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
12th February 2020
PayPal Holdings Inc (PYPL.O) is teaming up with criminologists and experts at several universities to probe the payment systems used in the trafficking of illegal firearms in the United States, the company said on Tuesday. The research aims to help financial companies and law enforcement understand what types of… 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
10th February 2020
AP — Financial irregularities across African football have been unearthed in a confidential audit of the continent’s governing body that raises concerns about the legitimacy of millions of dollars of cash payments that were distributed to executives and national associations with sparse records. The Associated Press on Saturday obtained a… Read More
7th February 2020
Some banks have failed to put in place adequate policies to comply with a rule that requires them to identify the owners of corporate accounts, a senior regulator said Thursday. The customer due-diligence rule requires financial institutions to collect information such as names and addresses for the beneficial owners of… Read More
7th February 2020
Late last year, the UK Supreme Court ruled that a London investment bank was liable for the loss of $204 million from a corporate account after the institution complied with authorised payment instructions from the company’s director.  The ruling, which imposed a $153 million penalty against the bank,… Read More
30th January 2020
On January 23, 2020, the Internal Revenue Service published a news release titled “Global tax chiefs undertake unprecedented multi-country day of action to tackle international tax evasion.” The announcement highlighted a coordinated effort across the United Kingdom, United States, Canada, Australia and the Netherlands to combat money laundering and… Read More
28th January 2020
Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time. The Payment Services Act, which comes into force Tuesday, is the first comprehensive regulation for companies handling activities ranging from… Read More
23rd January 2020
A total of 237 Maltese taxpayers had featured in the Panama Papers leak, yet the police never carried out a comprehensive probe into all those individuals and companies named. One senior police source said the bulk of the investigations were carried out by the Inland Revenue Department in an administrative… Read More
23rd January 2020
At a lavish August gathering at a private estate in Spain, a wealthy Venezuelan businessman under criminal investigation in the United States introduced Rudy Giuliani, President Donald Trump’s personal lawyer, to the father of Venezuela’s opposition leader, Juan Guaido. The affair was part of a campaign for leniency for the… Read More
15th January 2020
British offshore tax havens will send information about Russian assets registered in their jurisdictions to the Russian tax authorities, despite London and Moscow having cancelled an international agreement which facilitates the sharing of such financial information. Jersey, Guernsey and the Isle of Man are set to share details on bank… Read More