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Wife of missing Interpol chief seeks Macron’s help during Xi visit

The wife of the missing Chinese former head of Interpol said she had written to French President Emmanuel Macron to ask for his help on the eve of a visit by his counterpart . Grace Meng told France 24 she had not heard from her husband Meng Hongwei since he… Read More

Norway’s FSA finds gaps in banks’ anti-money laundering measures

Several banks operating in Norway made insufficient anti-money laundering risk assessments last year, the country’s Financial Supervisory Authority (FSA) said in its annual report on Friday. While the FSA listed the banks that had been inspected, its report did not say which were found to have shortcomings. Last November, the… Read More

NCA Sees Sharp Rise in Scammers Posing as Agency Officers

UK officials are warning of a sharp uptick in crooks posing as law enforcement officials in phone scams that have netted hundreds of thousands of pounds. The fraudsters, who pretend to be officers of the National Crime Agency (NCA) and cite accurate information about the governmental body, have primarily targeted… Read More

25th March 2019

Expense report of the future reduces fraud and headaches

It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover $12,000 worth of doggie day spa charges on an employee’s expense reports. Level upon level of corporate management also failed to detect that the same employee… Read More

25th March 2019

New rules in Mexico may limit cash payments for real estate

Mexico is developing rules that would cap the amount of cash that can used to buy real estate, Finance Minister Carlos Urzua said on Friday, part of a push to reduce the use of physical currency in a country rife with money laundering and corruption. Urzua, speaking at a banking… Read More

25th March 2019

Hedge fund manager gets 14 years for running Ponzi scheme

AP — A Boston hedge fund manager who scammed millions of dollars from friends, family and other investors in what authorities say was a Ponzi scheme has been sent to prison for more than 14 years. Federal prosecutors say 70-year-old Raymond Montoya used the money for personal purchases, including… Read More

25th March 2019

Citi fires eight Hong Kong traders after review finds misconduct: sources

Citigroup Inc has fired eight bankers and suspended three others from its equities trading desk in Hong Kong after an internal probe revealed misconduct in their dealings with clients, people with knowledge of the matter said. The action was taken after a review raised concerns related to the accuracy of… Read More

25th March 2019

Swedbank shareholder SEB says likely to vote to clear board of liability for 2018

An external report around Swedbank’s alleged link to money laundering was missing information, but the board had done enough to prevent it from not clearing the board of liability related to last year’s actions, an investor told Reuters. “The status report itself is relatively difficult to access as a lot… Read More

25th March 2019

Mueller report is blow to U.S. Democrats’ plans to probe Trump

Special Counsel Robert Mueller’s conclusion that U.S. President Donald Trump’s campaign did not collude with Russia in the 2016 election is a serious blow to Democrats who had hoped Mueller’s report would boost their own wide-ranging probes into Trump’s business dealings. Democrats promptly called for the release of Mueller’s full… Read More

25th March 2019

Brazilian ex-president remains silent under questioning

AP — Former Brazilian President Michel Temer remained silent when questioned by investigators Friday, a day after he was arrested as part of the country’s sprawling Car Wash corruption probe. The probe has ensnared several top politicians and businessmen in the South American country, including former President Luiz Inacio… Read More

25th March 2019

Banking Scandals Highlight AML’s Weakest Link: People

Recent headlines on “money laundering scandals,” “laundromats” or [INSERT SENSATIONAL NICKNAME HERE] have gotten the attention of policymakers, governments and banks in such a way that it might like seem like the underlying criminality is a new phenomenon. But none of it should be surprising to those tasked with fighting… Read More

22nd March 2019

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

22nd March 2019

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

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