The new Cold War is financial
23rd September 2020
The new Cold War is financial
Imagine you are Noel Quinn, recently confirmed chief executive of HSBC. Sitting high up in London’s Canary Wharf or overlooking the harbour from the bank’s Hong Kong base, he must be facing a range of challenges. Many of these challenges are ‘known knowns’. Rising loan losses as the health of… Read More
How banks helped Venezuela’s ‘boligarchs’ extract billions
22nd September 2020
How banks helped Venezuela’s ‘boligarchs’ extract billions
By Sasha Chavkin and Patricia Marcano, ICIJ, 21 September 2020 ICIJ — On a rusty gas stove in Selena Ramirez’s apartment, a small flame was glowing. Ramirez, 69, shares the apartment with her daughter and 11-year-old grandson. It is on the ground floor of a government housing complex in San Francisco… Read More
FinCEN Files: Dublin business features in leak of US treasury documents
22nd September 2020
FinCEN Files: Dublin business features in leak of US treasury documents
An unprecedented glimpse into the staggering amounts of suspect money that flow through the international banking system is revealed in leaked files from an agency of the US Department of the Treasury that have been seen by The Irish Times. The files show that the world’s largest banks play a… Read More
Court unfreezes accounts of Mexican firm sanctioned by U.S.
21st September 2020
Court unfreezes accounts of Mexican firm sanctioned by U.S.
A Mexican court has unfrozen the bank accounts of a local company blacklisted by the United States for trading in oil with Venezuelan state oil firm PDVSA despite U.S. sanctions, Mexico’s anti-money laundering unit said on Saturday. In a statement, Mexico’s Financial Intelligence Unit (UIF) said it disagreed with the… Read More
US moves to seize $330m of alleged 1MDB assets held by UK law firm
18th September 2020
US moves to seize $330m of alleged 1MDB assets held by UK law firm
The US Department of Justice (DoJ) has moved to seize $330m (£256m) held in the bank account of a major London law firm which prosecutors allege is derived from the proceeds of one of the world’s largest financial frauds. The DoJ has filed civil forfeiture proceedings against funds… Read More
Miami judge declares ownership fight over $1 million super-yacht a ‘mess’
16th September 2020
Miami judge declares ownership fight over $1 million super-yacht a ‘mess’
A sleek blue-and-white yacht worth $1 million has been moved from a dock on the Miami River to a marina in Aventura, but a legal dispute over the actual owner of the Italian-made vessel is still up in the air. A Miami federal judge weighed in on the fate of… Read More
Switzerland’s PDVSA rinsing problem
8th September 2020
Switzerland’s PDVSA rinsing problem
Swiss banks first surfaced as handlers of illicit Venezuelan oil money in 2016, when U.S. Attorney Preet Bharara sought records from more than 18 of them on of bribery at PDVSA, a state-owned oil and natural gas company. Precisely two weeks later, Switzerland’s financial regulator built its annual meeting… Read More
Sophisticated schemes revealed in Costa Rica gold ring
4th September 2020
Sophisticated schemes revealed in Costa Rica gold ring
By Zachary Goodwin, InSight Crime, 2 September 2020 InSight Crime – Raids across Costa Rica have exposed a web of front companies filtering illegally mined gold to the United States, in the kind of multimillion-dollar laundering scheme not typically associated with the Central American country. In late August, Costa… Read More
Venezuelan charged in Miami money laundering case gunned down by motorcycle assassin
3rd September 2020
Venezuelan charged in Miami money laundering case gunned down by motorcycle assassin
A Venezuelan businessman charged in Miami with laundering millions of dollars from oil contracts was gunned down Tuesday by a motorcycle assassin in Venezuela, according to authorities. Leonardo Santilli died from several gunshot wounds in what police described as a possible professional hit, authorities said. According to press reports, the… Read More
Ex-Venezuela official flees to aid U.S. in corruption probe
2nd September 2020
Ex-Venezuela official flees to aid U.S. in corruption probe
A former Venezuelan oil official fled the country and is talking to U.S. authorities about aiding their investigation of a high-level corruption scheme that helped plunge the oil-rich nation into an economic meltdown. Carmelo Urdaneta Aqui, a onetime legal counsel to the country’s powerful oil ministry, will appear in a… Read More
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