Featured Trust & Corp Svcs

FATF Labels US as ‘Largely Compliant’, Points Out ‘Deficiencies’

The Financial Action Task Force (FATF) has labeled the United States’ steps against money laundering and terror financing with digital currencies as “largely compliant.” In a report published on Tuesday, the intergovernmental evaluated the country’s measures for anti-money laundering (AML) and counter-terror financing (CTF) in areas across the digital… Read More

A Texas Lawyer and an Open Secret: How Harvey Weinstein’s Charity Fraud Led to His Downfall

In January 2017, Tom Ajamie sat in a luxury hotel suite at Main & Sky in Park City when Harvey Weinstein came bounding in for an awkward face-to-face meeting. The Houston-based financial fraud attorney had been hired by the amfAR board to investigate a suspect transaction involving Weinstein. Ajamie had… Read More

US Treasury Offers Little Wiggle Room on Foreign Bank Reporting

The Treasury Department doesn’t have any near-term plans to relax foreign banks’ obligation to report information about U.S. account holders, despite European Union leaders’ concern about hardships that result for some Americans. The Foreign Account Tax Compliance Act was enacted to help the U.S. government enforce laws requiring U.S. citizens… Read More
30th March 2020
It was August 2016 and wealthy Mexican businessman Moises Mansur Cysneiros was in Vancouver, exploring whether to move his family here for “a different cultural experience.” He got a call from his Mexican tax lawyer, Jose Juan Janeiro Rodriguez, urging Mansur to fly to Toronto “to discuss certain tax matters… Read More
30th March 2020
By David Leask, Peter Geoghegan and Richard Smith openDemocracy — Nikolai Sukhanov is used to flags of convenience. The flags of many nations flutter from the stern of ships on the docks and quays of Nakhodka in Russia’s far east. Owners often register their vessels thousands of miles from home, in countries… Read More
27th March 2020
An information exchange between a Spanish judge and a Swiss prosecutor has shed new light on an ongoing investigation into alleged financial irregularities involving emeritus king Juan Carlos I, the father of Spain’s reigning monarch Felipe VI. Spain’s High Court, the Audiencia Nacional, has been waiting for the Swiss… Read More
26th March 2020
An accounting firm at the centre of a massive tax avoidance scheme which exploited homeless and drug-addicted people has had its registration cancelled in the wake of an ABC investigation. Last month the ABC revealed a group of Victorian accountants were using people addicted to drugs and alcohol, the… Read More
25th March 2020
The misuse of legal structures for illicit activities has been the subject of intense global scrutiny since the release of the Panama Papers in April 2016 and the Paradise Papers in November 2017. Since then, the requirements around the identification of the UBOs (ultimate beneficial owners) of legal entities have… Read More
24th March 2020
Swedbank AB on Monday published a third-party report outlining more than a decade of compliance missteps that led to the Swedish institution’s processing of some $40 billion in transactions deemed to pose a “high risk” of money laundering. The 218-page report by law firm Clifford Chance concluded that, while Swedbank… Read More
23rd March 2020
Luxembourg’s parliament on Saturday voted in favour of new laws to implement EU rules increasing reporting duties on cross-border tax arrangements and stepping up the fight against money laundering. After Tuesday’s session was cancelled because of the pandemic, parliament convened over the weekend to vote on a package of laws. This… Read More
20th March 2020
The Monetary Authority of Singapore (MAS) has imposed a composition penalty of S$400,000 on TMF Trustees Singapore Limited (TTSL) for failing to comply with MAS’ Anti-Money Laundering and Countering the Financing of Terrorism requirements. Following an inspection by MAS, the firm was found to have failed to meet MAS’ requirements for trust… Read More
19th March 2020
Cape Verde will close banks that serve only foreign customers, including one partly owned by Angolan billionaire Isabel dos Santos, following Luanda Leaks revelations, the country’s finance minister has pledged. Olavo Correia, who is also the Macaronesian nation’s deputy prime minister, said new laws to shutter so-called “offshore” banks that… Read More
18th March 2020
Portugal’s so-called ‘super judge’ Carlos Alexandre has ordered the seizure of all Angolan billionaire businesswoman Isabel dos Santos’ assets in the country, including lucrative stakes in various companies and luxury properties. Alexandre, a high-profile judge specializing in white-collar crime, made the order in Lisbon’s Central Court for Criminal… Read More