Hurricane headaches: Data privacy, fraud risks trigger BVI firms to take special steps
14th September 2017
Hurricane headaches: Data privacy, fraud risks trigger BVI firms to take special steps
With Hurricane Irma wreaking havoc across the Caribbean, some businesses in battered offshore financial centres have resorted to “extraordinary” steps to secure client data which may be targeted by fraudsters and transparency campaigners targeting sensitive information, law firms and private investigators told KYC360. In just days, Irma has caused devastation… Read More
Computer scientists reveal the hidden architecture of untaxed financial flows
25th July 2017
Computer scientists reveal the hidden architecture of untaxed financial flows
We know there are tax havens. We just can’t agree on where they are. Although many countries recognise that major corporations divert tax revenue—there’s a reason, after all, why US multinationals hold more than $2 trillion overseas—collective action is tough. Read More
UK MPs unite to push for greater transparency from tax havens
21st December 2016
UK MPs unite to push for greater transparency from tax havens
Cross-party group backs amendment to criminal finances bill making overseas territories introduce public registers. Read More
Panama Papers law firm fined $440,000 by BVI regulator
17th November 2016
Panama Papers law firm fined $440,000 by BVI regulator
The British Virgin Islands independent regulator, the Financial Services Commission (FSC), has fined the local arm of the Panama Papers law firm, Mossack Fonseca, $440,000 for its contravention of numerous sections of the Anti-Money Laundering and Terrorist Financing Code of Practice and BVI Regulatory Code. Read More
Panama Papers: Iceland election could propel radical Pirate party into power
26th October 2016
Panama Papers: Iceland election could propel radical Pirate party into power
A party that favours direct democracy, complete government transparency, decriminalising drugs and offering asylum to Edward Snowden could form the next government in Iceland after the country goes to the polls on Saturday. Riding a wave of public anger at perceived political corruption in the wake of the 2008 financial… Read More
Indonesia: Repatriated funds yet to move economy
19th October 2016
Indonesia: Repatriated funds yet to move economy
The great expectations of bringing back wealthy Indonesians’ funds from overseas under the tax amnesty have hit a snag, with many declaring their assets in the program, but with little repatriation. As of Tuesday evening, Rp 143 trillion (US$11.01 billion) have been repatriated under the amnesty, a fraction of the… Read More
UK Government must use ‘full weight of its influence’ to stamp out overseas corruption, say MPs
19th October 2016
UK Government must use ‘full weight of its influence’ to stamp out overseas corruption, say MPs
The Government must use “the full weight of its influence” in order to stamp out corruption, money laundering and tax evasion which is having a disproportionate impact on the world’s poorest countries, MPs have concluded. In a report, by the International Development committee (IDC), it is also claimed that there… Read More
China: DHID used 22 shell companies
3rd October 2016
China: DHID used 22 shell companies
The Dandong-based Chinese trading firm sanctioned by the U.S. last month for laundering money for a North Korean bank linked to the regime’s weapons of mass destruction program used at least 22 front companies for U.S. dollar transactions, according to U.S. court papers. Dandong Hongxiang Industrial Development Co. (DHID) established… Read More
Nigeria: Senate probes money laundering allegation against Minister, MTN
28th September 2016
Nigeria: Senate probes money laundering allegation against Minister, MTN
The Senate on Tuesday resolved to investigate allegations of $13.92 billion illicit financial flow involving telecommunications company, MTN, four banks and the Minister for Trade and Investment, Okechukwu Enelamah. The resolution followed a motion by Dino Melaye (APC-Kogi West) who said MTN connived with “some influential and unpatriotic Nigerians” to… Read More
Singapore jails couple for ZTE-linked money laundering
11th September 2016
Singapore jails couple for ZTE-linked money laundering
SINGAPORE — The State Court has sentenced a married couple to prison in a $3.6 million international money laundering case linked to Chinese telecom giant ZTE and the former prime minister of Papua New Guinea. Singaporean national Lim Ai Wah was given a five-year prison sentence Thursday,… Read More
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