10th March 2020
Deutsche Bank cleared a transfer of nearly €6 million for a Malaysian businessman four months after he was directly linked to the misappropriation of hundreds of millions of dollars from Malaysia’s 1MDB state investment fund, the Financial Times reported Tuesday, citing transactional records. The German lender served as a correspondent… Read More
10th March 2020
Latvian State Police said March 9 they have seized half a million dollars in assets linked to the notorious and complex Russian money-laundering operation that caused the death of lawyer Sergei Magnitsky. “In February of this year, the Economic Crime Bureau of the State Police’s Main Criminal Police Office seized… Read More
9th March 2020
Jahangir Hajiyev was running out of money. That was the urgent subject before the board of a company based in the tax haven of Guernsey in September 2015. For years, Hajiyev, then chairman of the International Bank of Azerbaijan, had used a chain of trusts and shell companies stretching from… Read More
28th February 2020
The European Union blacklisted two Turkish nationals as retaliation over Ankara’s energy drilling off Cyprus in a move that has more political symbolism than economic punch. The EU asset freezes and travel bans on two employees of Turkish Petroleum Corp. make good on the bloc’s months-long vow to counter… Read More
26th February 2020
European regulators have identified vulnerabilities in the anti-money laundering and terrorism financing measures at Melco Resorts’ casino in Cyprus, an inquiry into Crown has heard. The Council of Europe’s anti-money laundering body, Moneyval, said in December 2019 that it had discovered “weaknesses” in compliance at the single casino on the… Read More
26th February 2020
Spanish police have launched an investigation into “tax evasion and money laundering” after uncovering fake transfers involving several player agents, the Civil Guard announced yesterday. According to a statement, several raids were carried out in properties linked to the suspects and discovered that “prominent football agents” were arranging fake transfers… Read More
25th February 2020
Evgeny, a retiree from the Russian city of Vladimir, always believed that the U.S. financial system had integrity. In particular Citibank, to him, was no Deutsche Bank, a bank known for getting in bed with dubious investors. And that belief, Evgeny says, may have led to his financial ruin. The… Read More
25th February 2020
HSBC has become correspondent bank for Bank of Cyprus for transaction services in dollars and this is a vote of confidence for the Cypriot lender, Phileleftheros reports. In addition to HSBC, Bank of Cyprus also has Bank of New York Mellon and Citibank NA, New York as correspondent banks for… Read More
20th February 2020
Civil society organizations urged the participants of a conference on combating money laundering to insist on the establishment of a public register that would show who owns which company in which country. Representatives from 205 countries and jurisdictions are meeting this week in Paris to discuss global action that can… Read More
13th February 2020
The European Commission has sent legal warnings to Cyprus, Portugal, the Netherlands and five other EU states over their delays in applying new anti-money laundering rules adopted at European Union level two years ago. The 27 EU states were required to enact by January tighter rules to counter dirty-money risks… Read More