Skirting U.S. sanctions, Cubans flock to cryptocurrency to shop online, send funds
13th September 2019
Skirting U.S. sanctions, Cubans flock to cryptocurrency to shop online, send funds
Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana thanks to the advent of cryptocurrency trading in Communist-run Cuba. Cuba, which in many ways remains stuck in the analogue past, may seem an unlikely hotbed for cryptocurrencies – digital… Read More
Latvian Court Declares PNB Bank Insolvent After ECB Suspension
13th September 2019
Latvian Court Declares PNB Bank Insolvent After ECB Suspension
A Latvian court declared the country’s sixth-biggest lender insolvent, sealing the demise of the last bank to level accusations in a high-level corruption scandal. The decision, which Latvia’s Financial and Capital Market Commission said was taken on Thursday, comes almost a month after AS PNB Banka became one of only… Read More
Jeffrey Epstein Used Opaque Charity Account at Deutsche Bank for Own Benefit
13th September 2019
Jeffrey Epstein Used Opaque Charity Account at Deutsche Bank for Own Benefit
When Jeffrey Epstein created his Gratitude America Ltd. foundation in 2012, the nonprofit’s purpose was to “support the expression of gratitude for the ideals of America,” according to incorporation records filed in the U.S. Virgin Islands. Instead, the money that flowed through the nonprofit followed an opaque path that appears… Read More
New U.S. Powers Help Target Terrorist Financing, Treasury Official Says
12th September 2019
New U.S. Powers Help Target Terrorist Financing, Treasury Official Says
The U.S. plans to use expanded counterterrorism powers to target foreign financial institutions that facilitate terrorist financing, leaders of terrorist groups and those participating in terrorist training over the internet, a U.S. Treasury Department senior official said. “Foreign financial institutions should be on notice that the U.S. government will fully… Read More
Switzerland warns Facebook’s Libra it will face extra scrutiny
12th September 2019
Switzerland warns Facebook’s Libra it will face extra scrutiny
Facebook’s (FB.O) Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws. The world’s largest social media network announced plans in June to launch the new currency as… Read More
Two arrested in transfer fraud raids in Belgium, Monaco, London
12th September 2019
Two arrested in transfer fraud raids in Belgium, Monaco, London
Police investigating suspected fraud linked to the transfer of Serbian striker Aleksandar Mitrovic to Newcastle United have raided properties in Belgium, Monaco and London, arresting two people including an agent, officials said Wednesday. The probe, which earlier this year saw the Belgian FA headquarters searched, is looking into suspected money-laundering… Read More
AUSTRAC Fines Currency Exchange Business for AML Reporting Failures
12th September 2019
AUSTRAC Fines Currency Exchange Business for AML Reporting Failures
Australia’s anti-money laundering regulator disclosed a $252,000 infringement notice against Compass Global Holdings Pty Ltd for failing to report international transactions as required by a 2006 law. The Australian Transaction Reports and Analysis Centre, or AUSTRAC, said the cross-border transactions occurred in 2018 and 2019. Under the Anti-Money Laundering and Counter-Terrorism Financing… Read More
Moneyval urges Moldova to combat money laundering more effectively
12th September 2019
Moneyval urges Moldova to combat money laundering more effectively
The anti-money laundering body of the Council of Europe, Moneyval, said on Wednesday that Moldovan authorities need to fully and consistently use the legislative framework in order to combat money laundering. Moldova should also increase the effectiveness of confiscation of proceeds, in particular regarding extended confiscation, the Council of Europe said… Read More
New law bolsters Qatar’s role in combating money laundering, terror funding
12th September 2019
New law bolsters Qatar’s role in combating money laundering, terror funding
His Highness the Amir Sheikh Tamim bin Hamad al-Thani on Wednesday issued Law No. 20 of 2019 to issue a law on combating money laundering and terrorism financing. The law is effective starting from the day following the date of its publication in the official gazette. Qatar Central Bank (QCB)… Read More
Detained mogul’s presidential run tests Tunisia’s democracy
12th September 2019
Detained mogul’s presidential run tests Tunisia’s democracy
Media magnate Nabil Karoui’s run for president was testing the rules of Tunisia’s young democracy even before he was put in custody last month charged with tax fraud and money laundering. As his unlicensed news channel broadcasts footage of him doling out aid to the poor, Karoui, 56, is campaigning… Read More
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