Featured Trust & Corp Svcs

Foreign Investors Fueled Violence and Corruption in South Sudan, Report Finds

A cabal of ruling elites and warlords in South Sudan have been propped up by a complex and global web of corruption that includes would-be American arms dealers, British business tycoons, and Chinese oil giants, according to a new report released on Thursday. The report, released by the Sentry,… Read More

High-risk entities to be audited by FIAU every 18 months

Financial intermediaries and other entities classified as “high-risk” are going to have to undergo a rigorous examination by the Financial Intelligence Analysis Unit every 18 months. A new automated system will classify entities according to their risk profile, a compliance manager with the FIAU said during a media briefing in response… Read More

Mexican set up B.C. front company to launder money, CBSA says

A B.C. company set up by Mexican businessmen was used to launder millions of dollars of criminal proceeds, the Canada Border Services Agency alleges in Federal Court documents. The CBSA interviewed one of the men it claims is involved, Sergio Antonio Reyes Garcia, on March 3, 2019 when he arrived… Read More
17th September 2019
AP — The family that owns OxyContin maker Purdue Pharma used Swiss and other hidden accounts to transfer $1 billion to themselves, New York’s attorney general contends in court papers filed Friday. New York — asking a judge to enforce subpoenas of companies, banks and advisers to Purdue and its owners,… Read More
13th September 2019
Luxembourg has approved a further delay for companies to register their beneficial ownership details after 53% of affected entities failed to do so by the initial deadline. More than 68,000 companies had not provided the required information by the August 31 deadline and they have now been given a further… Read More
13th September 2019
In a report published today, the Council of Europe’s anti-money laundering body MONEYVAL calls on the Maltese authorities to strengthen their practical application of their measures to combat money laundering and financing of terrorism. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is… Read More
13th September 2019
The tiny republic of San Marino has confiscated €19 million (£17 million) stashed in its banks by one of Africa’s longest-serving leaders. The money was allegedly deposited by Denis Sassou Nguesso, the president of the Republic of Congo, the former French colony also known as Congo-Brazzaville. The seizure of the… Read More
13th September 2019
A gang of fraudsters who set up bogus companies to help 900 illegal migrants stay in the country in Britain’s biggest ever fake visa scam have been spared jail. The group laundered millions of pounds through 53 businesses, including ‘Immigration4u’ and ‘Mo’s Spice Inn’, and made temporary transfers into clients’… Read More
13th September 2019
When Jeffrey Epstein created his Gratitude America Ltd. foundation in 2012, the nonprofit’s purpose was to “support the expression of gratitude for the ideals of America,” according to incorporation records filed in the U.S. Virgin Islands. Instead, the money that flowed through the nonprofit followed an opaque path that appears… Read More
9th September 2019
The European Union must either centralise its anti-money laundering (AML) and counterterrorist financing (CFT) supervision or take further “evolutionary” steps if it is to fight financial crime effectively, an official said Thursday.  In remarks delivered to the Economic and Monetary Affairs Committee, European Banking Authority (EBA) Chairman Jose… Read More
6th September 2019
Money laundering is a complex type of a white-collar crime. It has far-reaching negative effects upon the economy of any country. What is money laundering? The Financial Action Task Force (FATF) identifies it as the processing of criminal proceeds to disguise their illegal origin. FATF being watchdog of governments’ financial… Read More
5th September 2019
The government of Hong Kong should strengthen its oversight of politically exposed persons (PEPs) and improve its beneficial ownership laws, a financial crime watchdog group said.  In a mutual evaluation report published Wednesday, the Paris-based Financial Action Task Force (FATF) found the Chinese special administrative region partly compliant with… Read More
5th September 2019
People using names in their Irish version instead of English, maiden instead of married names, and shortened versions of first names are just a few of the reasons why the Companies Registration Office says it has rejected submissions to the new Register of Beneficial Ownership (RBO). The register, which gives… Read More