23rd June 2016
Swiss bank BSI is appealing a decision by Swiss financial watchdog FINMA that BSI breached money laundering rules through its business relationships and transactions linked to a scandal-hit Malaysian government fund. FINMA last month ordered BSI to hand over profits amounting to 95 million Swiss francs ($99.4 million) and to… Read More
22nd June 2016
The Credit Suisse Group AG wealth manager at the heart of a trading scandal told prosecutors in interviews that he took clients’ money and moved it into personal accounts in Monaco and Dubai, according to four people with knowledge of the investigation. The banker, who can only be identified as… Read More
21st June 2016
Switzerland’s Federal Audit Oversight Authority (FAOA) said on Monday it was looking into auditing firm KPMG’s work for global football body FIFA but that the examination did not constitute a formal investigation. Zurich-based FIFA, attempting to recover from the worst graft scandal in its history in which 42 people, including… Read More
16th June 2016
Canover Norbert Watson and Robert Neil Aspinall have each been identified by the Cayman Islands Monetary Authority as “not a fit and proper person” to hold certain positions in the Cayman Islands financial services industry. According to CIMA decision notices dated June 7, Watson has been determined to have contravened… Read More
15th June 2016
The Cayman Islands Monetary Authority (CIMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) signed a Memorandum of Understanding (MoU) putting in place a framework for mutual assistance and exchange of information to foster high standards of regulatory practice and compliance in both jurisdictions.  The… Read More
15th June 2016
An information technology worker at the Geneva office of Mossack Fonseca, the law firm at the center of the Panama Papers scandal, has been arrested, Switzerland’s Le Tempsnewspaper reported Wednesday. The paper, citing a source close to the case, said the IT employee had been placed in provisional detention on… Read More
9th June 2016
The World Trade Organization (WTO) has granted an appellate ruling in favor of Panama against Colombia. The ruling pertained to Colombia’s use of high tariffs on imported textiles, clothing, and shoes as part of a plan to address alleged money laundering. Read More
8th June 2016
The Ministry of Financial Services, Good Governance and Institutional Reforms will introduce the Financial Crime Commission Bill into the National Assembly before the end of the year to provide for the creation of the Financial Crime Commission. Read More
8th June 2016
A former head of the International Cricket Council's anti-corruption unit has questioned comments by former New Zealand captain Brendon McCullum, who labelled the unit's approach as casual. Read More
8th June 2016
* Swiss watchdog FINMA says in touch with CS over Mozambique loans * Mozambique facing debt crisis * Standard Bank says pausing energy projects in the country * UK regulator also looking into loans to Mozambique Read More