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US Treasury Department abandoned major money laundering case against Dubai gold company

After three years of digging, investigators in the United States had accumulated a mountain of evidence that they believed sealed the case against Kaloti Jewellery Group, one of the largest gold traders and refiners in the world. The Dubai-based conglomerate had become a key cog in the dirty gold trade,… Read More

Danish watchdog tells Handelsbanken to improve customer oversight

Denmark’s financial watchdog on Tuesday ordered Handelsbanken to improve oversight of customers at its Danish branch after a review had found elevated risks of the branch being misused for money laundering and terrorist financing. The review, commissioned by the regulator, which took place between October and December last year, found that… Read More

The new Cold War is financial

Imagine you are Noel Quinn, recently confirmed chief executive of HSBC. Sitting high up in London’s Canary Wharf or overlooking the harbour from the bank’s Hong Kong base, he must be facing a range of challenges. Many of these challenges are ‘known knowns’. Rising loan losses as the health of… Read More

23rd September 2020

EU sanctions Turkish company accused of breaking Libya embargo

The European Union imposed sanctions on Monday on a Turkish shipping company accused of breaking a U.N. arms embargo on Libya and whose vessel was involved in a naval incident between NATO members France and Turkey in June. The asset freeze of Avrasya Shipping, which the EU said operates the… Read More

23rd September 2020

German Regulator looks to open probe into Grenke’s accounting

Germany’s financial regulator is considering opening a probe into Grenke AG’s accounting practices, wading deeper into the controversy after criticism of its failure to unearth fraud at Wirecard AG. BaFin is expected to mandate an auditing firm to carry out the investigation of Grenke’s accounts, according to… Read More

23rd September 2020

Minister: Finland to probe Trafigura over money laundering claims

Government plans an investigation into Trafigura, a minority owner in state-owned mining firm Terrafame, amid suspicions that it laundered hundreds or millions of euros through tax havens, according to Economic Affairs Minister Mika Lintilä (Cen). The revelations emerged from a major leak of confidential documents to US news site… Read More

23rd September 2020

FinCEN Files: The accidental money launderer

It’s difficult, with certainty, to pinpoint exactly when Jack’s career as a money launderer began, but around December 2012 stands out. That month he had moved into an apartment in Sydney’s north-west. It was virtually unfurnished except for a simple chair. And one day he sat on it and it… Read More

22nd September 2020

Inside scandal-rocked Danske Estonia and the shell-company ‘factories’ that served it

By Simon Bowers, Karrie Kehoe and Holger Roonemaa, ICIJ, 21 September 2020 ICIJ — The Estonian banker was frantic: A whistleblower inside the bank suspected nine anonymous companies — all registered in the United Kingdom — of serious financial crimes and was threatening to go to authorities. “The whistleblower demands… Read More

22nd September 2020

HSBC moved vast sums of dirty money after paying record laundering fine

By Spencer Woodman, ICIJ, 21 September 2020 ICIJ — In March 2014, three men kidnapped Reynaldo Pacheco and bludgeoned his head with rocks, leaving the 44-year-old father of a young daughter dead in a creek bed in California’s Napa County. Local authorities determined that his murder was a consequence… Read More

22nd September 2020

European Regulators Failed to Spot Suspicious Money Flooding Through Latvia’s Banks

By Graham Stack, OCCRP, 21 September 2020 OCCRP — European regulators gave the green light for international banks to handle billions of dollars that flowed from the former Soviet Union through Latvia’s banking sector, even as thousands of these transactions were being red-flagged to the U.S. Treasury, leaked bank… Read More

22nd September 2020

How banks helped Venezuela’s ‘boligarchs’ extract billions

By Sasha Chavkin and Patricia Marcano, ICIJ, 21 September 2020 ICIJ — On a rusty gas stove in Selena Ramirez’s apartment, a small flame was glowing. Ramirez, 69, shares the apartment with her daughter and 11-year-old grandson. It is on the ground floor of a government housing complex in San Francisco… Read More

22nd September 2020

ING Bank Worked for Russian Money Laundering Network

Over the past decade, ING Bank has carried out billion-dollar transactions for companies from one of the largest Russian money laundering networks ever exposed. This puts the bank in a similar position to Deutsche Bank and Danske Bank, whose involvement in the network has previously been exposed. The German bank… Read More

22nd September 2020

Companies House to tighten its checks

The government is to overhaul the system of checks for Britain’s register of companies after criticism that the database is too easily abused by money launderers and fraudsters. Directors will be required to verify their identities with Companies House before they are appointed to a business under plans announced yesterday. Read More

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