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Toronto Seen as ‘Destination’ for Money Laundering: Watchdog Groups

Loose reporting requirements and lax enforcement have made the Canadian housing market particularly appealing to international money launderers, three watchdog groups said in a report Thursday. Under Canada’s anti-money laundering (AML) rules, real estate agents, brokers and developers need not always determine the beneficial owners or sources of funds from… Read More

Arrest order issued for ex-President Michel Temer in Brazil

AP — A judge in Rio de Janeiro has issued an arrest warrant for ex-President Michel Temer, who is being investigated in several corruption cases. A spokeswoman for the Prosecutors Office in Rio de Janeiro told The Associated Press Thursday that Judge Marcelo Breitas had issued the order. Per… Read More

Citigroup to sell Venezuelan gold in setback to President Maduro: sources

Citigroup Inc plans to sell several tons of gold placed as collateral by Venezuela’s central bank on a $1.6 billion loan after the deadline for repurchasing them expired this month, sources said, a setback for President Nicolas Maduro’s efforts to hold onto the country’s fast-shrinking reserves. Maduro’s government has since… Read More

22nd March 2019

FIFA gives life ban to Ecuador official for bribery

AP — The FIFA ethics committee has given a life ban to a South American soccer official who took bribes linked to the Copa America and Copa Libertadores. FIFA says Luis Chiriboga, a former Ecuador soccer federation president, has also been fined 1 million Swiss francs ($1 million). It is… Read More

22nd March 2019

Hezbollah sanctions harming Lebanon, says President Aoun

U.S. sanctions on Hezbollah are harming Lebanon as a whole, President Michel Aoun said on Thursday ahead of a visit to the country by U.S. Secretary of State Mike Pompeo. The United States deems the heavily armed, Iran-backed Hezbollah group a terrorist organization and has been steadily increasing financial sanctions… Read More

22nd March 2019

Russian tycoon Kerimov back under investigation in France over tax

A French judge placed Russian tycoon Suleiman Kerimov back under formal investigation on suspicion of complicity in aggravated tax fraud, the prosecutor in the southern city of Nice said on Wednesday. French investigators allege that Kerimov, whose family controls Russia’s largest gold producer Polyus, deceived the tax man over the… Read More

22nd March 2019

Reliance sends fuel from India, Europe to Venezuela to sidestep U.S. sanctions

India’s Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar U.S.-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its U.S.-based subsidiary before Washington… Read More

22nd March 2019

Foreigners sell Danish shares after Danske Bank scandal: central bank

Foreign investors sold Danish shares worth almost $14 billion in 2018 following a money laundering scandal at the country’s largest lender Danske Bank, Denmark’s central bank governor said on Wednesday. Danske Bank is under investigation in the United States, Denmark, Estonia, France and Britain over 200 billion euros ($226 billion)… Read More

22nd March 2019

Breakdown: The Kleptocracy Asset Recovery Rewards Act

On January 9th, US Rep. Stephen Lynch (D-MA) introduced H.R. 389, a measure that would “authorize the Secretary of the Treasury to pay rewards under an asset recovery rewards program to help identify and recover stolen assets linked to foreign government corruption and the proceeds of such corruption hidden… Read More

22nd March 2019

UK Serious Fraud Office’s first use of Criminal Finances Act tool nets £1.5 million

Britain’s Serious Fraud Office (SFO) has secured the forfeiture of £1.52 million over a fraudster’s properties using new powers under the 2017 Criminal Finances Act. The properties were originally purchased with fraudulently obtained cash by Birmingham-based Nisar Afzal (61), who fled Britain for Pakistan in the mid-2000’s, according to the… Read More

21st March 2019

UK regulator fines UBS £27.6m for making millions of errors, poor transaction reporting

The Financial Conduct Authority has penalised UBS £27.6 million for making over 100 million errors and failing to provide accurate information regarding the reporting of transactions. The shortcomings relate to transaction reports made from 2007, up to as recent as 2017. The bank also failed to take ‘reasonable’ care to… Read More

21st March 2019

Police seize $20 million of fake notes from Barclays Kenya deposit box

Authorities in Kenya have arrested six individuals regarding $20 million in counterfeit notes that were stored in a personal safety deposit box at a branch of Barclays Kenya. “The fake notes in 100 Dollar denominations were recovered from the Bank’s Safe Room,” the Kenyan Directorate of Criminal Investigations (DCI) said… Read More

21st March 2019

U.N. rights boss decries Venezuela crackdown; says sanctions may worsen crisis

Venezuelan security forces, backed by pro-government militias, have quashed peaceful protests with excessive use of force, killings and torture, U.N. human rights chief Michelle Bachelet said on Wednesday. The country was plunged into a political crisis in January when Juan Guaido, head of the opposition-controlled congress, invoked the constitution to… Read More

Must Read

Breakdown: The Kleptocracy Asset Recovery Rewards Act

For HSBC, Questions Remain Following Moldovan Asset Seizures

Look to ‘Sales Side’ Prosecutions for Real AML Change: Ex-U.S. Investigator

Understanding EU anti-money laundering law: EU 4AMLD, EU 5AMLD, EU 6AMLD

Confessions of a compliance officer: How I handled dodgy demands