Former Law Firm Client Pleads Guilty in Panama Papers Case
19th February 2020
Former Law Firm Client Pleads Guilty in Panama Papers Case
A former client of the law firm Mossack Fonseca on Tuesday became the first individual to plead guilty in the U.S. to charges stemming from a trove of leaked documents that became known as the Panama Papers. Harald Joachim von der Goltz, a former U.S. resident, pleaded guilty in a… Read More
U.K. Financial Watchdog Warns of Poor Compliance at Payments Firms
19th February 2020
U.K. Financial Watchdog Warns of Poor Compliance at Payments Firms
A top financial regulator in the U.K. has stepped up its supervision of digital payments firms because of what it views as the industry’s record of poor compliance and weak protections. The Financial Conduct Authority said in a report Tuesday that it is placing additional scrutiny on companies that offer… Read More
Angered by Hiring Policy, Deutsche Bank’s Compliance Contractors Mull Exodus: FT
19th February 2020
Angered by Hiring Policy, Deutsche Bank’s Compliance Contractors Mull Exodus: FT
Deutsche Bank is facing the potential departure of dozens of contractors working for a London-based compliance team after the bank demanded that its freelance workers take a 25-percent pay cut in response to UK tax reforms, the Financial Times reported Sunday. The bank revised its hiring policy on freelancers… Read More
People’s Bank of China Fines Three FIs, 24 Officers for AML Compliance Failures
18th February 2020
People’s Bank of China Fines Three FIs, 24 Officers for AML Compliance Failures
The PBOC (People’s Bank of China) has fined China Minsheng Bank, China Everbright Bank and Huatai Securities for failing to adequately guard against money laundering. The three financial institutions were penalised for failing to perform customer identification obligations, failing to submit large transaction reports and suspicious transaction reports, and for… Read More
Croatia Seen Backsliding on Corruption since EU Accession
18th February 2020
Croatia Seen Backsliding on Corruption since EU Accession
In mid-January, shortly after losing her bid for a second term, outgoing Croatian President Kolinda Grabar-Kitarovic told the UK Guardian newspaper that corruption in Croatia “is not just contained to politics,” but in fact begins in the classroom. “Those who have prepared so as to cheat on the test are… Read More
Australia urged to pass Magnitsky human rights law or risk becoming haven for dirty money
18th February 2020
Australia urged to pass Magnitsky human rights law or risk becoming haven for dirty money
The man who spearheaded the United States’ Magnitsky Act – targeting sanctions against human rights violators around the world – has told Australia it risks becoming “a magnet for dirty money” from abusers and kleptocrats across the globe unless it brings in similar legislation. US financier Bill Browder, who championed… Read More
Mormon in $470m fraud bought homes and supercars
18th February 2020
Mormon in $470m fraud bought homes and supercars
A California businessman teamed up with a senior member of a secretive polygamist sect to defraud the US government of $470 million which he then used to buy fast cars and luxury homes, a court was told. Lev Dermen, the owner of a chain of Californian truck stops, and Jacob… Read More
When conduct goes wrong, who do you blame?
18th February 2020
When conduct goes wrong, who do you blame?
Where does the buck stop? The tribulations surrounding two bank chief executives – one just departed, the other still in post – bring this perennial question to the fore again. On the face of it, there is clear blue water between the situation at Credit Suisse, where Tidjane Thiam has… Read More
Russia’s Central Bank Proposes New Token Framework, But Labels Crypto Transactions ‘Suspicious’
18th February 2020
Russia’s Central Bank Proposes New Token Framework, But Labels Crypto Transactions ‘Suspicious’
The Central Bank of Russia (CBR) has formally proposed a legal framework for tokenization, but also plans to label cryptocurrency transactions as suspicious activity, it said in a press release Monday. The CBR announced it had successfully piloted a platform that allows users to tokenize assets, including equities and… Read More
Equatorial Guinea argues luxury Paris mansion was part of embassy when raided
18th February 2020
Equatorial Guinea argues luxury Paris mansion was part of embassy when raided
Equatorial Guinea argued on Monday that a luxury mansion in central Paris used by the son of the country’s president was protected by diplomatic immunity when it was raided by French authorities in 2012. The case at the International Court of Justice is seen as a test for the limits… Read More
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