Featured Bahamas

France’s highest court orders retrial of art-dealing Wildenstein family

France’s highest court has ordered a retrial of members of the art-dealing Wildenstein family who were acquitted of tax fraud in 2018. Guy Wildenstein, a close friend of former president Nicolas Sarkozy, and other family members, known in France as “les W”, were cleared of hiding an estimated €550m… Read More

Bahamas removed from FATF grey list

The Bahamas has officially been removed from the Financial Action Task Force’s (FATF) grey list of nations deemed to have deficiencies in their anti-financial crime defenses, the Office of the Attorney General (OAG) announced yesterday. This follows the FATF conducting an on-site visit to the country at the end… Read More

Muslim Brotherhood suspect and Saudi billionaire linked to same offshore companies, Austrian report says

By Scilla Alecci, ICIJ, 8 December 2020 ICIJーOne of 30 people in Austria suspected to be members of the Islamic fundamentalist group Muslim Brotherhood was the director of offshore companies linked to a Saudi billionaire, according to an investigation by Austrian media outlets profil and… Read More
2nd December 2020
The Bahamas’ inclusion on the European Union’s (EU) black list and Financial Action Task Force’s (FATF) gray list, has caused some local financial institutions to be refused service by correspondent banks, Attorney General Senator Carl Bethel said on Friday, adding that those lists have left The Bahamas at a competitive… Read More
30th October 2020
Criminals are using real estate transactions to launder dirty money in the Philippines, a top official of the Anti-Money Laundering Council revealed. AMLC Executive Director Atty. Mel Racela confirmed this during a Senate hearing on Wednesday after lawmakers asked him why real estate developers and brokers should report cash transactions… Read More
20th October 2020
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of… Read More
16th September 2020
The Bahamas is set to beat some of the world’s superpowers in launching a sovereign digital currency. After piloting the so-called Sand Dollar on the islands of Exuma and Abaco late last year, the central bank will roll out the e-currency nationwide in October. Officials say it will make digital… Read More
26th May 2020
The group’s name alone reflects its combative mission: The collective of transparency activists calls itself Distributed Denial of Secrets (DDoS), a name that recalls denial of service, a form of online attack that knocks out servers and websites by targeting them with huge numbers of superfluous requests. Committed as they… Read More
19th May 2020
By Anastasia Austin, InSight Crime, 18 May 2020 InSight Crime — The European Union’s latest money laundering blacklist included four Caribbean nations that have been deemed to be high-risk countries. The list was met by cries of unfairness from officials, but why were these countries added in the first place… Read More
7th May 2020
The European Commission aims to intensify its scrutiny of states posing money-laundering risks, and is looking into creating a new body to help police financial crime and monitor banks more strictly, draft documents seen by Reuters show. One document, expected to be published on Thursday, adds Panama and other countries… Read More
27th March 2020
An information exchange between a Spanish judge and a Swiss prosecutor has shed new light on an ongoing investigation into alleged financial irregularities involving emeritus king Juan Carlos I, the father of Spain’s reigning monarch Felipe VI. Spain’s High Court, the Audiencia Nacional, has been waiting for the Swiss… Read More
5th March 2020
Swiss public prosecutors are investigating a 100 million dollar bank account held by Spain’s king emeritus Juan Carlos I in Geneva, according to the Swiss newspaper Tribune de Genève. This money allegedly has its origin in a donation made in 2007 by the Saudi royal house’s finance ministry to the… Read More
14th February 2020
The European Union will add the Cayman Islands to a blacklist of foreign tax havens after the UK overseas territory failed to pass legislation that adequately addressed concerns about businesses seeking tax advantages in the jurisdiction, the Financial Times reported. EU27 ambassadors voted on Wednesday to include the Cayman… Read More