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Venezuela sent gold to Mali, UAE for cash, opposition claims

Venezuela sent gold to Mali in 2020 via Russian-owned planes to exchange for euros and United States dollars that President Nicolas Maduro’s government used to remain afloat despite US sanctions, an opposition representative said on Wednesday. Julio Borges, designated by Venezuelan opposition leader Juan Guaido as his chief overseas envoy,… Read More

UAE’s Ministry of Economy unveils list of violations, fines for money laundering

The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money laundering and terrorism financing. The violations relate to the activities… Read More

India: Hawala dealer got Rs 565 crore as cuts for laundering money

In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through… Read More
26th February 2021
In a major step to combat money laundering and financing terrorism, the UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved the establishment of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism… Read More
26th February 2021
The Central Bank of the UAE imposed sanctions on a non-authorised individual related to an exchange house operating in the UAE. This is under the law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, as well as the federal law on Central Bank &… Read More
25th February 2021
By Alessandro Ford, OCCRP, 24 February 2021 OCCRP – More than US$4 billion in conflict-affected or high-risk gold from Central and East Africa gushes every year through world gold centers like Dubai to permeate international markets, according to a report published Monday. The Sentry, an… Read More
22nd February 2021
A new report out today by international NGO, Global Witness, says Libya appears to be losing millions of dollars a year through fraudulent use of its Letters of Credit (LC) system, run by the Tripoli Central Bank of Libya. The report says these deals are passing through correspondent banks in… Read More
22nd February 2021
A United Nations report accuses Blackwater founder Erik Prince of assisting in violations of an international arms embargo on Libya, placing the military contractor at risk of U.N. sanctions, according to a diplomat with access to the report. The report by the U.N. Panel of Experts that monitors the ban… Read More
17th February 2021
A U.S. judge on Tuesday agreed to dismiss a case against Turkish state lender Halkbank filed by victims of attacks by groups linked to Iran, on the condition that the sides reach an agreement to carry on with the case in Turkey. Halkbank has been at the centre of a… Read More
16th February 2021
By Will Fitzgibbon, ICIJ, 15 February 2021 ICIJ — Three of the world’s largest consulting firms received tens of millions of dollars in payments from an obscure firm in Dubai to help restructure Angola’s corruption-ridden oil sector, according to documents that reveal new details about suspicious money… Read More
12th February 2021
The Central Bank of the UAE (CBUAE) said on Wednesday that it had fined an exchange house operating in the country Dhs504,000. The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework. The CBUAE also took into consideration the exchange house’s poor compliance history… Read More
9th February 2021
When James Freis agreed to oversee Wirecard AG’s legal and compliance functions, he saw it as an opportunity to help bring managerial order to a fast-growing fintech startup. Instead, he found himself thrust into a much different predicament. Mr. Freis was due to join the German payments company’s… Read More
4th February 2021
An international migration firm is being investigated for allegedly promoting access to the Vanuatu’s passports without the government’s authority, in the latest controversy to hit the country’s “citizenship-for-sale” program. Vanuatu’s citizenship commissioner, Ronald Warsal, has placed Global-Migrate under investigation after access to the scheme was promoted by its Dubai office… Read More