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Luxembourg Falls Further Behind EU AML Rules As Companies Fail To Disclose Ownership

Luxembourg has approved a further delay for companies to register their beneficial ownership details after 53% of affected entities failed to do so by the initial deadline. More than 68,000 companies had not provided the required information by the August 31 deadline and they have now been given a further… Read More

HMRC faces legal fight for handing Britons’ data to US tax officials

HMRC is facing a legal battle to block it from handing personal details about British citizens to US tax authorities. The case could have wide-ranging implications for tens of thousands of so-called accidental Americans who left the US when they were months or years old but risk having… Read More

Moneyval: Malta must step up investigation and prosecution of money laundering

In a report published today, the Council of Europe’s anti-money laundering body MONEYVAL calls on the Maltese authorities to strengthen their practical application of their measures to combat money laundering and financing of terrorism. The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is… Read More

13th September 2019

San Marino seizes $19m from Congo dictator who spent $100,000 on crocodile shoes

The tiny republic of San Marino has confiscated €19 million (£17 million) stashed in its banks by one of Africa’s longest-serving leaders. The money was allegedly deposited by Denis Sassou Nguesso, the president of the Republic of Congo, the former French colony also known as Congo-Brazzaville. The seizure of the… Read More

13th September 2019

Russia carries out mass raids on Kremlin critic Navalny’s supporters

Russian law enforcement authorities on Thursday carried out mass raids on the homes and offices of Kremlin critic Alexei Navalny’s supporters across the country, a move he described as the biggest crackdown of its kind in modern Russian history. More than 200 searches took place as part of an investigation… Read More

13th September 2019

Fraudsters helped 900 migrants stay in UK in Britain’s biggest fake visa scam

A gang of fraudsters who set up bogus companies to help 900 illegal migrants stay in the country in Britain’s biggest ever fake visa scam have been spared jail. The group laundered millions of pounds through 53 businesses, including ‘Immigration4u’ and ‘Mo’s Spice Inn’, and made temporary transfers into clients’… Read More

13th September 2019

Skirting U.S. sanctions, Cubans flock to cryptocurrency to shop online, send funds

Jason Sanchez, 35, was able to start buying spare parts online last year for his cellphone repair shop in Havana thanks to the advent of cryptocurrency trading in Communist-run Cuba. Cuba, which in many ways remains stuck in the analogue past, may seem an unlikely hotbed for cryptocurrencies – digital… Read More

13th September 2019

Latvian Court Declares PNB Bank Insolvent After ECB Suspension

A Latvian court declared the country’s sixth-biggest lender insolvent, sealing the demise of the last bank to level accusations in a high-level corruption scandal. The decision, which Latvia’s Financial and Capital Market Commission said was taken on Thursday, comes almost a month after AS PNB Banka became one of only… Read More

13th September 2019

Jeffrey Epstein Used Opaque Charity Account at Deutsche Bank for Own Benefit

When Jeffrey Epstein created his Gratitude America Ltd. foundation in 2012, the nonprofit’s purpose was to “support the expression of gratitude for the ideals of America,” according to incorporation records filed in the U.S. Virgin Islands. Instead, the money that flowed through the nonprofit followed an opaque path that appears… Read More

13th September 2019

Precious Metals: A Money Laundering Magnet

While covertly operating within the underworld as a money launderer, I had the occasion to deal with some of the most notorious money launderers in the world. I’ll never forget a particular steamy evening in Panama when I was having dinner with an old friend of Panamanian General Manuel Noriega. Read More

12th September 2019

New U.S. Powers Help Target Terrorist Financing, Treasury Official Says

The U.S. plans to use expanded counterterrorism powers to target foreign financial institutions that facilitate terrorist financing, leaders of terrorist groups and those participating in terrorist training over the internet, a U.S. Treasury Department senior official said. “Foreign financial institutions should be on notice that the U.S. government will fully… Read More

12th September 2019

Switzerland warns Facebook’s Libra it will face extra scrutiny

Facebook’s (FB.O) Libra cryptocurrency suffered another setback on Wednesday when Switzerland said the proposed payments system could face strict rules that typically apply to banks, on top of tough anti-money laundering laws. The world’s largest social media network announced plans in June to launch the new currency as… Read More

12th September 2019

Two arrested in transfer fraud raids in Belgium, Monaco, London

Police investigating suspected fraud linked to the transfer of Serbian striker Aleksandar Mitrovic to Newcastle United have raided properties in Belgium, Monaco and London, arresting two people including an agent, officials said Wednesday. The probe, which earlier this year saw the Belgian FA headquarters searched, is looking into suspected money-laundering… Read More

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