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Deloitte fined record £15m over ‘serious and serial failures’ in Autonomy audit

Deloitte has been ordered to pay a record £15 million fine for “serious and serial failures” in its audit of Autonomy, the British software company at the centre of one of the country’s largest civil fraud cases. The accounting firm and two of its former partners were found by a… Read More

Leaked EU draft proposes all-encompassing laws for crypto assets

A leaked version of rules to be issued later this month by the European Commission proposes an all-encompassing set of regulations covering the trading or issuance of digital assets across the 27-nation bloc. Europe’s Markets in Crypto-Assets (MiCA) draft legislation provides legal certainty around crypto assets – cryptocurrencies, security… Read More

US moves to seize $330m of alleged 1MDB assets held by UK law firm

The US Department of Justice (DoJ) has moved to seize $330m (£256m) held in the bank account of a major London law firm which prosecutors allege is derived from the proceeds of one of the world’s largest financial frauds. The DoJ has filed civil forfeiture proceedings against funds… Read More
18th September 2020
The US Department of Justice (DoJ) has moved to seize $330m (£256m) held in the bank account of a major London law firm which prosecutors allege is derived from the proceeds of one of the world’s largest financial frauds. The DoJ has filed civil forfeiture proceedings against funds… Read More
18th September 2020
Following amendments to the Proceeds of Crime Act (POCA) regulations in late 2019, several commercial banks have started to ease the account opening requirements. This change is especially for newly designated low-risk bank accounts which previously excluded thousands of people from joining the formal banking system due to the inability… Read More
18th September 2020
Swindlers are offering foreign students imaginary apartments for rent using false identities, addresses and other tricks of the trade. The police are all but powerless and urge people to stay vigilant as the scheme crosses more than one national border, ETV investigative journalism show “Pealtnägija” reported on Wednesday. “Everything was… Read More
18th September 2020
The U.S. Justice Department charged two Russian nationals who prosecutors say defrauded three cryptocurrency exchanges and their customers, resulting in losses of at least $16.8 million. Danil Potekhin and Dmitrii Karasavidi were charged in the U.S. District Court in San Francisco with aggravated identity theft, conspiracy to commit computer fraud… Read More
17th September 2020
The Financial Crimes Enforcement Network said Wednesday that a significant overhaul of the nation’s anti-money-laundering regulatory framework is in the works. In an advance notice of proposed rulemaking, Fincen said it plans to firm up the definition of an “effective and reasonably designed” AML compliance program, something the regulator said… Read More
17th September 2020
Dutch prosecutors have begun a criminal investigation into how a company owned by Sindika Dokolo, the husband of billionaire Angolan businesswoman Isabel dos Santos, managed to acquire a lucrative shareholding in the Portuguese oil and gas firm, Galp. The Public Prosecution Service has also frozen the assets of the company,… Read More
17th September 2020
Las Vegas Sands Corp.’s Singapore casino has hired a law firm to conduct a new investigation into employee transfers of more than $1 billion in gamblers’ money to third parties, according to people familiar with the matter. Davinder Singh Chambers LLC, which specializes in dispute resolution and international arbitration,… Read More
17th September 2020
With a goatee beard and an impish demeanor, 33-year-old Chen Zhi makes for an unlikely “oknha,” the honorific title bestowed on businessmen who donate at least $500,000 to public works approved by the ruling Cambodian People’s Party. Such sums are pocket change to the likes of Chen, one of a… Read More
17th September 2020
After the fitness center where Denise Newton worked closed down in April because of the coronavirus, she posted her résumé online to look for a new job. She soon got a call from a company she had never heard of. The woman who phoned from the company, Heies, invited… Read More
17th September 2020
The Financial Action Task Force (FATF) has prepared a report on red flag indicators to assist financial institutions, investigating agencies and regulators in detecting misuse of virtual assets for money laundering, terrorist financing and other crimes. Virtual assets, which also include cryptocurrencies, are defined as a digital representation of… Read More