2nd May 2018
Britain’s government agreed on Tuesday to order its overseas territories to make secretive company ownership information public to try to tackle corruption and tax avoidance. Overseas territories and crown dependencies have come under increasing pressure to reveal who is behind anonymously owned companies, with campaign groups saying such secrecy aids… Read More
19th March 2018
The Monetary Authority of Singapore (MAS) has penalised Standard Chartered Bank Singapore Branch (SCBS) and Standard Chartered Trust Singapore (SCTS) for breaching its anti-money laundering (AML) and counter terrorist financing (CFT) rules, the regulator said on Monday. MAS found SCBS’ and SCTS’ risk management and controls pertaining to transfers were… Read More
19th February 2018
Jersey’s Royal Court has registered two new laws aimed at enabling the free movement of data between Jersey and the European Union. The Data Protection (Jersey) Law 2018 and Data Protection (Authority) Jersey Law 2018 come into effect in May 2018. The rules will also enable law enforcement agencies… Read More
13th February 2018
A quarter of property in England and Wales owned by overseas firms is held by entities registered in the British Virgin Islands, BBC analysis has found. The Caribbean archipelago is the official home of companies that own 23,000 properties – more than any other country. They are owned by 11,700… Read More
24th January 2018
When Ukrainian company Profit signed a $48.5 million deal with a British firm in 2014, it became part of what prosecutors in Ukraine say was a potentially criminal scheme that moved $1.7 billion from the country’s biggest lender to offshore accounts. With a loan it had raised from PrivatBank in… Read More
22nd January 2018
Four out of every five dollars of wealth generated in 2017 ended up in the pockets of the richest one percent, while the poorest half of humanity got nothing, a report published by Oxfam found on Monday. As global political and business leaders gather for this week’s World Economic Forum… Read More
18th January 2018
Theresa May will set out a timetable to break the secrecy surrounding the foreign ownership of British property worth billions after facing a House of Lords defeat at the hands of two Conservative peers. Lord Faulks, a former Tory justice minister, and Lord Hodgson have been calling on the… Read More
10th January 2018
An accountant, his wife and their financial adviser are due to stand trial for their alleged roles in laundering nearly $2.5m (£1.84m) from the Government of Bermuda. Jeffrey Bevan, 50, from Cwmbran, his wife Samantha Bevan, their friend, Joel Ismail, and financial adviser Paul Charity deny all the charges against… Read More
5th January 2018
More than £3 million in funds were frozen on the Island by law enforcement agencies between 2016-17, after suspicions of money-laundering. The figure has been revealed in the Financial Intelligence Unit’s annual report for that year, which will go before Tynwald this month. It comes after the body’s first… Read More
5th January 2018
It’s feared thousands of bitcoin and other cryptocurrency users have been left stranded after payment network firm Visa decided to terminate its relationship with cryptocurrency card issuer WaveCrest. Crypto firms on Friday were notifying customers that their cards were no longer valid with immediate effect. WaveCrest client Bitwala said… Read More