1st July 2020
Senior Wirecard employees were linked to an opaque network of British companies associated with alleged money laundering. Staff from the scandal-hit German payment processor were shareholders in a company creation operation in the northeast of England that was shut down after a government investigation. The revelations will increase scrutiny of… Read More
1st July 2020
The coronavirus pandemic has forced some financial institutions to reduce staff or reassign personnel at a time when applications for government relief programs are flooding in, heightening banks’ compliance risks, the Office of the Comptroller of the Currency said. The OCC, which supervises and regulates banks and savings associations, said… Read More
1st July 2020
Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies. Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text… Read More
1st July 2020
The European Commission is preparing measures to protect the European Union as it faces threatened U.S. sanctions, which could break international law, on a link to carry gas directly from Russia to Germany, the EU’s foreign policy chief said. U.S. senators this month announced a bill tightening sanctions on the… Read More
1st July 2020
Over the past 12 months, under its Chinese presidency, the Financial Action Task Force (FATF) has made a welcome effort to engage with and promote the importance of financial investigation as a tool to combat the illegal wildlife trade (IWT). As per his objectives, Xiangmin Liu has used his… Read More
1st July 2020
Germany will be quick to overhaul its regulation of financial companies to repair the damage caused by Wirecard AG’s collapse, Deputy Finance Minister Joerg Kukies said. “What we must do is analyze, by turning over every stone, exactly where and how things went awry,” Kukies said at an event… Read More
1st July 2020
A group of 175 legal scholars and lawyers specializing in international law have urged President Trump to rescind his authorization of sanctions and visa denials for International Criminal Court staff members investigating war crimes in Afghanistan, including those allegedly committed by U.S. forces. In a statement sent to the White… Read More
1st July 2020
Another major corruption scandal has rocked the West Australian public service, with an arrest warrant issued for a Fremantle Ports worker and his wife who are believed to have fled the country. Police have also arrested and charged the couple’s children over their alleged involvement in a multi-million dollar rort. Read More
1st July 2020
When customs agents in Riga followed a tip and searched passengers arriving on a private jet from Ukraine last year, they hit the jackpot. Luggage belonging to the four travelers contained about $1 million in U.S. and European banknotes. The contraband was seized. Latvia, a European Union and euro-area… Read More
30th June 2020
The U.S. Treasury Department’s financial intelligence unit issued new guidance on Monday for banks and other covered entities providing services to corporate clients tied to the hemp sector. The publication by the Financial Crimes Enforcement Network (FinCEN) follows an interagency statement issued in December outlining the legal status of… Read More