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Regulatory Update

7th April 2017

UK: Register of ‘beneficial owners’ of foreign firms holding property in UK proposed

Overseas companies holding property in the UK could be required to declare who really controls them under Government plans to crack down on corruption and money-laundering. … Read More

4th April 2017

US: Penny stock fraud nets millions

It was a fraud scheme involving penny stocks, but the scheme’s mastermind ended up making millions of dollars from unsuspecting investors around the country. California resident Zirk de Maison, a self-described merchant banker, devised a plan to make himself some easy money off the backs of hard-working folks. From about… Read More

3rd April 2017

Panama Papers boost tax evasion battle, but no silver bullet

The Panama Papers have given ammunition to the fight against tax evasion, but much still needs to happen before the world’s tax dodgers run out of places to hide money, experts say. The papers, published a year ago, linked some of the world’s most powerful leaders, including Russian President Vladimir… Read More

3rd April 2017

Where are they now? Mixed fortunes a year on from Panama Papers

When the International Consortium of Investigative Journalists and more than 100 media partners began publishing the Panama Papers investigation on April 3, 2016, almost no country was untouched by its revelations. Governments in more than 70 countries have launched over 150 investigations, inquiries, audits and probes into the affairs of… Read More

29th March 2017

How Scotland is a ‘perfect tool’ for criminals

For years Scotland has been marketed around the world as a tax haven, as jurisdiction with all the corporate secrecy of a Belize or a Panama but also the respectability of a Sweden or a Germany. Read More

27th March 2017

Scots shell company laundered £160 million out of Russia

A Scottish shell company was used to transfer £160 million out of Russia, according to international corruption investigators. Read More

23rd March 2017

Brexit will only mean more money laundering scandals like ‘Global Laundromat’

As part of the EU, the UK has to adhere to the Anti-Money Laundering Directive which is looking at transparency of trusts – but not for much longer. Read More

21st March 2017

The Global Laundromat: how did it work and who benefited?

Everything you need to know about the money-laundering scheme that moved billions of dollars out of Russia. Read More

16th March 2017

UK creates body to coordinate corporate watch for money-laundering

Britain will create a new watchdog to coordinate a currently splintered approach by professional bodies to detecting money-laundering, the finance ministry said on Wednesday. At the moment, 25 associations, most of them representing accountancy and legal firms, watch out for movements of money raised through crime, potentially allowing money-launderers to… Read More

15th March 2017

File prosecution cases against shell companies: CBDT to taxmen

As the noose tightens around shell companies evading taxes, the CBDT Chairman has asked field officers to file prosecution cases against those entities which claimed bogus long-term capital gains. In a letter to Principal Chief Commissioner of Income Tax, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra has called… Read More

Must Read

Cayman Islands, Morocco Placed on Terror-Financing Watch List

Global money laundering watchdog keeps Pakistan on terrorism financing ‘grey list’

Tax transparency: MEPs mount renewed challenge over Openlux exposé

Lawyers, accountants and other professionals play key role in cross-border financial crime, OECD warns in new report

UAE Executive Office to combat money laundering, terrorism funding