Featured Trust & Corp Svcs

To Circumvent Western Sanctions, Syria’s Assad Looked to a Moscow Skyscraper: FT

Family members of Bashar al-Assad have purchased at least 20 Moscow apartments worth an aggregate $40 million over the past six years, despite EU and US sanctions targeting the Syrian leader, the Financial Times reported Monday. The real estate deals, including the purchase of 18 luxury apartments in Moscow’s… Read More

One year since 17 Black was revealed – the story so far

It has been a year since a joint investigation by Times of Malta and Reuters revealed that power station investor Yorgen Fenech owned the mystery company 17 Black. On Monday, Keith Schembri is expected to testify for the first time about the 17 Black connection in a libel case. Jacob… Read More

NCA Cites Record Number of SAR Filings, Far Fewer Investigations

UK financial institutions and other firms filed a record number of suspicious activity reports (SARs) between April 2018 and March of this year, but only a third of the reports citing potential money laundering prompted criminal investigations. In an annual report published Tuesday, the National Crime Agency (NCA) said… Read More
8th November 2019
Serhiy Lovochkin, who used to head the administration of former Ukrainian president Viktor Yanukovich, and his sister Yulia Lovochkina, co-owned Latvia’s Trasta Banka through a proxy, according to a report published by the Organized Crime and Corruption Reporting Project (OCCRP). UK citizen Charles Treherne held just under ten percent in… Read More
7th November 2019
AP — Cyprus is to set in motion procedures to strip 26 foreign investors of citizenship, the country’s interior minister said Wednesday, amid questions over whether they should have been issued a Cypriot passport under a lucrative investment program. Constantinos Petrides said authorities will also investigate all investors… Read More
7th November 2019
Malta’s financial services sector is exposed to flows of funds from higher risk jurisdictions and customers, the Malta Financial Services Authority (MFSA) has indicated in a report. This is mainly due to the exposure to flows of funds from higher-risk jurisdictions and customers, Malta’s economic policy, as well as the… Read More
6th November 2019
Free trade zones (FTZs) present both opportunities and challenges for globalised trade. At their best, they facilitate frictionless trade and manufacturing, creating jobs and economic growth for local communities. At their worst, they enable illicit trade and the laundering of criminal proceeds. In this article, the authors examine how the… Read More
6th November 2019
The United Nations (UN) reportedly believes that North Korea is training its most talented young IT talents to become elite cryptocurrency hackers – and thinks Pyongyang is using a fake Hong Kong blockchain company as a front for money laundering schemes. Per South Korean media outlet Chosun, South Korean… Read More
6th November 2019
Malaysia is working to locate at least $4.3 billion in assets that have yet to be accounted for in a global money laundering probe into state fund 1MDB, its anti-corruption chief said on Tuesday. U.S. authorities say about $4.5 billion was siphoned from sovereign wealth fund 1Malaysia Development Berhad (1MDB)… Read More
5th November 2019
UBS Group AG is set for a Paris retrial in June to fight its conviction and record 4.5 billion-euro ($5 billion) fine for helping wealthy French clients stash undeclared funds in offshore accounts. Judges at the Paris Court of Appeals said on Monday the UBS retrial will run… Read More
5th November 2019
Britain is known for its strong rule of law. Yet London is also a global hotspot for money laundering, tax evasion and other financial crimes. Experts say that a no-questions-asked approach to opening U.K. companies has exacerbated this problem. However, the U.K.’s transparent registries and its freedom of information laws… Read More
4th November 2019
As Venezuela’s oil-based economy continues to crumble, a politically connected class of businessmen with financial ties to Miami has grown fabulously wealthy from energy deals with the socialist government. Among the Venezuelan upper crust who have made fortunes during the Bolivarian revolution: Alejandro Betancourt. Without any experience in the energy… Read More
4th November 2019
Malta’s financial regulator has lost a bid to stop the shuttered Satabank from releasing funds from the bank account of an offshore company belonging to ‘Dirty Oil’ suspect Gordon Debono. Debono is facing criminal charges related to a €30 million oil-smuggling ring in Catania, Sicily, together with conspirators Darren Debono,… Read More