Going, going, gone: African dictators losing luxury lifestyle amid money laundering crackdown
7th October 2019
Going, going, gone: African dictators losing luxury lifestyle amid money laundering crackdown
Judging by the fleet of supercars parked in the grounds of Geneva’s Bonmont Golf and Country Club last Sunday, Teodorin Obiang was not overly fussed by the size of his carbon footprint. There were 25 in total, representatives of every luxury model conceivable, from Aston Martin to Bugatti and Ferrari,… Read More
Kenya finds $71 mln in suspect cash as it retires old notes -cenbank
3rd October 2019
Kenya finds $71 mln in suspect cash as it retires old notes -cenbank
A Kenyan anti-corruption drive uncovered the equivalent of tens of millions of dollars in unexplained wealth when it retired old banknotes, the central bank said on Wednesday, adding much of the cash appeared to have been gained in “the criminal area”. The East African nation has a diverse, fast-growing economy,… Read More
Belgium’s EU candidate denies ‘malicious’ graft accusations
3rd October 2019
Belgium’s EU candidate denies ‘malicious’ graft accusations
Didier Reynders, Belgium’s pick for EU justice commissioner, denied on Wednesday corruption allegations against him and said he would continue to seek the post because he had not been charged. At a confirmation hearing, Belgian Foreign Minister Reynders told the European Parliament that money-laundering allegations made by a former Belgian… Read More
Cars taken from Equatorial Guinea leader’s son sold for $27M
30th September 2019
Cars taken from Equatorial Guinea leader’s son sold for $27M
AP — Car lovers from around the world splashed out more than $27 million at an auction Sunday for dozens of luxury cars seized from the son of Equatorial Guinea’s president in a Swiss money-laundering probe. The 25 lots sold by auction house Bonhams included a white-and-cream 2014 Lamborghini Veneno roadster… Read More
Equity Bank among lenders fined in Tanzania for breaching anti-money laundering laws
24th September 2019
Equity Bank among lenders fined in Tanzania for breaching anti-money laundering laws
Equity Bank Tanzania, a subsidiary of Kenyan based Equity Group is among five banks fined a total of Sh83 million by Tanzania for flouting anti-money laundering regulations. Bank of Tanzania (BoT) said the five failed to conduct proper customer due diligence and file suspicious transaction reports to the Financial Intelligence… Read More
Tanzanian leader suggests amnesty for financial crimes
23rd September 2019
Tanzanian leader suggests amnesty for financial crimes
Tanzania’s president said on Sunday people held on charges of tax evasion, money laundering and other financial crimes should be freed if they confess and return the cash. John Magufuli said it was only a recommendation – and it was not immediately clear what impact his words would have on… Read More
Lebanon’s Jammal Trust Bank forced to close by U.S. sanctions
20th September 2019
Lebanon’s Jammal Trust Bank forced to close by U.S. sanctions
Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by U.S. sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday. The central bank said the value of the bank’s assets, and its share of the national deposit… Read More
Foreign Investors Fueled Violence and Corruption in South Sudan, Report Finds
20th September 2019
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
U.K. Bank Pays $4 Million to Settle Allegations of Sanctions Violations
19th September 2019
U.K. Bank Pays $4 Million to Settle Allegations of Sanctions Violations
British Arab Commercial Bank PLC agreed to pay $4 million to settle allegations that it violated U.S. sanctions on Sudan, the U.S. Treasury Department said. The Treasury had alleged that the London-based commercial bank, with no presence in the U.S., processed payments of hundreds of millions of U.S. dollars related… Read More
Down the Guptas’ Financial Rabbit Hole
19th September 2019
Down the Guptas’ Financial Rabbit Hole
Members of South Africa’s controversial Gupta family have long been implicated in a series of corrupt political connections and illegal deals that have earned them millions, often in government funds. The influence of the family, now reportedly in exile in Dubai, is so all-pervasive that the affair is widely known… Read More
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