Formations House set up accounts at bank part-owned by Celtic boss Dermot Desmond
5th December 2019
Formations House set up accounts at bank part-owned by Celtic boss Dermot Desmond
The firm at the heart of a company formation scheme opened accounts for high-risk customers at a bank part-owned by the Celtic boss Dermot Desmond, which had previously been implicated in a money-laundering scandal. Mr Desmond bought into Rietumu, one of the largest banks in Latvia, in 2005 for what… Read More
Phoenix Thoroughbreds owner denies money-laundering allegations
26th November 2019
Phoenix Thoroughbreds owner denies money-laundering allegations
Racing professionals have reacted with shock to the news that the man behind the leading international racing and bloodstock operation, Phoenix Thoroughbreds, Amer Abdulaziz Salman, was recently named by a defendant in a criminal court in the US, who accused him of involvement in a money-laundering operation. The allegation was… Read More
Leading OneCoin backers linked to Irish cryptocurrency MingoCoin
25th November 2019
Leading OneCoin backers linked to Irish cryptocurrency MingoCoin
Two senior members of the discredited OneCoin cryptocurrency sales network are listed as shareholders of a fledgling Irish cryptocurrency. Peter Shaw and Pehr Karlsson are shareholders in Funlz, which is seeking to develop MingoCoin, a cryptocurrency linked to a new messaging aggregator app. Funlz founder Joe Arthur said that the… Read More
Ireland: Over 180,000 firms could face fines under money laundering rules
15th November 2019
Ireland: Over 180,000 firms could face fines under money laundering rules
More than 180,000 companies could face fines of up to €500,000 if they fail to submit information by next week under measures to tackle white-collar crime and money laundering by next week. Just over a fifth of the 234,000 companies obliged to submit information on beneficial ownership to the Companies… Read More
OneCoin lawyer on trial for role in ‘crypto-scam’
5th November 2019
OneCoin lawyer on trial for role in ‘crypto-scam’
The trial of a US lawyer accused of laundering some of the proceeds from the OneCoin cryptocurrency “scam” has begun in New York. Mark Scott is accused of routing approximately $400m (£310m) out of the US while trying to conceal the true ownership and source of the funds. Some is… Read More
Ireland: Bankers to be held to account but will not face jail
1st November 2019
Ireland: Bankers to be held to account but will not face jail
New rules to hold individual bankers who do wrong to account will not result in jail but will still help to change culture, the finance minister has said. Paschal Donohoe said yesterday that he is working on legislation to bring in a senior accountability regime (Sear) for prominent figures in… Read More
UK truck deaths reignite calls to tackle nail bar slavery
30th October 2019
UK truck deaths reignite calls to tackle nail bar slavery
The deaths of 39 migrants found in a refrigerated truck in Britain has reignited calls for efforts to tackle slavery in the nail bar sector, a common destination for trafficked Vietnamese. Most of the people discovered in the truck are believed to be from Vietnam, one of the top source… Read More
Bank of Ireland accounts ‘used to launder €273m in OneCoin scam’
7th October 2019
Bank of Ireland accounts ‘used to launder €273m in OneCoin scam’
American prosecutors allege that the US lawyer Mark Scott laundered €273m in gains from the OneCoin global cryptocurrency scam via Bank of Ireland accounts. Four current and former bank executives — including Diane Sands, Bank of Ireland’s head of anti-money laundering — have been called to testify in the US… Read More
BofI workers to give evidence in US ‘pyramid scheme’ case
1st October 2019
BofI workers to give evidence in US ‘pyramid scheme’ case
Bank of Ireland employees will give evidence in a US case against the alleged perpetrators of what prosecutors claim was a “multibillion-dollar pyramid scheme”. The US Department of Justice has said the scheme, called OneCoin, was “completely based on lies and deceit”. Prosecutors are arguing that more than $400… Read More
New company ownership register hit by a raft of early filing errors
5th September 2019
New company ownership register hit by a raft of early filing errors
People using names in their Irish version instead of English, maiden instead of married names, and shortened versions of first names are just a few of the reasons why the Companies Registration Office says it has rejected submissions to the new Register of Beneficial Ownership (RBO). The register, which gives… Read More
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