Featured Trust & Corp Svcs

UK parliamentary research on registers of beneficial ownership

The UK’s parliamentary research department has published a paper on registers of beneficial ownership. The study outlines the beneficial ownership structure in the UK, and also looks at issues around its Overseas Territories. It explains that the UK has registers of beneficial ownership for three different types of assets: companies,… Read More

UK launches crackdown on SLPs, $80 billion laundered through firms

The government has published a consultation into changes to Scottish limited partnerships (SLPs), which it says are being used to launder billions of dirty money for criminals. SLPs are business entities created by two or more partners where at least one partner is liable for what they invest. The proposed… Read More

Jersey court criticises Paradise Papers firm for hiding money

An offshore firm connected to the Paradise Papers has been ordered to pay almost €53m after a court ruled it had “manufactured” correspondence in a deliberate attempt to help a mother hide money from her estranged daughter. Appleby Mauritius, an offshore services firm owned by the law firm Appleby until… Read More
7th December 2017
KYC360 News A group of non-governmental organisations have filed a criminal complaint against oil giant Shell and its current and former European directors, calling on the Dutch government to investigate them for foreign corruption and complicity in money laundering in Africa’s largest economy. Shell is alleged to have purchased… Read More
6th December 2017
KYC360 News The laundering of billions of dollars from a Malaysian government wealth fund using offshore companies is the worst type of kleptocracy [seen], according to US Attorney General Jeff Sessions. Sovereign wealth fund 1Malaysia Development Bhd (1MDB) was set up by the Malaysian government to promote economic development,… Read More
5th December 2017
KYC360 News The European Union on Tuesday published its long-awaited blacklist of ‘non-cooperative’ states in line with its strategy to further combat tax evasion and avoidance within the bloc. The EU’s list was established following screening and dialogue conducted during 2017 with a large number of third country jurisdictions,… Read More
4th December 2017
By Jamie Grierson, Guardian and agencies. Eight suspects have been arrested in Malta over the murder of the investigative journalist, Daphne Caruana Galizia, the Maltese prime minister has said. Caruana Galizia, who was a relentless critic of corruption in the country, died in October in a powerful car bomb blast… Read More
29th November 2017
By Kurt Sansone, Malta Today German police will pass on a cache of Panama Papers data to the magistrate leading the inquiry into Daphne Caruana Galizia’s murder, German sources told MaltaToday. The information will be handed over by the German federal crime police (BKA) to Magistrate Anthony Vella, who will… Read More
27th November 2017
By Amabhungane and Scorpio, Daily Maverick KPMG green-lighted three Gupta deals that bore multiple hallmarks of money laundering. In these, suspicious foreign entities paid millions for shares in dormant local shell companies. Our investigations suggest that at least two of the transactions were a cover to bring dirty money home. Read More
21st November 2017
KYC360 News HSBC’s private banking unit has been issued a HK$400 million penalty for poor standards regarding its selling of Lehman Brothers-linked structured financial products between 2003 and 2008. The Hong Kong Securities and Futures Appeals Tribunal (SFAT) said on Tuesday that it backed the findings of the Securities and… Read More
21st November 2017
BBC Assets totalling nearly £59m have been confiscated from criminals connected to Jersey over a 10-year period, figures obtained by the BBC show. A transparency campaigner said the return was “relatively modest” for an island “vulnerable” to money laundering. Island authorities believe the amount demonstrates financial crime is being… Read More
16th November 2017
By Jon Stone, the Independent Italian journalists have moved to set up a company in the name of a notorious mafia boss headquartered at 10 Downing Street – to illustrate weaknesses in British law they say helps people set up shell companies to launder money across the globe. Reporters at… Read More
16th November 2017
By Helena Ciric, Iceland Review Around 60 cases against suspected tax evaders have been dropped by the district attorney’s office due to a break in case proceedings while waiting for a decision from the European Court of Human Rights. Kjarninn reported first. Many of the dropped cases are against individuals… Read More