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Global bank HSBC owns up to potential anti-money laundering law breaches

Global banking giant HSBC has quietly outed itself to Australia’s financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. The disclosure by HSBC’s Australian arm makes it the latest bank embroiled in money laundering scandals after Westpac was implicated… Read More

Study: Europe blows U.S. away in financial crime spending

A new report found financial institutions spent $181 billion on financial crime compliance worldwide last year, with European firms spending three to four times more than their counterparts in North America. The True Cost of Financial Crime Compliance Global Report, released Tuesday and compiled by LexisNexis Risk Solutions, estimated… Read More

Adel al-Jubeir, the Saudi diplomat who endorsed the $100m donation to Spain’s King Juan Carlos

Adel al-Jubeir, 58, the current Saudi minister of state for foreign affairs, was the authority who allegedly endorsed the origin of the $100 million that was transferred to an account linked to Spain’s then-King Juan Carlos I in Swiss private bank Mirabaud. That’s according to documents from a probe in… Read More

8th April 2020

Crumbling Economies Must Tackle Tax Evasion To Meet Coronavirus Crisis, Experts Warn

As emergency coronavirus medical and social programs lay bare economic and social deficiencies around the world, experts are calling for a more forceful tax response to the crisis. They said the dramatic spike in jobless claims combined with the vast additional burden on health systems should be a… Read More

8th April 2020

Ecuador’s former president found guilty of corruption

An Ecuadorian court sentenced former president Rafael Correa on Tuesday to eight years in prison after finding him guilty of corruption charges. Correa, who was in office from 2007 to 2017, left Ecuador three years ago and now lives in Belgium. He and 19 others, including his vice president who… Read More

8th April 2020

HKMA Encourages Remote Onboarding to Manage Covid-19 Challenges

The HKMA (Hong Kong Monetary Authority) has issued circulars to authorised institutions and SVF (stored value facility) licensees encouraging the use of technology to enable remote onboarding and account opening services. “We believe the use of FinTech will provide significant opportunities to manage some of the challenges presented by the… Read More

8th April 2020

Pakistan’s NAB seeks detail of Shahbaz’s ‘foreign assets, businesses’

The National Accountability Bureau (NAB) has asked PML-N President and Opposition Leader in the National Assembly Shahbaz Sharif to bring with him complete detail of his foreign assets and other businesses on his appearance before the NAB’s combined investigation team on April 17 in money laundering case. In a fresh… Read More

8th April 2020

U.S. to Block Iran’s Request to IMF for $5 Billion Loan to Fight Coronavirus

The U.S. plans to block Iran’s requested $5 billion emergency loan from the International Monetary Fund for funding Tehran says it needs to fight its coronavirus crisis. Senior officials in the Trump administration said Iran’s government has billion-dollar accounts still at its disposal. If allowed to tap IMF financing,… Read More

8th April 2020

Argentina Puts Seized Assets to Good Use in Coronavirus Fight

By Josefina Salomón, Insight Crime, 7 April 2020 Insight Crime — Authorities in Argentina are using assets seized from drug traffickers to help fight the coronavirus pandemic, a tactic which can be replicated in other cash-strapped countries. On April 4, Argentina Federal Judge Santiago Inchausti ordered the transfer of 26 luxury… Read More

8th April 2020

‘Think Like a Bad Guy’: Ex-Undercover Agent Robert Mazur on How to Fight Money Laundering

During his time as an undercover agent investigating Pablo Escobar and the Medellin Cartel, Robert Mazur kept two lessons from his training in mind: think like a bad guy, and remember, the bad guys are always smarter than the good guys. Mazur, who recently spoke to RiskScreen CEO Stephen Platt… Read More

7th April 2020

US prosecutors allege bribes in World Cup votes, charge former Fox execs in FIFA corruption probe

AP — Prosecutors revealed new details of alleged bribes paid to FIFA executive committee members to gain their votes for Qatar to host the 2022 World Cup and charged a pair of former 21st Century Fox executives with making illegal payments to win broadcast rights for the 2018 and… Read More

7th April 2020

1MDB: Malaysia’s change in government sees whistle-blower flee, banker too scared to return

Malaysia’s recent change of government has driven a whistle-blower from the Southeast Asian country to Switzerland, while Pascal Najadi, the son of murdered banker Hussain Najadi, has said he is too scared to return to Malaysia. Despite fleeing, whistle-blower Xavier Justo has vowed not to give up his… Read More

7th April 2020

Germany’s Crypto Custody Law Hits a Snag: Startups Can’t Get Bank Accounts

While more than 40 banks have reportedly expressed interest in Germany’s new crypto custody license, those firms may still have to put up with an anti-crypto sentiment among German banks. “If you try to open a bank account for a company that is in the space, you are working… Read More

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