Featured Asia-Pacific

UAE Convicts Alleged 1MDB Co-Conspirators: Report

Two individuals accused of playing prominent roles in the sprawling 1Malaysia Development Bhd. scandal have been convicted of financial crimes in Abu Dhabi, The Wall Street Journal reported Sunday. The Abu Dhabi Criminal Court sentenced Khadem al Qubaisi, a United Arab Emirates citizen who previously headed the International Petroleum Investment Company… Read More

Aiding “organised crime”: India alleges 22 audit violations by Deloitte, KPMG arm in fraud case

India detected at least 22 violations of auditing standards by Deloitte Haskins & Sells and a KPMG affiliate while investigating a fraud at a financial company, leading it to seek a five-year ban on the auditors, according to government legal filings seen by Reuters. The failures were detected as part… Read More

Hong Kong tycoons start moving assets offshore as fears rise over new extradition law

Some Hong Kong tycoons have started moving personal wealth offshore as concern deepens over a local government plan to allow extraditions of suspects to face trial in China for the first time, according to financial advisers, bankers and lawyers familiar with such transactions. One tycoon, who considers himself potentially politically… Read More
17th June 2019
AP — Pakistan’s anti-graft body has arrested the sister of former president Asif Ali Zardari in connection with a multi-million-dollar money laundering case following rejection of her bail by a court. Faryal Talpur, also a politician, was taken into custody Thursday by the National Accountability Bureau in Islamabad. The latest… Read More
17th June 2019
Europe’s Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centred on the region. Pedro Felicio, who is responsible for fighting money laundering at European police agency Europol, told Reuters that “huge inflows of criminal… Read More
14th June 2019
Two online gaming companies will pay a combined £2.8 million for anti-money laundering (AML) compliance lapses related to client bets made with ill-gotten gains, the UK Gambling Commission said. The fines against Osaka-based Platinum Gaming Ltd and London-based Gamesys Ltd follow a combined £4.5 million in monetary outlays ordered… Read More
14th June 2019
AP — The U.S. Education Department has opened investigations into foreign funding at Georgetown University and Texas A&M University as part of a broader push to monitor international money flowing to American colleges. Both universities are being ordered to disclose years of financial records amid concerns they have not fully… Read More
14th June 2019
Brazil’s Petrobras found suspicious activity in its oil trading business – and failed to stop it – six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the… Read More
13th June 2019
AP — The United States and 25 other countries are accusing North Korea of violating U.N. sanctions by importing far more than the annual limit of 500,000 barrels of refined petroleum products. A complaint seen Wednesday by The Associated Press asks the U.N. Security Council committee monitoring sanctions against North… Read More
13th June 2019
Australia’s financial crime watchdog said it will audit buy-now-pay-later provider Afterpay Touch Group Ltd to ensure it was complying with anti-money-laundering and counter-terrorism financing laws, sending the company’s shares down. “The audit will help identify if Afterpay has developed and implemented the systems and controls it needs to ensure it… Read More
13th June 2019
Shares in Indiabulls Housing Finance Ltd plummeted as much as 8.8% on Tuesday even as the mortgage lender and its top management moved to quash allegations of financial misconduct and money laundering within the company. A criminal writ petition filed on Monday in India’s Supreme Court alleged that about 980… Read More
12th June 2019
Shares in India’s Jammu and Kashmir Bank Ltd slumped for a second consecutive day on Tuesday, after local media reported that an anti-corruption probe into the bank had uncovered a sizable fraud at the state-run lender. Shares in the bank closed down 6.72% at 48.55 rupees, after falling 12.4% on… Read More
12th June 2019
Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said. Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up… Read More