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Formations House: British firm ‘aided blacklisted Iranian oil arm into secret tax haven’

A British company helped move a key subsidiary of the Iranian state-owned oil company to a secretive tax haven, despite it being on an international sanctions list. The London-based company agent Formations House agreed to help find a new base for Naftiran Intertrade Co (Nico), the international trading arm of… Read More

Ex-St. Kitts PM Under Investigation After Trying to Leave UK with $92,000 in Cash

Former long serving Federation Prime Minister Dr. Denzil Douglas is under investigation by Britain’s National Crime Agency after he recently tried to leave the UK with UK£70,000 ($92,000 US) in cash, according to the Mail on Sunday newspaper. While he was released to travel to Dubai, his money has remained… Read More

Formations House leak shows need for reforms on creating companies, says anti-corruption chief

Boris Johnson’s anti-corruption champion has said that the UK must “clamp down harder” on corruption after an investigation revealed how a British company registered a global web of businesses linked to international crime gangs. John Penrose, who co-ordinates the response to corruption, said that Britain’s reputation for integrity was vital… Read More

6th December 2019

U.S. Targets Russian ‘Evil Corp’ Hacker Group With Sanctions, Indictments

The Trump administration Thursday placed a $5 million bounty on the leader of a Russian hacker group called Evil Corp for his alleged work for Moscow’s intelligence agency, part of what U.S. officials say is a broader reprisal for a Kremlin-directed cyber offensive against the U.S. The State Department’s action against Maksim Yakubets… Read More

6th December 2019

Glencore Under Investigation for Bribery by U.K. Authorities

Glencore Plc is being investigated for bribery by U.K. authorities, deepening the legal troubles that threaten the world’s biggest commodities trader. The shares fell as much as 8.6% to a three-year low. The move by the Serious Fraud Office adds to ongoing corruption probes that Glencore is facing in the… Read More

5th December 2019

Panama Papers-style leak — and a Miami arrest — lift veil on how Iran ducks sanctions

Take the arrest of an Iranian-born Turkish citizen during a jaunt to Disney World. Factor in the irrepressible Rudy Giuliani, who briefly served as the arrested man’s lawyer. Add a dash of Turkey’s authoritarian leader, Recep Erdogan, a favorite of President Donald Trump. Mix in a massive leak of more… Read More

5th December 2019

Formations House set up accounts at bank part-owned by Celtic boss Dermot Desmond

The firm at the heart of a company formation scheme opened accounts for high-risk customers at a bank part-owned by the Celtic boss Dermot Desmond, which had previously been implicated in a money-laundering scandal. Mr Desmond bought into Rietumu, one of the largest banks in Latvia, in 2005 for what… Read More

5th December 2019

Cameroon’s Cannabis Plans Go Up in Smoke

Gilbert Mvondo is still waiting to be paid for carving dirt roads through the Cameroonian rainforest, where foreign investors promised to create jobs cultivating cannabis and other crops for export. Residents of the southern region of Meyomessala were recruited in early 2016 by local officials to prepare the ground for… Read More

4th December 2019

Global web of firms for fraudsters created by British company Formations House

A global web of businesses, banks and tax havens used by international crime gangs and fraudsters has been created by a family-owned company in Britain, an investigation has revealed. Leaked documents show links to businesses set up by Formations House, a London-based company that establishes and helps to manage companies,… Read More

4th December 2019

Pakistani tycoon agrees to hand over £190m to UK authorities

More than £190m of assets, including a £50m mansion overlooking Hyde Park in London, have been seized from a Pakistani property tycoon after a settlement in a UK police “dirty money” investigation. On Tuesday, the National Crime Agency said Malik Riaz Hussain had agreed to the multimillion-pound settlement that did… Read More

2nd December 2019

Vatican Posed Security Threat, Says Financial Watchdog After Suspension

An international network of financial watchdogs said the Vatican’s handling of confidential information posed “an evident security threat to our organization,” in a statement explaining why it suspended the Vatican from access to its information earlier this month. The Egmont Group, a Toronto-based network of more than 160 national… Read More

29th November 2019

The Case of Sergei Magnitsky: Questions Cloud Story Behind U.S. Sanctions

There’s a tombstone in northeastern Moscow that bears the portrait of a man with a friendly yet somewhat uneasy smile. His name is Sergei Leonidovich Magnitsky. He was born in April 1972 in Odessa, Ukraine, and died in November 2009 in Moscow. To this day, 10 years after the fact,… Read More

29th November 2019

Top HSBC Risk Head to Take Sabbatical as Bank Faces BOE Warnings

HSBC Holdings Plc’s head of operational risk, who has been in the role for almost six years, has asked to take a sabbatical. Mark Cooke, whose role involves overseeing non-financial risks such as financial crime, staff misconduct and compliance breaches, has requested a sabbatical, the bank said in an email. Read More

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