28th April 2020
Falcon Private Bank, a wealth manager that was at the centre of Malaysia’s 1MDB scandal, could lose its Swiss banking licence by the end of the week, two sources close to the situation told Reuters. Swiss financial markets watchdog FINMA could withdraw the licence for the private bank owned by… Read More
28th April 2020
A Pakistani anti-graft body on Sunday issued an arrest warrant against former prime minister Nawaz Sharif in a land related corruption case. “The National Accountability Bureau (NAB) has issued arrest warrants of PML-N supreme leader Nawaz Sharif in the land case involving Jang Group editor-in-chief Mir Shakilur Rehman. Sharif was… Read More
21st April 2020
Accountancy firm EY has been ordered to pay $10.8m in damages to a whistleblower who claimed it covered up evidence of money laundering. Auditor Amjad Rihan sued EY after being forced out of his job in 2014. A year earlier, Mr Rihan led an audit that discovered Dubai’s biggest gold… Read More
15th April 2020
The U.S. Department of Justice on Tuesday said it has repatriated another $300 million to Malaysia in recovered money misappropriated from 1Malaysia Development Berhad, or 1MDB, the country’s sovereign wealth fund. The government of former Malaysian Prime Minister Najib Razak set up the 1MDB fund in 2009. The DOJ estimated… Read More
23rd March 2020
At least 800 properties in Dubai appear to have ties to current and former Nigerian politicians, their family members, associates or alleged proxies, according to a new report published by the Carnegie Endowment for International Peace. The findings, which are based on an analysis of an acquired database of real… Read More
20th March 2020
The Trump administration this week sent a stark message to Iran in three new rounds of sanctions: The U.S. won’t ease its economic pressure campaign even as the coronavirus pandemic batters the country. The Trump administration, amid growing calls to ease its sanctions campaign, said it has no plans… Read More
19th March 2020
The Central Bank of the UAE is in consultations with its counterpart in Islamabad and will sanction a Pakistani lender operating in the emirates if it deems the bank has breached its anti-money laundering (AML) laws. The central bank has “zero tolerance for non-compliance with AML regulations,” and expects “high… Read More
17th March 2020
Former Pilatus Bank chair Ali Sadr has been convicted of bank fraud, conspiracy to commit bank fraud, defrauding the United States and busting sanctions against Iran. He was, however, cleared of conspiracy to commit money laundering and faces a maximum of 85 years in jail. Sadr, 40, or Iran, was… Read More
12th March 2020
AP — A University of Miami professor who is a top expert on money laundering in Latin America is scheduled to plead guilty for trying to hide $3 million in proceeds from a corruption scheme with Venezuela’s socialist government. Bruce Bagley, 73, was arrested in November on three counts of… Read More
10th March 2020
Deutsche Bank cleared a transfer of nearly €6 million for a Malaysian businessman four months after he was directly linked to the misappropriation of hundreds of millions of dollars from Malaysia’s 1MDB state investment fund, the Financial Times reported Tuesday, citing transactional records. The German lender served as a correspondent… Read More