Featured Luxembourg

Stepson of ex-Malaysian PM to forfeit $60 million in 1MDB scandal

The stepson of Malaysia’s former prime minister will forfeit assets worth more than $60 million that he purchased using funds embezzled during the multibillion-dollar looting of a Malaysian state investment fund, the Justice Department announced Wednesday. The 1Malaysia Development Berhad fund, or 1MDB, was established in 2009 by then-Prime Minister… Read More

Iran says to fight U.S. suit to seize $1.7 billion held by Deutsche Boerse unit

Iran’s central bank said on Saturday it was taking legal steps to counter a lawsuit filed in a U.S. court by creditors seeking to seize $1.7 billion of its assets held by Deutsche Boerse’s (DB1Gn.DE) Clearstream unit. The German stock exchange operator said earlier the creditors had filed the… Read More

Lebanon’s Offshore Governor

By Hazem Ameen and Alia Ibrahim (Daraj.com) and Tom Stocks, Riad Kobaissi, and Rana Sabbagh (OCCRP), 11 August 2020 OCCRP – Offshore companies owned by the governor of the Central Bank of Lebanon have quietly invested in overseas assets worth nearly US$100 million in recent years, even as he has… Read More
5th August 2020
AP – General Motors is asking a federal judge to reconsider his dismissal of a lawsuit against Fiat Chrysler based on new allegations that FCA bribed union officials and GM employees with millions stashed in secret foreign bank accounts. GM alleges that bribes were paid to former United Auto… Read More
16th July 2020
The U.S. Federal Bureau of Investigation believes firms in the nearly $10-trillion private investment funds industry are being used as vehicles for laundering money at scale, according to a leaked intelligence bulletin prepared by the agency in May. “Threat actors” — including criminals in it for the money and foreign… Read More
3rd July 2020
Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More
3rd July 2020
The U.S. Department of Justice on Wednesday said it was looking to recover another $96 million in assets in real estate and artwork linked to the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy. The assets include luxury real estate in Paris and paintings by Claude Monet and Andy Warhol linked… Read More
24th June 2020
Foreign companies own £4.4 billion worth of Scottish property, The Ferret can reveal, leading to calls for greater transparency to stop Scotland losing out on tax revenue. Concerns have also been raised about the need for urgent action to stop criminals using opaque foreign companies to invest in Scottish property… Read More
22nd June 2020
Vitaly Malkin can’t prove he owns a luxury ski chalet in France’s Courchevel region. But the Russian businessman still has to pay the taxes on it. After a four-year court battle, Malkin, a former Russian senator, was ordered by a French court earlier this month to pay a $1.7 million… Read More
2nd June 2020
OCCRP—When Eldar Mahmudov fell out of favour with Azerbaijan’s government, he fell hard. In October 2015, the country’s national security minister was dismissed from his powerful role by a presidential order. Within days, wild stories peppered local media outlets about raids on his villa, where police discovered glass jars… Read More
20th May 2020
Jordan has come first in a list of countries that appear to have siphoned huge amounts of foreign aid into offshore bank accounts. The resource-poor Middle Eastern country, which is hosting about two million Syrian refugees, received £2.13 billion in foreign aid in 2018-19 including £110 million from Britain,… Read More
18th May 2020
The European Commission launched legal actions on Thursday against Luxembourg over laws to prevent money laundering and tax avoidance, it said in a statement. New EU rules to step up scrutiny of financial assets controlled by politicians and companies’ owners were approved in May 2018 in an effort to clamp… Read More
8th May 2020
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