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Company ownership secrecy prevails in Southeast Asia, UN report says

Southeast Asian countries are lagging behind in the adoption of registries with information on companies’ true owners, a tool deemed crucial to fight corruption, money laundering and terrorism financing, according to a report by the United Nations Office on Drugs and Crime. “While transparency in the banking sector is… Read More

Anti-money laundering agency keeps Pakistan on watch list

A global anti-money laundering watchdog kept Pakistan on its monitoring list asking the South Asian nation to improve controls on terrorist financing while lauding authorities for recent progress. The Financial Action Task Force strongly urged Pakistan to complete its action plan by February, following a three-day meeting. Pakistan has largely… Read More

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

Goldman Sachs, one of Wall Street’s oldest and most prestigious banks, will pay $2.9 billion in penalties and fees to settle federal charges over its involvement in a Malaysian bribery scheme, the Justice Department announced Thursday. Prosecutors in the Eastern District of New York charged the bank with conspiracy to… Read More

23rd October 2020

Malaysia: Money laundering suspects also involved in forex investment fraud

The police revealed that a call centre for an international gambling syndicate masterminded by two men believed to be involved in a recent money laundering case was also involved in a foreign exchange (forex) investment fraud cases. Bukit Aman Criminal Investigation Department (CID) director Datuk Huzir Mohamed said investigations found… Read More

20th October 2020

Goldman Poised to Pay More Than $2 Billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s role in Malaysia’s 1MDB scandal, and the deal may be announced within days, according to people familiar with the matter. The accord, part of an international… Read More

12th October 2020

Cyprus to revoke seven Golden Passports

By Eli Moskowitz, OCCRP, 9 October 2020 OCCRP – Cyprus will begin the process of revoking passports belonging to seven individuals who obtained them by submitting false information on their applications for the country’s Citizenship by Investment Program, according to a Wednesday government press release. Following a meeting… Read More

12th October 2020

Malaysia: Bukit Aman launches internal probe over alleged protection of money laundering syndicates

The Royal Malaysia Police (PDRM) has begun internal investigation involving various aspects against all police officers and personnel detained by the Malaysian Anti-Corruption Commission (MACC) on suspicion of being involved in a money-laundering syndicate related to local celebrities. Bukit Aman Integrity and Standards Compliance Department director Datuk Zamri Yahya said… Read More

9th October 2020

Singapore: Record S$6.7 million recovered from alleged business email scam

With the help of United Overseas Bank (UOB), the police’s Anti-Scam Centre recently recovered more than US$4.91 million (S$6.7 million) stolen from an alleged business email scam — the largest sum recovered since the centre was set up last year. The police said in a media briefing on Thursday (Oct… Read More

29th September 2020

Malaysia will not follow US sanctions against 24 Chinese companies, says ambassador

Malaysia will not take sides and follow the United States and impose sanctions on 24 Chinese companies the latter accuses of advancing China’s militarisation of the South China Sea, Malaysian Ambassador to China Raja Nushirwan Zainal Abidin told the Global Times in a recent exclusive interview. While tensions are… Read More

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

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

18th September 2020

China-backed hackers broke into 100 firms and agencies, U.S. says

The Justice Department said on Wednesday that a group of hackers associated with China’s main intelligence service had infiltrated more than 100 companies and organizations around the world to steal intelligence, hijack their networks and extort their victims. The United States government presented the allegations in a set of three… Read More

4th September 2020

Malaysia Drops Goldman Sachs Criminal Charges Over 1MDB

Malaysia has dropped criminal charges against units of Goldman Sachs Group Inc. over the bank’s role in the alleged theft of billions of dollars from a government investment fund, a key step under the terms of a recent $3.9 billion settlement. Goldman was the main banker for 1Malaysia Development… Read More

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