Featured Puerto Rico

Westpac’s ties to Puerto Rico Bank Euro Pacific spark calls for financial crime reform

Westpac’s links to an offshore bank at the centre of a sweeping international money laundering and tax evasion probe have sparked fresh calls for reform of the financial sector’s approach to curbing crime. The nation’s second biggest bank, which was embroiled in a major money laundering scandal last year that… Read More

The day the international tax authorities came knocking

On a sunny Friday in late January, investigators from the Australian Tax Office issued subpoenas and fired off letters as part of an unprecedented probe that reached around the world. It was a similar scene in Amsterdam, where investigators from the Dutch tax agency set about a similar task. So,… Read More

Dutch ship makes waves with record cocaine seizures in Caribbean

By Alessandro Ford, InSightCrime, 5 October 2020 InSightCrime – A patrol ship in the Dutch Caribbean has caught over three tons of cocaine in a rapid series of seizures, displaying how regularly drug shipments traverse the area on their way to Europe and the United States. On September 8,… Read More
24th February 2020
Jose Ismael Irizarry was sent to Cartagena to investigate money laundering by Colombia’s notoriously violent drug cartels. But instead of using his stable of confidential informants to bring down the gangs, the authorities said, Mr. Irizarry worked with a Colombian drug trafficker to launder money seized from undercover drug operations… Read More
12th February 2020
Bank of San Juan Internacional Inc. agreed to pay $1 million to resolve a federal investigation into alleged money laundering, the U.S. Department of Justice said. Prosecutors alleged that the San Juan, Puerto Rico-based bank laundered millions of dollars related to transactions and loan agreements with Venezuela’s state-owned oil giant,… Read More
10th February 2020
An investigation has been opened targetting Belgian Prince Henri De Croÿ’s alleged tax evasion network, which he is accused of using to help funnel millions in funds into tax havens. Finance Minister Alexandre de Croo confirmed that the Special Tax Inspectorate (ISI) was building up files on taxpayers whose names… Read More
3rd June 2019
AP — Three officials with Puerto Rico’s Senate were arrested by FBI agents Thursday and later charged by the U.S. territory’s federal prosecutor with alleged corruption for a case involving a scheme to defraud the legislature using “ghost employees.” Federal prosecutor Rosa Emilia Rodríguez said 18 charges were brought against… Read More
19th April 2019
U.S. sanctions on Venezuela have led the New York Federal Reserve to crack down on Puerto Rico’s $50 billion offshore banking industry, according to four sources and a document seen by Reuters. The development will prevent the island’s offshore banks, several of which are owned by citizens of crisis-stricken Venezuela,… Read More
21st November 2018
The European Central Bank (ECB) is to set up an anti-money laundering office which will collect and share data from authorities within the EU, ECB chief supervisor Daniele Nouy reportedly said. The plans, announced on Tuesday, stem from euro zone banking watchdog, the ECB’s Single Supervisory Mechanism (SSM). Speaking to… Read More
9th February 2016
SAN JUAN, Puerto Rico (AP) — A former Puerto Rico senator convicted of corruption has been released on probation after serving more than three years of a 10-year sentence. Read More