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Court ties dos Santos to ‘fraudulent’ diamond deal as Portugal further freezes out billionaire

An Angolan court has labeled a deal between the African country’s diamond company and Isabel dos Santos’ husband as “fraudulent” and harmful to average Angolans, according to a newly released decision. The 44-page ruling by the Provincial Court of Luanda, released publicly earlier this month, prevents Banco BIC, partly… Read More

Botched Iran case adds to woes of SDNY, office upended by Barr

The story line seems familiar. U.S. prosecutors win a significant conviction. Then evidence emerges that suggests possible misconduct by investigators, and the prosecution asks the judge to dismiss the charges. It happened to Michael Flynn, the onetime Trump aide who’s on the verge of walking away from his guilty pleas. Read More

Monaco court upholds case dismissal against art dealer accused of defrauding Russian oligarch

A Monaco court on Wednesday upheld an earlier ruling dismissing a case against a prominent art dealer accused by a Russian oligarch of fraud and money laundering, lawyers for the art dealer said. Monaco’s appeals court in December ordered the closure of a preliminary investigation opened by local authorities into… Read More

7th July 2020

Ireland: How criminals clean their dirty money

‘Money laundering is modern-day alchemy. You take cash earned from criminal activity, put it through a system designed to obliterate any trail of its origins, and then bring it out the other end as legitimate income,” said Jeffrey Robinson, author of The Laundrymen, a seminal book on the subject. Money… Read More

3rd July 2020

New rules may be needed for payments in wake of Wirecard, BIS boss says

More joined up rules may be needed across the payments sector after the collapse of Germany’s Wirecard AG, Bank for International Settlements president Augustin Carstens said. Wirecard’s demise has thrown a spotlight on payments, which is one of the fastest growing sectors in financial services and which central banks could… Read More

3rd July 2020

U.S. seeks Warhol, Monet paintings linked to 1MDB scandal

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

29th June 2020

Swiss court finds ex-MP Martynenko guilty of money laundering, sentences him to 28 months in prison

On June 26, the Federal Criminal Court of Switzerland found former Member of Parliament of Ukraine Mykola Martynenko guilty of laundering about EUR 2.8 million through the Swiss financial system “as part of a criminal group.” The court also convicted another citizen of Ukraine, Pavlo Skalenko, who, together with the… Read More

26th June 2020

Novartis, Alcon Pay $347 Million to Settle Bribery Probes

Novartis AG and a former subsidiary of the Swiss drugmaker agreed to pay a combined $347 million to resolve allegations that the companies ran schemes to bribe public hospitals and clinics in Greece, Vietnam and South Korea, U.S. authorities said Thursday. The settlements with Novartis and its former… Read More

26th June 2020

Candidates in Mongolian elections face Swiss corruption charges

Mongolia held parliamentary elections on June 24. Two of the candidates are currently under investigation by Swiss prosecutors, who suspect corruption linked to the granting of rights for a massive copper and gold mine in the Asian country. Politically, the two are running in different provinces. Sangajav Bayartsogt, the former… Read More

22nd June 2020

In Daphne murder investigation, money trail leads to Montenegro venture

In the months before her murder in 2017, Maltese journalist Daphne Caruana Galizia was on the trail of an offshore company called 17 Black Limited. She didn’t know who owned the firm, which was registered in the United Arab Emirates. But she was certain it was set up to channel… Read More

18th June 2020

Fintech firm Achiko hits Cayman-related compliance problems

Cayman Islands fintech holding company Achiko has run into “compliance issues” just months after listing on the Swiss stock exchange. The firm has called a meeting of shareholders this week to approve a plan to create a Swiss company and re-list the shares from this entity. But some shareholders are… Read More

16th June 2020

How China got shipments of Venezuelan oil despite U.S. sanctions

Last year, China replaced the United States as the No. 1 importer of oil from Venezuela, yet another front in the heated rivalry between Washington and Beijing. The United States had imposed sanctions on Venezuela’s state-owned oil company as part of a bid to topple that country’s socialist president, Nicolas… Read More

16th June 2020

Why Convicted Ex-UBS Worker Likely a No-Show at Swiss Appeal

Call it the Falciani Principle. A former UBS Group AG employee who’s appealing his conviction for commercial espionage and money laundering skipped his Swiss court appearance on Monday morning, as expected, to avoid likely arrest. The man, only identified as Rene S., was convicted in absentia last year and… Read More

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Malaysia in bid to restrain PetroSaudi from using alleged 1MDB funds in UK firm

Court ties dos Santos to ‘fraudulent’ diamond deal as Portugal further freezes out billionaire

Regulators plot path for cross-border payments to counter Facebook