Featured Trust & Corp Svcs

Deutsche Bank’s Payments to Saudi Royal Adviser Under Scrutiny: F T

Deutsche Bank’s Switzerland-based wealth management division paid $1.1 million to secure lucrative business arrangements with a senior member of the Saudi royal family, the Financial Times reported Sunday, citing the findings of an internal probe conducted by the bank. The funds, which were offered in tandem with an internship… Read More

Company Formation Given Undersized Role in Financial Gatekeeping, Say Experts

Banks will remain vulnerable to money laundering and other financial crimes unless further action is taken to improve transparency in the company formation sector, experts have said after an investigation revealed how easily shell firms can be set up across the world for illicit purposes. Last month, the Organised Crime and Corruption Reporting… Read More

Isabel dos Santos Facing Fraud Charges; Banker’s Death Linked to Investigation

Isabel dos Santos, Africa’s richest woman, is set to be indicted on charges including money laundering, influence peddling and forgery. The forthcoming charges were announced by Angola’s prosecutor general Hélder Pitra Grós at a news conference on Jan. 22. They came less than a week after a sweeping international investigation… Read More
24th January 2020
A Central American financial institution is suspected of helping clients worldwide evade taxes and launder money, according to tax investigators from the U.S., the Netherlands and three other nations coordinating a crackdown. Clients at the unidentified firm “may be using a sophisticated system to conceal and transfer wealth anonymously,” the… Read More
24th January 2020
Dutch regulators say the country’s trust industry is failing to properly control the type of shell companies used by Isabel dos Santos, Africa’s richest woman, who is accused of bilking millions of dollars from companies in her native Angola. The country’s trust offices, which help establish and manage Netherlands-based businesses… Read More
23rd January 2020
Africa’s richest woman, Angola’s Isabel dos Santos, has been named as a formal suspect in a criminal investigation, the country’s attorney general is reported to have announced. Dos Santos amassed a fortune estimated at $2.2bn (£1.7bn) while her father, José Eduardo dos Santos, was president of Angola. She is… Read More
23rd January 2020
A year-long crackdown on Latvian banks’ reputation for money laundering and sanctions dodging appeared to have paid dividends January 22 with official recognition of its success from an important international organization. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – MONEYVAL is a… Read More
23rd January 2020
A total of 237 Maltese taxpayers had featured in the Panama Papers leak, yet the police never carried out a comprehensive probe into all those individuals and companies named. One senior police source said the bulk of the investigations were carried out by the Inland Revenue Department in an administrative… Read More
23rd January 2020
A number of European Union countries failed to meet a Jan. 10 deadline to fully apply strict new measures against money laundering, compounding the bloc’s challenge in weeding out dirty money. The European Commission, the EU’s executive arm, is preparing to launch so-called infringement procedures next month to… Read More
22nd January 2020
Seven people have been arrested following a major police operation against money laundering in Northern Ireland. A senior detective has described it as “one of the most significant live investigations into money laundering in the UK” involving £215 million. Six men and one woman were detained after 15 searches at… Read More
22nd January 2020
The number of letterbox, or shell, companies registered in the Netherlands has fallen by almost one third over the past five years, the Financieele Dagblad said on Tuesday. Tougher rules for trust offices and more stringent supervision by the central bank are among the reasons for the… Read More
22nd January 2020
The number of suspicious activity reports filed by company formation agents has fallen by more than half to only 23, despite government attempts to improve the system. There was a 56.6 per cent decline in SARs to the National Crime Agency in the year to March 2019 from trust and… Read More
21st January 2020
Portuguese authorities said on Monday they had started investigating media reports concerning Angolan billionaire Isabel dos Santos, while a small bank said it had decided to put an end to commercial relationships with entities she controls. This was the latest fallout from increased scrutiny of Angola’s former first daughter, a… Read More