11th September 2016
SINGAPORE — The State Court has sentenced a married couple to prison in a $3.6 million international money laundering case linked to Chinese telecom giant ZTE and the former prime minister of Papua New Guinea. Singaporean national Lim Ai Wah was given a five-year prison sentence Thursday,… Read More
7th September 2016
Terrorist financing and financial crime currently pose the most severe risks facing financial services firms in Jersey, according to a recent survey from the Jersey Financial Services Commission. The finding is a result of the Commission’s Risk Overview survey of approximately 300 compliance officers conducted in June this year. More… Read More
25th August 2016
Premier Lin Chuan (林全) on Thursday directed the Financial Supervisory Commission (FSC) to begin examining Mega International Commercial Bank’s New York and Panama branches immediately, after the bank was fined NT$180 million in the United States recently for violating anti-money laundering laws. Raising the issue at a weekly Cabinet meeting,… Read More
24th August 2016
Providence Investments Funds and its manager Providence Investment Management International have been wound up by order of the Royal Court of Guernsey. The wind-up application was brought by the Guernsey Financial Services Commission (GFSC) after all of the directors of both companies resigned on 4 and 5 August, having informed… Read More
24th August 2016
New Zealand police say they have reached a deal with a China-born businessman for him to pay a record NZ$42 million (S$41.5 million) fine to settle legal action following an investigation with China into money laundering. Mr William Yan, a New Zealand citizen, is accused of embezzlement and is on… Read More
23rd August 2016
Territory braces for 2017 FATF review Read More
23rd August 2016
William Yan holds New Zealand citizenship and denies any wrongdoing. Although he was never charged in New Zealand with money-laundering, China still considers him one of the country’s most-wanted suspects Read More
18th August 2016
The Ministry of Justice is encouraging businesses affected by upcoming changes to anti-money laundering law to have their say on the proposed reforms. The Ministry has issued a consultation document as part of the Government’s move to extend the Anti- Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT… Read More
17th August 2016
Swiss private bank Falcon has been blocked from taking on new business in Singapore by the local central bank and financial regulator, Swiss newspaper Finanz und Wirtschaft said on Wednesday, citing information it had obtained. Falcon is one of the banks under investigation by the Monetary Authority of Singapore (MAS)… Read More
12th August 2016
Bank customers are being told to make the most of their local branches – their days could be numbered. It has been revealed that Westpac is planning to close 19 of its branches, mostly in regional New Zealand, which could result in the loss of up to 70 jobs. Commentators… Read More