2nd December 2019
Not all money laundering scandals are equal. When the world learned that billions in dirty funds had flowed through Danske Bank A/S and Swedbank AB, it proved disastrous for the two lenders. But when SEB AB was accused of similar offenses, people were more forgiving. The difference can be traced… Read More
28th November 2019
The Financial Intelligence Analysis Unit (FIAU) has launched a massive hunt for information regarding any possible financial transactions made by former Tumas Group CEO Yorgen Fenech or any of the 61 companies connected to him over the past years. In “strictly confidential” correspondence sent to all financial practitioners and financial… Read More
28th November 2019
The Wallenberg family has jumped to the defense of its bank, SEB AB, after it was accused of enabling Russian money laundering. Shares in SEB rose more than 4% on Wednesday after the Wallenbergs led investors in brushing off a report by Swedish state broadcaster SVT, which said the bank… Read More
28th November 2019
More directors may depart Westpac’s board following an investigation of the bank’s money laundering and child exploitation scandal by consulting firm Promontory. Westpac’s board will also set up a new financial crime committee, chairman Lindsay Maxsted said. Investor pressure following bombshell legal action launched by… Read More
28th November 2019
A Miami investment manager pleaded guilty Tuesday to participating in a $1.2 billion money-laundering ring run by wealthy Venezuelan businessmen with political connections to the socialist government of President Nicolás Maduro. Gustavo Hernandez Frieri, 45, was convicted of a single money-laundering conspiracy count and now faces less than 10… Read More
28th November 2019
Switzerland is overhauling its 21-year-old system for reporting suspected money laundering and terrorism financing, Swiss federal police said on Wednesday, after concluding the old system that relies on fax or mail has outlived its usefulness. From 2020, Switzerland plans to use an anti-money laundering program from the United Nations Office… Read More
28th November 2019
AP — Pope Francis has tapped a Bank of Italy executive to take over the Vatican’s financial intelligence unit following a scandal that resulted in the Vatican being suspended from an international anti-money laundering network. Carmelo Barbagallo has been head of the Italian central bank’s vigilance unit since 2014, and… Read More
28th November 2019
Nine men have been arrested in Yorkshire as part of a money-laundering investigation into a gang who was smuggling money to Dubai in suitcases. Raids were carried out by The National Crime Agency (NCA) in Cleckheaton, Bradford, Dewsbury and Bridlington. The organised crime gang is thought to have smuggled millions… Read More
28th November 2019
Westpac Banking Corp’s experienced anti-money laundering chief was told she didn’t have the skills for the job and would have to take a more junior role after informing the bank that it faced the largest fine in corporate history, industry sources said. Amanda Wood, Westpac’s money-laundering reporting officer, led the… Read More
27th November 2019
Swedish Television (SVT) reported on Wednesday that it had obtained a list of 194 clients of Swedish bank SEB (SEBa.ST) connected to suspected money laundering in Estonia. The public broadcaster’s investigative show “Uppdrag Granskning” reported that the client list, which also showed about 2,000 transactions, contained “red flags”… Read More