7th May 2020
The European Commission aims to intensify its scrutiny of states posing money-laundering risks, and is looking into creating a new body to help police financial crime and monitor banks more strictly, draft documents seen by Reuters show. One document, expected to be published on Thursday, adds Panama and other countries… Read More
5th May 2020
Banks face longer transaction processing times and possible sanction violations as the coronavirus crisis puts pressure on their compliance control functions, experts warn. Customers’ rapidly changing supply chains are a growing concerns for banks. As lockdown measures are causing logistical challenges, businesses must increasingly change third-party providers at short notice,… Read More
5th May 2020
The Border Force officers had struck gold, it seemed. Or at least extremely valuable clay. Two metal trunks stuffed with cuneiform tablets apparently shedding light on the ancient world had been seized at Heathrow, interrupting a smuggling chain that linked the looted treasures of Mesopotamia with Britain’s collectors. When the… Read More
5th May 2020
In 2010, Spain’s emeritus king Juan Carlos I was in Geneva to hand nearly $1.9 million (€1.7 million) – a gift he had allegedly received from the king of Bahrain – to Arturo Fasana, the manager of his Swiss bank account at the private lender Maribaud, according to the latter’s… Read More
4th May 2020
The United States on Friday imposed sanctions on an Iranian-Iraqi businessman and his mining company, accusing him of involvement in efforts by Iran’s elite Quds Force to generate revenue illegally and smuggle weapons abroad, the U.S. Treasury Department said. Amir Dianat has supported Quds Force smuggling operations for years, including… Read More
4th May 2020
Out of cash and desperate for help in propping up its oil industry, Venezuela is raiding its gold vaults and handing tons of bars to its long-time ally Iran, according to people with direct knowledge of the matter. Government officials piled some 9 tons of gold — an amount equal… Read More
1st May 2020
Bank Hapoalim agreed to pay $874 million to settle U.S. charges that it conspired with American taxpayers to hide more than $7.6 billion in secret Swiss and Israeli accounts, federal prosecutors said, the second-biggest settlement in a decade-long crackdown on offshore tax evasion. The Swiss unit of the bank,… Read More
1st May 2020
The United Arab Emirates is not doing enough to prevent money laundering despite recent progress, and causing concerns about its ability to combat financing of terrorism, the global dirty money monitoring group said on Thursday. The U.S.-allied Gulf state, which includes the region’s financial and commercial centre Dubai, will now… Read More
30th April 2020
The uncle of Syrian President Bashar Assad is reported to have a European fortune that includes two Paris townhouses — one of them 3,000 square meters (32,000 square feet) — a stud farm, a chateau and more than 500 properties in Spain. A former Syrian vice president and military leader,… Read More
30th April 2020
At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More