26th October 2020
A global dirty money watchdog on Friday agreed to revamp its standards to beef up monitoring of financing aimed at evading U.S. and United Nations sanctions and proliferating weapons of mass destruction, the U.S. Treasury Department said. Endorsement of the new standards by the Financial Action Task Force (FATF) at… Read More
26th October 2020
A global anti-money laundering watchdog kept Pakistan on its monitoring list asking the South Asian nation to improve controls on terrorist financing while lauding authorities for recent progress. The Financial Action Task Force strongly urged Pakistan to complete its action plan by February, following a three-day meeting. Pakistan has largely… Read More
26th October 2020
Switzerland’s Julius Baer will withhold millions of francs in bonuses from two former chief executives after an internal investigation faulted the pair for failing to protect the bank from a South American money laundering scandal, the Financial Times reported. The Swiss wealth manager is seeking to withhold more than… Read More
26th October 2020
By Lawrence Marzouk and Stevan Dojčinović, OCCRP, 23 October 2020 OCCRP – A Cypriot shell firm accused of funnelling bribes on behalf of a notorious Serbian weapons dealer deposited $1.7 million into a secretive trust fund set up for a prominent Saudi, leaked bank records show. That fund’s Qatari… Read More
26th October 2020
UBS Group AG is cutting ties with clients who reside in the Ivory Coast, according to a report from Swiss newspaper SonntagsZeitung. Switzerland’s biggest wealth manager is closing the accounts and credit cards of all clients who live in the West African country, according to the newspaper. SonntagsZeitung… Read More
26th October 2020
The U.S. is seeking to confiscate a $22 million Los Angeles mansion from a company controlled by a private-jet entrepreneur, as it goes after assets it says the home’s previous owner bought with the spoils of corrupt Nigerian oil deals. The 15,000-square-foot, six-bedroom Bel Air property, which its developer… Read More
26th October 2020
Westpac has flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses, a growing remediation bill and mounting costs related to the landmark legal case over anti-money laundering law breaches. The big four bank said on Monday its life insurance business would be written down by… Read More
26th October 2020
Washington imposed sanctions on Friday on a Russian research institute tied to the development of a dangerous computer program capable of causing catastrophic industrial damage, a move that Russia called illegitimate. The U.S. Treasury Department alleged that the Russian government-backed Central Scientific Research Institute of Chemistry and Mechanics – also… Read More
26th October 2020
Persian Gulf waters off Iraq have become a new, important waypoint for Iranian oil smugglers looking to avoid U.S. sanctions, according to American officials, who expressed frustration that Baghdad and other allies aren’t acting more aggressively to enforce curbs on commerce with Tehran. Iranian tankers now regularly transfer… Read More
26th October 2020
The United States has imposed sanctions on two officials from the Lebanese Shi’ite group Hezbollah, the U.S. Treasury Department said, including one who served as a senior military commander in the south of the country. Nabil Qaouk, a member of the group’s executive council who fought during Israel’s 1982-2000 military… Read More