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UK seeks to confiscate convicted Nigerian politician’s loot

A British prosecutor launched a fresh attempt on Thursday to confiscate tens of millions of pounds stolen from an oil-producing state in Nigeria by its former governor, who was convicted of laundering his loot in Britain. James Ibori, who was governor of Delta State from 1999 to 2007, pleaded guilty… Read More

AUSTRAC partners with UK Gambling Commission to share compliance info

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the U.K. Gambling Commission (UKGC) announced that they have signed a memorandum of understanding (MoU) to share both regulatory and compliance information between the agencies. This agreement has been reached to help the agencies better fight organized crime organizations. In… Read More

In Europe’s Dirty Money Scandals, Bill Browder Sees Wilful Blindness

Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… Read More

15th January 2020

British Tax Havens to Share Data With Russian Authorities

British offshore tax havens will send information about Russian assets registered in their jurisdictions to the Russian tax authorities, despite London and Moscow having cancelled an international agreement which facilitates the sharing of such financial information. Jersey, Guernsey and the Isle of Man are set to share details on bank… Read More

14th January 2020

Getting the Economic Crime Plan Done: Why Economic Crime Matters for Johnson’s ‘Global Britain’

The UK’s first ever cross-government, public-private Economic Crime Plan, a collection of policy, legislative and operational commitments, was published just days before the passing of the baton from Theresa May to Boris Johnson. In this respect, the plan could be viewed as a cuckoo in Prime Minister Johnson’s policy… Read More

14th January 2020

Leeds businessman subject to first “McMafia” order over alleged links to organised crime has £1.13m frozen

A Leeds businessman subject to the first “McMafia” order over alleged links to organised crime has had £1.13 million frozen by investigators. Leeds entrepreneur Mansoor Mahmood Hussain, 39, is being asked to either explain the source of his wealth or hand it over to the National Crime Agency. The latest… Read More

14th January 2020

Oligarchs launder dirty cash in UK courts

Corrupt Russian oligarchs are bringing lawsuits in English courts to launder hundreds of millions of pounds in dirty money, research reveals. British lawyers and academics claim that there is “ample evidence” that they have attempted to manipulate the UK judicial system to wash ill-gotten gains and settle old scores. They… Read More

13th January 2020

British companies fined £300m for money laundering breaches

British companies were fined nearly £300 million for breaching anti-money laundering rules last year, with the UK second only to the US in terms of the number of penalties handed out. Regulators in the UK imposed 12 money laundering fines last year — about half the number in the… Read More

13th January 2020

Britain Moves to Regulate Its Art Trade. Bring Your ID.

Britain’s embattled art trade, already rattled by the potential fallout from Brexit, is bracing for new rules intended to tackle money laundering and terrorism financing that some fear could further hamstring dealers in the country. As of Friday, “art market participants” in Britain are subject to the regulations when… Read More

13th January 2020

European Crypto Firms Brace for Higher Costs as AMLD5 Takes Effect

Friday marks the deadline for the European Union’s 28 member nation-states to adopt the Fifth Anti-Money Laundering Directive or AMLD5. The new rules require crypto exchanges and custodial service providers to register with their local regulator and demonstrate compliance with thoroughgoing know-your-customer (KYC) and anti-money laundering AML procedures. In… Read More

9th January 2020

U.K. Law to Combat Dirty Money in Art Market Set to Take Effect

The U.K. art market is about to become more transparent. Starting Friday, art businesses registered in the country, including galleries, auction houses and freeport operators storing high-value items, will have to verify client identities on transactions exceeding 10,000 euros ($11,000), according to the regulations approved by Parliament shortly before Christmas. Read More

9th January 2020

Billionaire’s Letters to Congo’s Kabila Were Sought by U.K. Fraud Watchdog

U.K. fraud prosecutors sought an Israeli billionaire’s correspondence with the former President of Democratic Republic of Congo Joseph Kabila as part of one of their largest bribery investigations, a lawyer for the Serious Fraud Office said at a London trial. SFO attorney Jonathan Hall described the request at the… Read More

9th January 2020

Millions spent on Northampton Town’s missing-£10m probe

More than £3m has been spent on a “corruption” inquiry into a missing loan to a football club. Northampton Borough Council loaned £10.25m to Northampton Town in 2013 and 2014 to redevelop Sixfields stadium, but the funds seemingly vanished. The council has paid out £2.3m to find the money… Read More

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