Hong Kong: bank body eyes move on shell companies
5th June 2017
Hong Kong: bank body eyes move on shell companies
The Hong Kong Association of Banks may issue guidelines requiring member banks to be more cautious in lending to property buyers using shell companies. Association chairman Chris Langley said the association would monitor closely conditions in the market before acting against speculators. Read More
Next UK government urged to clamp down on Scottish firms’ money-laundering schemes
30th May 2017
Next UK government urged to clamp down on Scottish firms’ money-laundering schemes
Anti-corruption campaigners have called for the next UK Government to clamp down on Scottish firms they describe as Britain’s “home-grown secrecy vehicle”. In its 2017 manifesto, Transparency International sets out a series of reforms for Scottish limited partnerships or SLPs exposed by The Herald at the heart of scores of… Read More
Venezuela secretly plotted to sell banned Syrian oil to the U.S.
26th May 2017
Venezuela secretly plotted to sell banned Syrian oil to the U.S.
Syria and Venezuela plotted in recent years to evade international sanctions on Syria through a secret deal to transport its crude oil through Russia to the Caribbean. The previously undisclosed plan aimed to sell Syrian oil at a big discount to Venezuela through a Russian shell company, which would send… Read More
Transparency in corporate ownership key to breaking India’s financial secrecy
19th May 2017
Transparency in corporate ownership key to breaking India’s financial secrecy
‘Paper companies’, more commonly known as shell companies, are entities with low or no real economic activity, where the identity of the true owner is hidden in layers of secrecy. Kolkata, the first capital of colonial India and a major trading port, became the most desirable destination for the brewing… Read More
Simon Gaudion of the Guernsey FSC on the changing financial crime landscape for offshore
Simon Gaudion of the Guernsey FSC on the changing financial crime landscape for offshore
KYC360's Tom Devlin interviews Simon Gaudion, Director of the Enforcement Division at the Guernsey Financial Services Commission. Read More
Why Nevada doesn’t care where the money comes from and never will
28th April 2017
Why Nevada doesn’t care where the money comes from and never will
Last week’s USA Today story about companies being secretly set up in Nevada to buy condos and other property from Donald Trump was a reminder: Nevada’s infamously lax incorporation laws allow anyone — terrorists, sex traffickers, arms dealers, Putin, people who want something from a corrupt president, etc. — to… Read More
Zimbabwe: Trust accounts linked to money-laundering activities
18th April 2017
Zimbabwe: Trust accounts linked to money-laundering activities
Finance minister Patrick Chinamasa has disclosed that several trust accounts were being investigated by the Reserve Bank of Zimbabwe’s (RBZ) financial intelligence unit, amid suspicion that they were involved in money-laundering activities. In a ministerial statement issued last week, Chinamasa said the RBZ’s probe team had received a total of 474… Read More
Oregon legislative committee passes sweeping shell company bill
18th April 2017
Oregon legislative committee passes sweeping shell company bill
An Oregon legislative committee has passed a sweeping piece of legislation designed to rein in abusive, anonymous companies. On an 8-0 vote, the House Committee on Business and Labor on Monday moved House Bill 2191 to the Joint Committee on Ways and Means. The vote came roughly… Read More
Here’s why world sanctions against North Korea keep failing
13th April 2017
Here’s why world sanctions against North Korea keep failing
North Korea has managed to conduct costly nuclear and ballistic missile development projects while under some of the strictest, most widely-endorsed sanctions under the sun for decades. Now, Kim Jong-un stands within a few years of completing a credible intercontinental ballistic missile the US would very much struggle to defend against. Read More
US: After leaving campaign, Manafort borrowed millions from Trump-tied businesses
13th April 2017
US: After leaving campaign, Manafort borrowed millions from Trump-tied businesses
On the same day Paul Manafort stepped down as the campaign chairman for Donald Trump’s White House run last August, he formed a shell corporation and took out loans worth $13 million from Trump-connected businesses, according to a New York Times report on Wednesday. It’s the newest revelation… Read More
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