Featured Europe

Study: Europe blows U.S. away in financial crime spending

A new report found financial institutions spent $181 billion on financial crime compliance worldwide last year, with European firms spending three to four times more than their counterparts in North America. The True Cost of Financial Crime Compliance Global Report, released Tuesday and compiled by LexisNexis Risk Solutions, estimated… Read More

Adel al-Jubeir, the Saudi diplomat who endorsed the $100m donation to Spain’s King Juan Carlos

Adel al-Jubeir, 58, the current Saudi minister of state for foreign affairs, was the authority who allegedly endorsed the origin of the $100 million that was transferred to an account linked to Spain’s then-King Juan Carlos I in Swiss private bank Mirabaud. That’s according to documents from a probe in… Read More

Ecuador’s former president found guilty of corruption

An Ecuadorian court sentenced former president Rafael Correa on Tuesday to eight years in prison after finding him guilty of corruption charges. Correa, who was in office from 2007 to 2017, left Ecuador three years ago and now lives in Belgium. He and 19 others, including his vice president who… Read More
7th April 2020
AP — Prosecutors revealed new details of alleged bribes paid to FIFA executive committee members to gain their votes for Qatar to host the 2022 World Cup and charged a pair of former 21st Century Fox executives with making illegal payments to win broadcast rights for the 2018 and… Read More
7th April 2020
Malaysia’s recent change of government has driven a whistle-blower from the Southeast Asian country to Switzerland, while Pascal Najadi, the son of murdered banker Hussain Najadi, has said he is too scared to return to Malaysia. Despite fleeing, whistle-blower Xavier Justo has vowed not to give up his… Read More
7th April 2020
While more than 40 banks have reportedly expressed interest in Germany’s new crypto custody license, those firms may still have to put up with an anti-crypto sentiment among German banks. “If you try to open a bank account for a company that is in the space, you are working… Read More
7th April 2020
AP — The Trump administration on Monday designated a Russian white supremacist group a terrorist organization and hit its members with sanctions. The move against the Russian Imperial Movement is the first time a white supremacist group has been named a “Specially Designated Global Terrorist” group and comes amid doubts… Read More
6th April 2020
Criminals are increasingly trying to profit from the turmoil unleashed by the coronavirus pandemic, posing a new challenge to bankers who are expected to continue guarding against illicit financial flows. Austria’s financial regulator on Thursday became the latest authority to warn of a jump in criminal activity as the drastic… Read More
6th April 2020
By Anuška Delić and Matej Zwitter, OCCRP, 3 April 2020 OCCRP — In recent weeks, Slovenia has introduced strict controls on movement and gatherings, while approving tens of millions of euros worth of bids under emergency measures that bypass open tender measures. In just the last week of March, the government… Read More
6th April 2020
State-controlled PrivatBank has filed a new lawsuit in Cyprus courts, demanding compensation in the amount of $5.5 billion for the schemes bearing all the signs of fraud and money laundering, which, according to the bank, were committed by its former shareholders Ihor Kolomoisky and Hennadiy Boholiubov, former first deputy chairman… Read More
6th April 2020
The U.S. Treasury Department on Friday extended its authorization for companies to do business with Sweden’s Nynas, giving the oil refiner more time to restructure its ownership to avoid American sanctions on Venezuela. The department, in a notice on its website, extended the general license authorizing certain activities involving Nynas… Read More
3rd April 2020
A Russian state-owned fund that says it footed half the bill of a coronavirus aid shipment delivered to the U.S. on Wednesday has been on a U.S. Treasury restricted lending list since 2015. The Russian Direct Investment Fund, a $10 billion sovereign-wealth fund started by Russian President Vladimir Putin in… Read More
3rd April 2020
Europe’s top banking regulator is instructing financial institutions to pay closer attention to transactions linked to international trade, as the effects of Covid-19 prompt criminal groups to seek new ways of moving illicit funds and goods across borders. In a series of statements issued on Tuesday evening, the European Banking… Read More