Featured Trust & Corp Svcs

Designing Compliance: What US Justice Department Guidance Tells Banks

A recent update to the US Justice Department’s guidance on assessing corporate compliance programmes is intended to help federal prosecutors determine when to pursue criminal indictments or prosecution agreements with companies, but that shouldn’t deter compliance professionals from reviewing the document. There are lessons within for heads of compliance and… Read More

UK Economic Crime Plan Draws Allegations of ‘Policy Capture’ from Critics: FT

A new UK plan to tackle economic crime would fail to hold companies sufficiently liable for illicit activity beyond bribery and tax evasion, anti-corruption campaigners told the Financial Times. Under current laws, British firms can only be deemed guilty of other financial crimes if the “directing mind”—a senior manager… Read More

U.S. Investigating Deutsche Bank’s Dealings With Malaysian Fund 1MDB

The sprawling, multibillion-dollar Malaysian development fraud scandal that has toppled a prime minister and stretched from Hollywood to Wall Street is threatening to implicate another major global financial institution: Deutsche Bank AG. The U.S. Justice Department is investigating whether the German lender violated foreign corruption or anti-money-laundering laws… Read More
11th July 2019
The Prime Minister’s Office (PMO) has called for expeditious freezing of bank accounts belonging to shell companies after some of them were found to be active, after around 350,000 inactive companies were struck off the official records since 2016-17. Nripendra Misra, principal secretary to the Prime Minister, wrote a letter… Read More
10th July 2019
Plans to introduce laws in Britain to combat money laundering could prevent the media and researchers from accessing vital information on the tide of dirty cash flowing around the world, campaigners and journalists have warned. An open letter to the foreign secretary, Jeremy Hunt, has about 80 signatories including the… Read More
5th July 2019
For three years, a sleek 21-meter yacht moored in Porto Montenegro, an exclusive marina on the Balkan nation’s Adriatic coast. But documents obtained by OCCRP suggest that the boat was more than just a pleasure cruiser for the rich: It was a vessel for moving money of dubious origin via… Read More
5th July 2019
The British Virgin Islands is home to more than 400,000 companies that hold $1.5 trillion in assets. You wouldn’t know it if you walked through Road Town, the capital of this Caribbean archipelago. Hens and roosters compete brazenly… Read More
4th July 2019
German prosecutors are escalating a money laundering inquiry involving Deutsche Bank (DBKGn.DE), including planned raids on wealthy former clients, a person with direct knowledge of the matter told Reuters. Frankfurt’s state prosecutors will in the coming months search the homes of people who it suspects of using a… Read More
28th June 2019
The Financial Action Task Force on Thursday published anti-money laundering (AML) guidance for legal professionals, supervisors involved in the legal sector and financial services businesses that have attorneys as clients. The 93-page guidance paper outlines how risk-based compliance controls should be applied to a host of legal functions, including tax… Read More
28th June 2019
Switzerland’s Federal Council disclosed on Wednesday that it is moving forward with a proposed amendment to the Anti-Money Laundering  Act that would impose new regulatory obligations as soon as 2021.  The draft amendment seeks to address weaknesses identified by the Financial Action Task Force in a 2016 mutual… Read More
26th June 2019
UK officials and professional services providers are failing to share sufficient information on the risks posed by money launderers seeking to the exploit firms in the country, according to research published Tuesday by the Royal United Services Institute (RUSI). The London-based think tank based its analysis on the findings of… Read More
24th June 2019
The Russian Federation removed identifying information for Crimean companies from its public corporate register on Tuesday, drawing criticism from anti-corruption advocates, the Organized Crime and Corruption Reporting Project (OCCRP) said. The deletions include the names of all domestic and foreign investors and business owners in the region, which Russia formally… Read More
21st June 2019
Guernsey, Jersey and the Isle of Man committed on Wednesday to naming the individuals who own or otherwise control corporations operating in their jurisdictions as part of an effort to meet EU anti-money laundering standards. Beginning in 2021, the islands will interconnect corporate beneficial ownership registers with similar databases in… Read More