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Britain’s financial watchdog must act faster in fraud cases, says boss

Britain’s financial watchdog must act faster on scams, its chair said on Monday as he announced that senior officials face pay cuts and no bonuses following criticism of the regulator’s role in the collapse of London Capital & Finance (LCF) investment fund. Financial Conduct Authority (FCA) Chair Charles Randell said… Read More

India: Hawala dealer got Rs 565 crore as cuts for laundering money

In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through… Read More

Wirecard’s Indian Deal Started With ‘Fraud,’ U.K. Judges Say

A series of controversial deals that took place before Wirecard AG purchased an Indian business appeared to be an “evolving international fraud,” a panel of London judges said. The transactions in 2015 are being scrutinized in courts in London and Chennai, with the former minority holders of Hermes I-Tickets Private… Read More

2nd March 2021

Iran Rejects Offer of Direct U.S. Nuclear Talks, Ratcheting Up Tension With West

Iran rejected a European Union offer to hold direct nuclear talks with the U.S. in the coming days, risking renewed tension between Tehran and Western capitals. Senior Western diplomats said Iran’s response doesn’t quash the Biden administration’s hopes of reviving diplomatic efforts to restore the 2015 nuclear deal, struck between… Read More

28th February 2021

Art, amulets and cryptokitties: the new frontier of cryptocurrencies

Pudding Daintytot is a pink cat, with hearts sprinkled over its chest, a rainbow cresting behind it, draconic horns, wings and a tail. “Born” in January 2019, Pudding is a “cryptokitty”: an example of what is known as a “non-fungible token”, the latest cryptocurrency craze –… Read More

26th February 2021

UK court allows extradition of diamond billionaire Nirav Modi to India

A London court ruled on Thursday that billionaire Indian diamond magnate Nirav Modi could be extradited to his home country to face charges of fraud, money laundering and interfering with an investigation. Modi, whose diamonds have been worn by the likes of Kate Winslet and Dakota Johnson, was arrested in… Read More

25th February 2021

British Property Tycoon Emerges as Investor in Alleged Art Scam

The British entrepreneur who built up property company Dawnay Day before it collapsed amid the global financial crisis may be encountering trouble with a more recent investment — a share in a painting purchased from a high-flying art dealer now facing fraud charges. Peter Klimt has asserted a 50% interest… Read More

25th February 2021

Fraudsters stepped up efforts in new year, HMRC figures show

Scam attempts by fraudsters masquerading as the UK’s tax authority surged as potential victims completed tax returns while staying at home. Con-artists attempted to take advantage of the self-assessment filing deadline at the end of January to flood people with fake texts, emails and calls. They posed as HM Revenue… Read More

25th February 2021

Executive Convicted in U.K. Bribery Case Against Unaoil Group After Retrial

A defendant in a long-running U.K. bribery case has been found guilty of conspiring to make illegal payments to public officials in Iraq to secure contracts, the U.K.’s agency that prosecutes white-collar crimes said Wednesday. Paul Bond, a former sales manager at Dutch oil company SBM Offshore NV, was… Read More

25th February 2021

Jersey: Convicted jeweller’s shop closed and contents seized

The premises of a Central Market trader, who was convicted of laundering money from a drugs gang, has been shut down and its contents seized by the Viscount. Darius Pearce, owner of Darius Pearce Jewellers, was found guilty of three counts of becoming concerned in the acquisition, use, possession or… Read More

24th February 2021

UK: Bank-funded police arrest 122 fraudsters

A specialist policing unit funded by banks arrested 122 fraudsters last year amid a huge rise in money launderers using members of the public as so-called “money mules”. The Dedicated Card and Payment Crime Unit (DCPCU) recovered 18,175 credit card numbers and seized £2.6 million of assets in 2020… Read More

24th February 2021

U.K.’s Financial Crimes Agency Wants Companies to Invest in Compliance

The U.K.’s major economic crimes investigative agency has taken steps to emphasize the need for companies to invest in programs and procedures designed to prevent wrongdoing, its director said on Tuesday. The focus on the strength of companies’ compliance programs is a new one for the Serious Fraud Office. “The… Read More

23rd February 2021

HSBC Names Interim Compliance Chief

Kirsty Everett, the compliance chief operating officer at HSBC Holdings PLC, will serve as the U.K. bank’s interim compliance chief as it looks to fill the role permanently, the bank said Monday. The vacancy was created by the appointment of Colin Bell, HSBC’s group chief compliance officer for the… Read More

Must Read

Venezuela sent gold to Mali, UAE for cash, opposition claims

EU watchdog urges tighter rules to prevent another Wirecard scandal

Deloitte to Pay Malaysia $80 Million in 1MDB-Related Settlement

France’s Prudential Regulator Fines ING Bank €3 Million for AML Lapses

Cyprus to lift veil of secrecy with register of company owners