Featured

OFAC Cites Claims that Oleg Deripaska Laundered Money for Putin: FT

The US Treasury Department has justified sanctions against a Russian oligarch by citing reports claiming that he helped President Vladimir Putin launder illicit funds, the Financial Times reported Friday. In a letter sent last month to attorneys representing Oleg Deripaska, the Office of Foreign Assets Control (OFAC) outlined allegations… Read More

Irregularities Found at Pakistan’s Top Bank After U.S. Sanction

A Middle East operation of Pakistan’s largest bank displayed “significant irregularities” in dealings with politically exposed clients and screening some transactions, according to an inspection by the South Asian nation’s central bank that took place more than a year after the lender was shut out of the U.S. financial system. Read More

Turkey to oppose Pakistan blacklisting at anti-terrorism finance meet

Turkish President Tayyip Erdogan on Friday said he would help Pakistan stay off a terrorism financing blacklist at a meeting of a global finance watchdog, a move he suggested would counter “political pressure” from Islamabad’s critics. The Financial Action Task Force (FATF), which tackles money laundering, told Islamabad late last… Read More
17th February 2020
A Middle East operation of Pakistan’s largest bank displayed “significant irregularities” in dealings with politically exposed clients and screening some transactions, according to an inspection by the South Asian nation’s central bank that took place more than a year after the lender was shut out of the U.S. financial system. Read More
17th February 2020
Turkish President Tayyip Erdogan on Friday said he would help Pakistan stay off a terrorism financing blacklist at a meeting of a global finance watchdog, a move he suggested would counter “political pressure” from Islamabad’s critics. The Financial Action Task Force (FATF), which tackles money laundering, told Islamabad late last… Read More
17th February 2020
Drug barons have moved from laundering cash through banks to using smaller money service businesses, Scotland Yard’s head of specialist crime has said. DCS Michael Gallagher told the Guardian the network of 34,000 money service businesses (MSBs) was suspected of being the main way for those involved in serious and… Read More
14th February 2020
A whistleblower and former employee of ClubsNSW has claimed that money laundering through poker machines is rife in pubs and clubs across the country. In an exclusive interview with the ABC, Troy Stolz, a former ClubsNSW anti-money laundering and counter-terrorism finance (AML/CTF) compliance auditor, said that the scale of the… Read More
13th February 2020
The European Commission has sent legal warnings to Cyprus, Portugal, the Netherlands and five other EU states over their delays in applying new anti-money laundering rules adopted at European Union level two years ago. The 27 EU states were required to enact by January tighter rules to counter dirty-money risks… Read More
13th February 2020
A number of international banks were declining to do business with Maltese nationals as they viewed the jurisdiction to be too risky, sources within Malta’s financial institutions warned. Sources from the financial sector and banking regulators confirmed they had received reports from Maltese nationals and Malta-based businesses after overseas banks… Read More
12th February 2020
Hong Kong’s SFC (Securities and Futures Commission) has reprimanded and fined BMI Securities HKD 3.7 million (USD 477,000) for failures in complying with AML/CFT regulatory requirements. In 2016, a number of BMI clients subscribed for the placing shares of two Hong Kong-listed companies – Bank of Jinzhou and Yadea Group… Read More
11th February 2020
The son of Equatorial Guinea’s leader and its vice president, notorious for his colourful lifestyle and lavish spending, was handed a three-year suspended jail sentence and a €30m (£25m) fine for graft by a Paris court on Monday, confirming his guilt in one of a string of high-profile “ill-gotten gains”… Read More
11th February 2020
After fighting the CBC for nine years over the release of money laundering records, the B.C. Lottery Corporation is finally relenting. After three trips to court, a full hearing before B.C.’s information and privacy commission, and another hearing coming up, the lottery corporation now plans to go to court to get… Read More
10th February 2020
The government has launched a consultation on creating up to 10 freeports with special tariff and duty status – an idea ministers argue will fuel growth but critics say could encourage money laundering and other crimes. The government said it was firmly committed to announcing locations this year so that… Read More