Goldman Sachs is negotiating with the Justice Department to pay a penalty of about $2 billion for its role in the 1Malaysia Development Berhad scandal, known as 1MDB. Accounting fraud became a particular focus of the Justice… Read More
U.S. Blacklists Two Companies It Says Exploits North Korean Workers
15th January 2020
U.S. Blacklists Two Companies It Says Exploits North Korean Workers
The U.S. blacklisted two companies, including a China-based firm, that it says are involved in exploiting North Korean workers in violation of United Nations prohibitions against labor exports. The U.N. banned North Korean labor exports as part of an effort to squeeze international revenues it says are used by the… Read More
Cross-border transactions face EU anti-money laundering overhaul
13th January 2020
Cross-border transactions face EU anti-money laundering overhaul
Incoming EU-level reforms to anti-money laundering laws are set to take legal effect on January 10, introducing new requirements for banks handling transactions linked to high-risk countries. EU member states are expected to write the 5th Anti-Money Laundering Directive (5AMLD) into national law by the end of this week, tightening… Read More
London Loan Brokerage struck off company register after £237 million London Capital & Finance minibond scandal
7th January 2020
London Loan Brokerage struck off company register after £237 million London Capital & Finance minibond scandal
A business that was part of a web of companies linked with the £237 million London Capital & Finance scandal has been struck off the company register after it failed to file any accounts. London Loan Brokerage, which was owned by the same company behind London Capital & Finance, was… Read More
Swiss Firm in Panama Papers Charged in Transatlantic Stock Scam
3rd January 2020
Swiss Firm in Panama Papers Charged in Transatlantic Stock Scam
Two executives and a Swiss firm linked to shell companies in the Panama Papers data leak were charged in the U.S. with scamming investors in pump-and-dump schemes. Blacklight SA and the executives bought shares of small publicly traded companies and then publicized false information such as pending merger deals, prosecutors… Read More
Swedbank: Europe’s Worst-Performing Bank Stock Is a Big Favorite in Sweden
1st January 2020
Swedbank: Europe’s Worst-Performing Bank Stock Is a Big Favorite in Sweden
It bombed more than any other European bank stock, yet Swedish retail investors couldn’t get enough of it in 2019. Swedbank AB, which is being investigated in Europe and the U.S. amid allegations of money laundering, became the ultimate go-to stock of 2019 for non-professional Swedish investors. That’s according to… Read More
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