Steering clear of Iran petroleum sanctions
11th June 2020
Steering clear of Iran petroleum sanctions
July 14, 2015 was a landmark date in the long-running feud between Europe, the US and Iran. Iranian officials agreed to terminate the country’s nuclear programme, and in exchange, would benefit from the removal of crippling sanctions – including on petroleum exports. Trade with the EU soared. Over the following… Read More
Sanctions Clauses and Trade Finance – Recent Further Guidance from The International Chamber Of Commerce
9th June 2020
Sanctions Clauses and Trade Finance – Recent Further Guidance from The International Chamber Of Commerce
Complying with sanctions laws can often be problematic. Apart from sanctions imposed by the United Nations Security Council, which all member States of the United Nations are generally obliged to observe and give effect to, many countries have their own lists of sanctioned persons and possibly countries. For a bank… Read More
Singapore Considers Tightening Casino Rules for Customers
8th June 2020
Singapore Considers Tightening Casino Rules for Customers
Singapore is considering tightening the due diligence process for customers at its casinos in an effort to prevent money laundering and financing terrorism, according to the Casino Regulatory Authority. The regulator earlier asked casino operators to set a threshold for the amount of cash transactions that are subject to… Read More
Adelson’s Singapore Casino Probed Over Laundering Controls
5th June 2020
Adelson’s Singapore Casino Probed Over Laundering Controls
The Singapore casino of billionaire Sheldon Adelson’s Las Vegas Sands Corp. is being probed by the U.S. Department of Justice over whether anti-money laundering regulations were breached in the way it handled the accounts of top gamblers. The Justice Department in January issued a grand jury subpoena to a… Read More
JP Morgan used sham deals, shell firms to launder Amrapali home buyers’ funds to its Mauritian, Singapore entities: ED
5th June 2020
JP Morgan used sham deals, shell firms to launder Amrapali home buyers’ funds to its Mauritian, Singapore entities: ED
Employees of JP Morgan India Ltd, who were on the board of various Amrapali real estate group companies, “laundered” deposits worth Rs 187 crore of home buyers and “diverted” them to the multi-national financial advisory firm’s entities based in Mauritius and Singapore by undertaking sham transactions and using shell companies,… Read More
Ex-Chinese official Qiao Jianjun extradited to US from Sweden on money-laundering and fraud charges
3rd June 2020
Ex-Chinese official Qiao Jianjun extradited to US from Sweden on money-laundering and fraud charges
US authorities said on Monday that they had extradited a former Chinese official from Sweden to Los Angeles to face charges of money laundering and immigration fraud. The US Department of Justice (DOJ) said it took Qiao Jianjun into custody on Friday for, among other charges, allegedly conspiring to commit… Read More
Trafigura investigated for alleged corruption, market manipulation
2nd June 2020
Trafigura investigated for alleged corruption, market manipulation
Global commodities trader Trafigura is under investigation by US authorities for alleged corruption and market manipulation relating to oil trading, the Guardian has learned. The Commodities and Futures Trading Commission (CFTC) is leading a far-reaching probe into the activities of the oil and metals trading house, including its… Read More
Singapore Police Raid ZenRock Following HSBC Allegations of Fraud
11th May 2020
Singapore Police Raid ZenRock Following HSBC Allegations of Fraud
The Singapore Police Force has raided ZenRock Commodities Trading following allegations from HSBC that the company was involved with a number of “dishonest” transactions. HSBC recently filed an application in Singapore’s High Court to replace ZenRock’s management over non-payment of dues and other issues, including the use of the… Read More
U.S. reaches settlement to recover over $49 million involving Malaysia’s 1MDB: DOJ
8th May 2020
U.S. reaches settlement to recover over $49 million involving Malaysia’s 1MDB: DOJ
The United States has reached a settlement to recover more than $49 million involving Malaysian sovereign wealth fund 1MDB, the Department of Justice said. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The Justice Department has estimated more than $4.5 billion was… Read More
U.S. returns another $300 million of recovered 1MDB funds to Malaysia
15th April 2020
U.S. returns another $300 million of recovered 1MDB funds to Malaysia
The U.S. Department of Justice on Tuesday said it has repatriated another $300 million to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country’s sovereign wealth fund. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The DOJ estimated… Read More
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