27th November 2019
At times, we AML professionals in the private and public sectors that play by the rules have difficulty realizing that the “bad guys” at the highest levels of the criminal world have no rules. They have more resources and capabilities than we can conceptualize. Unless you’ve lived in that world,… Read More
26th November 2019
The Westpac chief executive Brian Hartzer has resigned and chairman Lindsay Maxsted will step down early following the money-laundering scandal involving allegations the bank failed to stop transactions with the Philippines involving child exploitation. Hartzer will be paid $2.69m for doing nothing for the next 12 months while serving… Read More
26th November 2019
Two bankers who worked at Coutts private bank in Zurich were fined by the Swiss authorities for failing to report suspicious transactions linked to the sovereign wealth fund 1MDB scandal, it was reported on Sunday. The Sonntag Zeitung and Le Matin Dimanche newspapers reported on Sunday that two Coutts bankers who… Read More
26th November 2019
Westpac has released its response plan to the AML/CTF issues raised by AUSTRAC last week as it launched civil penalty proceedings against the bank. According to AUSTRAC’s statement of claim, Westpac contravened the AML/CTF laws on 23 million instances between 2013 to and 2019. Among the bank’s failures, AUSTRAC… Read More
26th November 2019
An Auckland finance firm and its mother and son owners can now be revealed as the company and pair who failed to report $53.4 million of suspicious transactions from a Chinese-Canadian mogul accused of running a $200m pyramid scheme. Jiaxin Finance Limited, Fuqin Che and her son Qiang Fu, also… Read More
26th November 2019
Cyprus has no plans to stop selling Golden Visas to rich foreigners who invest in the country despite the government’s admission there were laws that let them acquire residency permits and European Union passports without being property vetted – leading to 26 being removed. Cypriot Interior Minister Constantinos Petrides said… Read More
26th November 2019
Racing professionals have reacted with shock to the news that the man behind the leading international racing and bloodstock operation, Phoenix Thoroughbreds, Amer Abdulaziz Salman, was recently named by a defendant in a criminal court in the US, who accused him of involvement in a money-laundering operation. The allegation was… Read More
26th November 2019
President Donald Trump told the Treasury Department and Justice Department to look into the impact of U.S. sanctions on a Turkish state-owned bank after being lobbied by Turkey’s president, a Treasury official acknowledged in a letter last week to a top Democratic senator. The letter, sent in response to… Read More
26th November 2019
Subpoenas issued to people with ties to President Trump’s personal lawyer, Rudy Giuliani, indicate a broad federal investigation into possible money laundering, obstruction of justice and campaign-finance violations and show that prosecutors are probing Mr. Giuliani’s consulting businesses and other sources of income, according to people familiar with the… Read More
26th November 2019
“THE MERCY OF THE WAVES” The smiling boy visited Sunnybrook Yachts in the summer of 2017, after the value of Bitcoin had reached an all-time high, having tripled in five months. Sunnybrook is the largest yacht brokerage on Canada’s east coast. Its clients tended to be surgeons and litigators and… Read More