3rd July 2020
Parliament decided to set up a list of who gets to benefit from trusts in a unanimous vote on Wednesday, putting in place a tool to shine more light on the financial industry required under European Union rules. The EU in 2018 adopted stricter rules for trusts – fiduciary arrangements… Read More
3rd July 2020
Panama’s last two presidents, Ricardo Martinelli and Juan Carlos Varela, were charged Thursday with money laundering, as two separate scandals tarnished the political legacy of the former allies turned enemies. Martinelli was charged with money laundering over the so-called “New Business” case in which a publishing group was allegedly purchased… Read More
3rd July 2020
The United States should impose sanctions on Russia’s intelligence and defense sectors, House of Representatives Speaker Nancy Pelosi said on Thursday after a briefing on reported Russian payments to Taliban militants to kill U.S. soldiers in Afghanistan. While not disclosing what she and other top lawmakers were told about the… Read More
3rd July 2020
The U.S. Department of Justice on Wednesday said it was looking to recover another $96 million in assets in real estate and artwork linked to the 1Malaysia Development Berhad (1MDB) international money-laundering conspiracy. The assets include luxury real estate in Paris and paintings by Claude Monet and Andy Warhol linked… Read More
3rd July 2020
The B.C. Lottery Corporation has finally given up a decade-long fight to keep a secret. In 2010, BCLC was hit with a $700,000 fine by FINTRAC, the country’s money laundering watchdog, for undisclosed violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It was the largest penalty… Read More
3rd July 2020
The City regulator was warned last year that Wirecard was allegedly linked to a scheme that used fake online stores to disguise the processing of high-risk payments. The Financial Conduct Authority was given details of an operation whereby allegedly bogus ecommerce sites were used as a front for channelling online… Read More
2nd July 2020
The US House of Representatives on Wednesday joined the Senate in approving a bill to rebuke China over its crackdown in Hong Kong by imposing sanctions on groups that undermine the city’s autonomy or restrict its freedoms. The bill targets police units that have cracked down on Hong Kong… Read More
2nd July 2020
A year ago in June, a group of bankers marched into a U.S. Treasury office in Washington on perhaps the most important mission of their careers: to save a country from financial collapse. Among them was Willy Mulamba, Citigroup Inc.’s top executive in the Democratic Republic of Congo, a… Read More
2nd July 2020
Analysts have used other evidence to conclude that the transfers were most likely part of an effort to offer payments to Taliban-linked militants to kill American and coalition troops in Afghanistan. American officials intercepted electronic data showing large financial transfers from a bank account controlled by Russia’s military intelligence agency… Read More
2nd July 2020
A Malta-based bank, Satabank, has had its licence withdrawn by the European Central Bank, Finance Minister Edward Scicluna and the Malta Financial Services Authority said on Wednesday. The decision was taken on the recommendation of the authority. The Bulgarian-owned bank, established in 2014, had its 12,000 accounts frozen by the… Read More