News

23rd October 2020

Goldman Sachs fined record $2.9 billion to resolve 1MDB bribery scheme

Goldman Sachs, one of Wall Street’s oldest and most prestigious banks, will pay $2.9 billion in penalties and fees to settle federal charges over its involvement in a Malaysian bribery scheme, the Justice Department announced Thursday. Prosecutors in the Eastern District of New York charged the bank with conspiracy to… Read More

23rd October 2020

FinCEN Files sparks fresh UK inquiry into laundering of dirty billions

Prompted by the FinCEN Files, a powerful U.K. parliamentary committee has launched a fresh anti-money laundering inquiry 19-months after it outlined findings that the nation’s response to billions of pounds in money-laundering was “fragmented.” In light of the International Consortium of Investigative Journalists’ recent investigation, the U.K. Treasury Committee… Read More

23rd October 2020

HSBC froze £1.5bn of customers’ cash in ‘dormant accounts’ – report

HSBC put £1.5bn of its customers’ cash out of reach in frozen accounts, according to an internal report that raises questions over whether the bank heeded its warnings about potential financial harm to its customers. An internal HSBC UK report seen by the Guardian shows compliance staff tried to… Read More

23rd October 2020

Lawyers, accountants and real estate agents should report suspicious activity: AUSTRAC boss

The head of the financial crimes watchdog says she is concerned lawyers and real estate agents are being used for money laundering, as the government considers whether to impose tough new reporting obligations on them. Austrac chief executive Nicole Rose said the decision on whether to bring lawyers, accountants and… Read More

23rd October 2020

EU imposes sanctions on Russian military intelligence chief

The European Union imposed sanctions on the head of Russia’s military intelligence, Igor Kostyukov, and another Russian on Thursday, accusing them of stealing Angela Merkel’s emails in a 2015 hacking attack on the German parliament. Russia in May denied the accusations as a “hackneyed story” and said the EU lacked… Read More

23rd October 2020

US PayPal users can soon use crypto in lieu of fiat currency

PayPal has announced its foray into the crypto market, launching a new service that will allow users to buy, hold, and sell digital currency. After receiving a conditional Bitlicence from the New York State Department of Financial Services (NYDFS), through a partnership with Paxos Trust Company, PayPal users in the… Read More

23rd October 2020

European Central Bank upgrades whistleblowing framework

The European Central Bank yesterday unveiled an enhanced internal whistleblowing framework designed to help employees flag wrongdoing without fearing retaliation for their own careers. In a statement, the ECB said the tool would “enable staff to speak up in confidence” and anonymously if they detected suspected wrongdoing and highlight “potential… Read More

23rd October 2020

200 law firms suspended in UAE for failing to comply with AML procedures

A total of 200 law firms in the UAE that had failed to comply with anti-money laundering procedures have been suspended from practicing for one month. The Ministry of Justice has also called upon law firms to take necessary measures against money laundering and terrorist financing, Wam reported. The necessary… Read More

23rd October 2020

Malaysia: Money laundering suspects also involved in forex investment fraud

The police revealed that a call centre for an international gambling syndicate masterminded by two men believed to be involved in a recent money laundering case was also involved in a foreign exchange (forex) investment fraud cases. Bukit Aman Criminal Investigation Department (CID) director Datuk Huzir Mohamed said investigations found… Read More

23rd October 2020

Australian police probe alleged Vatican funds transfer amid Pell trial

Australian police are investigating the alleged transfer of Vatican funds to Australia amid the prosecution of former Vatican treasurer George Pell for child sex abuse and have referred the matter to an anti-corruption body. The Australian Federal Police (AFP) confirmed on Wednesday they have received information from Australia’s financial crimes… Read More