11th March 2019
The former chief executive officer of Tanzania’s Bank M was charged with fraud and money laundering on Thursday, two months after the central bank revoked the bank’s licence. Sanjeev Kumar, who denied the charges at a court in the commercial capital Dar es Salaam, was sent to a remand prison… Read More
11th March 2019
The global nature of trade brings with it huge compliance risks, exposing businesses to a wide array of rules and regulations requiring them to mitigate their exposure to money laundering and other financial crimes. One of the biggest risks that businesses face is employing third parties, be they suppliers, agents,… Read More
8th March 2019
Britain must not go soft on anti-money laundering standards to win trade deals after it leaves the European Union, a panel of lawmakers said on Friday. The report on economic crime from parliament’s Treasury Select Committee (TSC) also called for better estimates for such crimes, and for a single supervisor… Read More
8th March 2019
The United States on Thursday levied an $850 million monetary penalty against a Russian telecommunications company and its Uzbek subsidiary, marking the largest-ever settlement of a U.S. anti-foreign bribery law. As part of a deferred prosecution agreement (DPA) with the U.S. Justice Department, Moscow-based Mobile Telesystems PJSC (MTS) consented to… Read More
8th March 2019
Compliance and anti-money laundering staff are in hot demand in the Nordic financial sector following tougher regulations and a string of scandals involving the region’s top banks Danske Bank, Nordea and Swedbank. Compliance officers ensure banks meet industry regulations that have mushroomed since the financial crisis a decade ago, and… Read More
8th March 2019
India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a waiver of U.S. sanctions past early May, two sources in India with knowledge of the matter said. India has reduced its purchases of Iranian… Read More
8th March 2019
The recent trial of Mexican drug lord Joaquin “El Chapo” Guzman has reignited U.S. law enforcement officials’ concerns about the use of prepaid cards to launder proceeds of crime. The purported abuse of prepaid cards by Guzman’s organization to move drug proceeds out of the United States, as depicted in… Read More
8th March 2019
AP—Former Trump campaign chairman Paul Manafort has been sentenced to 47 months in prison for tax and bank fraud related to his work advising Ukrainian politicians. Judge T.S. Ellis III imposed the sentence Thursday, capping the only jury trial following indictments stemming from special counsel Robert Mueller’s investigation. A… Read More
7th March 2019
The 28 member states of the European Union all backed a decision on Thursday to reject a proposal from the EU executive to add Saudi Arabia to a blacklist of countries suspected of being lax on terrorist financing and money laundering. The decision comes after pressure from Riyadh and other… Read More
7th March 2019
Bill Browder, an investor who campaigns to expose corruption, has filed a criminal complaint with Swedish authorities over Swedbank’s alleged link to a Baltic money laundering scandal involving Danske Bank. Several European and foreign banks have been dragged into the Danske Bank scandal, which centers on suspicious transactions totaling 200… Read More