24th February 2020
In 2017, Cheng Ting Kong was riding high. He co-owned a multi-million dollar business bringing high-roller gamblers from China into casinos around the country and he was busy building a $75 million dollar stake in Australia’s horse racing industry. But behind the scenes, Australia’s national criminal intelligence agency was watching… Read More
24th February 2020
Britain is preparing to reimpose sanctions on Zimbabwean dictator Robert Mugabe’s widow at the end of the year after the Government disagreed with an EU decision to ease restrictions on her finances. The Government suspended an order freezing assets of Grace Mugabe, 54, following an EU decision earlier this… Read More
24th February 2020
Compliance officers can learn a lot from the anti-money laundering compliance shortcomings at Julius Baer Group, as well as from what the Swiss multinational private bank is now doing to enhance its risk management and AML compliance controls. The shortcomings were uncovered by the Swiss Financial Market Supervisory Authority,… Read More
24th February 2020
Bulgarian Prime Minister Boyko Borissov has denied links to a suspected money-laundering scheme based in Barcelona. He issued the denial after a Barcelona-based newspaper published a front-page report on Friday claiming he and other senior officials in Sofia might be linked to another Bulgarian citizen in Spain suspected of laundering… Read More
24th February 2020
The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering that subsequently destroyed the lender’s market value. Deminor, a Brussels-based law firm, said on Friday it has filed a legal complaint against Borgen on… Read More
24th February 2020
Jose Ismael Irizarry was sent to Cartagena to investigate money laundering by Colombia’s notoriously violent drug cartels. But instead of using his stable of confidential informants to bring down the gangs, the authorities said, Mr. Irizarry worked with a Colombian drug trafficker to launder money seized from undercover drug operations… Read More
24th February 2020
Among Britain’s digital app-based banks that are attracting moneyed urban millennials is Monese, which also courts customers neglected by the country’s established lenders. In early 2000, Estonia-born entrepreneur Norris Koppel arrived in Britain and spotted a major gap in UK banking for newly-arrived foreigners who had trouble opening traditional accounts. Read More
24th February 2020
Swiss bank Julius Baer has been reprimanded by the country’s watchdog for ignoring money laundering risks in handling millions of francs of suspect payments linked to corruption in Venezuela and world soccer body FIFA. In a highly critical report, the Swiss Financial Market Supervisory Authority FINMA said there had… Read More
21st February 2020
A global terror-finance watchdog agency is set to blacklist Iran, broadening a U.S. effort to isolate Tehran financially and potentially strain the already sanctions-battered Iranian economy. Iran’s blacklisting by the Paris-based Financial Action Task Force is expected to take place Friday and come after European governments decided to join the… Read More
21st February 2020
Over the past year, Pakistan says it has “fought and eradicated the menace of terrorism from its soil” by carrying out arrests, seizing property and freezing bank accounts of groups designated as terrorists by the United States and the United Nations. Analysts and current and former U.S. officials predict these… Read More