17th May 2019
Frankfurt public prosecutors said they led a nationwide raid on eight homes and 11 banks on Wednesday as part of an investigation into wealthy individuals suspected of tax evasion. The action was a follow-up on a police raid last November of Deutsche Bank over money laundering allegations linked to the… Read More
17th May 2019
By Reza Tajaddini, Swinburne University of Technology and Hassan F. Gholipour, Swinburne University of Technology There is disquiet about the French owners of the luxury brands Luis Vuitton, Christian Dior, Givenchy and Gucci giving a whopping €300 million to the rebuilding of Notre Dame Cathedral. Such… Read More
16th May 2019
The Trump administration hit Chinese telecoms giant Huawei with severe sanctions on Wednesday, adding another incendiary element to the U.S.-China trade dispute just as Treasury Secretary Steven Mnuchin said he would visit China soon for more talks. The Commerce Department said it was adding Huawei Technologies Co Ltd and 70… Read More
16th May 2019
The US Treasury Department on Wednesday renewed an order requiring title insurers to identify individuals using companies to purchase residential real estate in 12 metropolitan areas. The geographical targeting order (GTO), issued by the Financial Crimes Enforcement Network (FinCEN), applies to purchases of homes valued at $300,000 or more whenever… Read More
16th May 2019
The European Commission is working on its largest regulatory push on banking since the financial crash that could curb Britain’s access to the bloc, according to an internal draft document seen by Reuters. In the 12-page strategy document, EU officials outline provisional financial services plans for the bloc’s executive body,… Read More
16th May 2019
Banks in Britain could face fines if they make selective and arbitrary decisions about compensating customers who have fallen victim to fraud, the Financial Conduct Authority’s head of enforcement said on Wednesday. A code of conduct designed to offer greater protection comes into force on May 28. Mark Steward told… Read More
16th May 2019
Sweden has rejected an appeal from campaigning investor Bill Browder which had urged authorities to pursue a complaint alleging accounts at Swedbank were used to launder money, the Economic Crime Authority (EBM) said on Wednesday. Browder’s complaint was originally filed in March and was dismissed a month later as the… Read More
16th May 2019
AP — Venezuela has lifted foreign exchange controls on banks for the first time in 16 years, but some observers were skeptical Monday that the measure will do much to lift the shrinking economy. Few people lined up at money exchange windows in private banks in Caracas to take advantage… Read More
16th May 2019
Colombia’s attorney general said on Wednesday he resigned in protest after a special court charged with prosecuting war crimes denied a U.S. extradition request for a former FARC leader accused of drug trafficking. The Special Jurisdiction for Peace (JEP) tribunal prosecutes leaders of the Revolutionary Armed Forces of Colombia (FARC)… Read More
15th May 2019
More than 40 percent of the 59 law firms recently examined by the Solicitors Regulatory Authority (SRA) are facing potential disciplinary actions for anti-money laundering (AML) compliance failures. That SRA, which focused its review on firms in England and Wales that offer trust and company services, found compliance deficiencies at… Read More