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Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Goldman Sachs has been negotiating with the Malaysian authorities to drop criminal charges against three of its subsidiaries in connection with three bond issues by 1Malaysia Development Berhad, or 1MDB. The government is seeking $3.3 billion in compensation from the U.S. investment bank, accusing it of helping a Malaysian businessman… Read More

U.S., South Korea Bust Giant Child Porn Site by Following a Bitcoin Trail

U.S. and Korean authorities say they broke up one of the world’s largest markets for child pornography, a crime that is proliferating at a furious pace with the rise of cryptocurrency and encrypted online content. The bust was revealed Wednesday as the U.S. unsealed an indictment against Jong Woo Son,… Read More

Cyprus, Malta lead EU ranking of $1.6 trillion assets held offshore

European Union taxpayers held assets worth at least $1.6 trillion offshore in 2016, equal to nearly 10% of the bloc’s output, the European Commission said on Friday, estimating tax revenue losses at around $50 billion a year. In a report, the Commission said taxpayers in the Mediterranean islands of Cyprus… Read More

11th October 2019

UK Free Ports Plan Risks Influx of Dirty Money, Say Experts

In his first speech as the UK’s new prime minister in July, Boris Johnson slipped in a passing reference to free ports that sent alarm bells ringing across the nation’s anti-money laundering (AML) community. Speaking outside of 10 Downing Street, Johnson had called on the country to “look not at… Read More

11th October 2019

Betfred fined £322,000 for AML failings

Betfred will face a fine of £322,000 ($395,000) after a Gambling Commission (GC) investigation found the operator failed to carry out adequate source of funds checks on a customer. Over a 12-day period in November 2017, a Betfred customer deposited £210,000 and lost a total of £140,000. The customer, who… Read More

11th October 2019

Money laundering, trafficking, ivory: crackdown on art crime intensifies

Pressure on the UK’s art trade is increasing as it faces a wave of legislative changes and increased attention from enforcement agencies. As UK courts introduced new sentencing guidelines for criminal damage to heritage assets on 1 October, the trade was counting down to the anti-money-laundering regulations that are coming… Read More

11th October 2019

Cayman Islands joins global money-laundering crackdown

The Cayman Islands said on Wednesday it would make public information on the beneficial ownership of companies, prompting anti-corruption campaigners to call on other offshore jurisdictions to follow suit as part of a global crackdown on money-laundering. The Cayman Islands government said it expected public registers of beneficial ownership –… Read More

10th October 2019

A No-Deal Brexit Would Throw Billions of Data Transfers Into Legal Limbo

If Britain hasn’t secured a deal to leave the European Union as the clock ticks past 11 p.m. on Oct. 31, billions of data transfers could be thrown into legal limbo. Though not as visible as lines of trucks backing up at ports, disruption to data would affect more of… Read More

10th October 2019

Report Traces Source of U.K. Fraud Office Case Delays

The U.K.’s Serious Fraud Office at times has struggled to appropriately staff cases and process digital materials, an independent government inspector said. The findings were part of a report released Tuesday by Her Majesty’s Crown Prosecution Service Inspectorate, which reviewed six randomly selected SFO cases. The amount of time it… Read More

10th October 2019

Barclays bosses tried to ‘legitimise’ fraudulent payments to Qatar, court told

Prosecutors for the Serious Fraud Office (SFO) say attempts by former Barclays bank bosses to show advisory services provided by Qatar were merely a “smoke-screen” to try to “legitimise” fraudulent payments to the Gulf state in 2008. A jury at the Old Bailey in London heard that former banking executives… Read More

9th October 2019

Posh homebuyers targeted in money-laundering fight

Estate agents could be forced to hand over private information on the buyers of upmarket properties under measures to tackle money laundering. The information, which could include bank account details, would be given to the National Crime Agency as part of efforts to gather additional intelligence, including on “dirty money”… Read More

8th October 2019

‘I was a 15-year-old money mule after criminals hired me at the school gate’

A young boy has recalled the moment he was approached at the school gate by a stranger who talked him into becoming a professional money launderer at just 15. Sam Jones, now 17, was just a child when a man, dressed in school uniform, stopped him at the gate to… Read More

7th October 2019

Brexit Throws a Wrench Into EU’s Fight Against Money Laundering

The U.K.’s withdrawal from the European Union is complicating the bloc’s fight against money laundering in the financial system, according to EU authorities. Firms relocating from Britain could overwhelm the national bodies that supervise anti-money laundering systems, the three EU financial regulators said in a joint report published Friday. Read More

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