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3rd July 2020

Luxembourg tightens screws on trusts with EU rules

Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More

1st July 2020

U.S. Senators Look to Add Shell Company Reporting to Defense Bill

Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies. Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text… Read More

29th June 2020

Oil, gas, and mining corruption: Is it inevitable?

In late January, almost five years after huge oil reserves were discovered off the shore of Guyana, an oil tanker loaded with about 1 million barrels of Liza light sweet crude finally departed the nation. After the three-football-field-long ship docked at Galveston, Texas, the oil went on its… Read More

24th June 2020

Revealed: Scottish property worth billions owned by tax haven firms

Foreign companies own £4.4 billion worth of Scottish property, The Ferret can reveal, leading to calls for greater transparency to stop Scotland losing out on tax revenue. Concerns have also been raised about the need for urgent action to stop criminals using opaque foreign companies to invest in Scottish property… Read More

23rd June 2020

Zimbabwe anti-corruption body starts audit of the rich

Zimbabwean authorities say people who cannot explain where their wealth came from are in danger of having their assets seized even if courts clear them of a corruption allegation. The new operation was “an intensive lifestyle audit” of the rich, said the chairman of Zimbabwe’s anti-corruption commission Justice Loyce Matanda-Moyo. Read More

22nd June 2020

The $35 Million Chalet a Russian Tycoon Can’t Prove He Owns

Vitaly Malkin can’t prove he owns a luxury ski chalet in France’s Courchevel region. But the Russian businessman still has to pay the taxes on it. After a four-year court battle, Malkin, a former Russian senator, was ordered by a French court earlier this month to pay a $1.7 million… Read More

18th June 2020

Concerns over offshore ownership of Scotland’s care homes

Concerns have been raised about the secretive offshore ownership and financial health of some big care providers. That’s been prompted by elderly residents in care homes accounting for almost half of Scotland’s coronavirus deaths. Any future inquiry is likely to focus on a lack of personal protective equipment (PPE), failure… Read More

16th June 2020

Kuwait: Loophole in dual citizenship allows money laundering, tax evasion

A loophole in Kuwait’s tax compliance laws applicable for foreign accounts and the United States Foreign Account Tax Compliance Act (FATCA) may be resulting in money laundering and tax evasion, experts feel. Crimes linked to the 1MBD Malaysian scandal and other financial offences committed by a number of Korean nationals… Read More

15th June 2020

Financial Crime and Brexit: Can We Agree on Nothing?

As the UK and the EU exchange expressions of disappointment with each other’s alleged inflexibility after every round of Brexit trade negotiations, the usual areas of disagreement are raised: access to Britain’s fishing grounds, the requirements of a level playing field agreement, regulations over state aid and other issues that… Read More

26th May 2020

Database Exposes Offshore Holdings of Prominent Germans

The group’s name alone reflects its combative mission: The collective of transparency activists calls itself Distributed Denial of Secrets (DDoS), a name that recalls denial of service, a form of online attack that knocks out servers and websites by targeting them with huge numbers of superfluous requests. Committed as they… Read More

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