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Western Advisers Helped An Autocrat’s Daughter Amass And Shield A Fortune

Pausing at the entrance to a star-studded bash at the Cannes Film Festival, ’90s icon Sharon Stone flashed her one-of-a-kind cuff bracelet. It was a wraparound hippo with rubies for eyes, sapphire nostrils and white diamond teeth. Its body was covered in brown, gray and white diamonds. The dazzling ornament… Read More

Authorities to look into reports mafia used Malta banks in EU funds scam

The authorities will be looking into reports that banks in Malta were used by the Italian mafia in a massive operation in Sicily that defrauded the European Union of millions of euros in funds for farmers, a spokesman for the Foreign Ministry said. The public prosecutor in Messina said on… Read More

In Europe’s Dirty Money Scandals, Bill Browder Sees Wilful Blindness

Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… Read More

15th January 2020

Hungary rule on NGOs’ financing seen in conflict with EU law

AP — Restrictions imposed by Hungary on the financing of non-governmental organizations from abroad are incompatible with European Union law, according to an opinion issued Tuesday by the bloc’s highest court. In 2017, Hungary adopted legislation forcing NGOs receiving foreign funding of more than 7.2 million forints ($24,000) a year… Read More

13th January 2020

Danske’s Cost Burden Keeps Growing in an Age of Bank Scandals

At Danske Bank A/S, the cost of adapting to a world intensely focused on financial crime just keeps growing. In an interview in Stockholm, the chief executive of Danske in Sweden, Johanna Norberg, said “the peak” level of investment to meet anti-money laundering requirements has “not yet been reached.”… Read More

13th January 2020

European Crypto Firms Brace for Higher Costs as AMLD5 Takes Effect

Friday marks the deadline for the European Union’s 28 member nation-states to adopt the Fifth Anti-Money Laundering Directive or AMLD5. The new rules require crypto exchanges and custodial service providers to register with their local regulator and demonstrate compliance with thoroughgoing know-your-customer (KYC) and anti-money laundering AML procedures. In… Read More

13th January 2020

Cross-border transactions face EU anti-money laundering overhaul

Incoming EU-level reforms to anti-money laundering laws are set to take legal effect on January 10, introducing new requirements for banks handling transactions linked to high-risk countries. EU member states are expected to write the 5th Anti-Money Laundering Directive (5AMLD) into national law by the end of this week, tightening… Read More

10th January 2020

Tricked Into the Migrant Trade

It was the middle of a typically cold Ukrainian winter, and Valerii Berezkin, a balding, middle-aged mechanic, was in debt and needed cash. Then, in a billiards hall in the city of Cherkasy, a man approached him with a tempting offer: He could travel to Turkey and make money ferrying… Read More

9th January 2020

U.K. Law to Combat Dirty Money in Art Market Set to Take Effect

The U.K. art market is about to become more transparent. Starting Friday, art businesses registered in the country, including galleries, auction houses and freeport operators storing high-value items, will have to verify client identities on transactions exceeding 10,000 euros ($11,000), according to the regulations approved by Parliament shortly before Christmas. Read More

7th January 2020

London Galleries Warn Clients About New Anti-Money Laundering Laws

Cristea Roberts, one of London’s leading art galleries, has sent a memo to all of their clients warning of strict Anti-Money Laundering legislation, effective from 10 January 2020. The new law requires all new and existing clients to provide identification when purchasing a work of art. This will be inline… Read More

6th January 2020

Iran Abandons Nuclear Deal Limitations In Wake Of Soleimani Killing

Iran will no longer honor its commitment to limit its enrichment of uranium, stepping away from a key component of the landmark nuclear deal it agreed to with six nations, including the United States, in 2015. The announcement was reported Sunday in Iranian state media. It marks the latest in… Read More

6th January 2020

Central Bank of Ireland resists bid to up workload in EU money laundering fight

The Central Bank of Ireland (CBI) is resisting government plans to add to its responsibilities in the fight against money laundering, claiming that the extra work “might more appropriately be assigned elsewhere”. The stand-off stems from an EU push to unmask the true owners of companies, investment funds and bank… Read More

6th January 2020

Ex-Pilatus director slammed ‘crazy’ Schembri-Tonna transaction

A €100,000 transaction between Keith Schembri and his auditor Brian Tonna was “crazy” and should never have been allowed to take place, a former Pilatus Bank non-executive director told the Egrant inquiry. The transaction, a suspected kickback on passport sales, has been the subject of a criminal inquiry since April… Read More

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