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HSBC moved vast sums of dirty money after paying record laundering fine

By Spencer Woodman, ICIJ, 21 September 2020 ICIJ — In March 2014, three men kidnapped Reynaldo Pacheco and bludgeoned his head with rocks, leaving the 44-year-old father of a young daughter dead in a creek bed in California’s Napa County. Local authorities determined that his murder was a consequence… Read More

European Regulators Failed to Spot Suspicious Money Flooding Through Latvia’s Banks

By Graham Stack, OCCRP, 21 September 2020 OCCRP — European regulators gave the green light for international banks to handle billions of dollars that flowed from the former Soviet Union through Latvia’s banking sector, even as thousands of these transactions were being red-flagged to the U.S. Treasury, leaked bank… Read More

ING Bank Worked for Russian Money Laundering Network

Over the past decade, ING Bank has carried out billion-dollar transactions for companies from one of the largest Russian money laundering networks ever exposed. This puts the bank in a similar position to Deutsche Bank and Danske Bank, whose involvement in the network has previously been exposed. The German bank… Read More
22nd September 2020
An unprecedented glimpse into the staggering amounts of suspect money that flow through the international banking system is revealed in leaked files from an agency of the US Department of the Treasury that have been seen by The Irish Times. The files show that the world’s largest banks play a… Read More
11th September 2020
Michael Jordan, Sandra Bullock and Paris Hilton holiday there. Justin Timberlake and Janet Jackson wrote lyrics about it. But, last week, the Caribbean island of Anguilla drew attention for other reasons. The paradisiacal tax haven slipped further down a key global transparency index, according to a new report by… Read More
9th September 2020
The UAE rolled out a new smart system named ‘Fawri Tick’ to monitor and curb terrorism financing in the country, the country’s central bank said in a statement on Tuesday. The tool, which is developed by Federal Authority for Nuclear Regulation (FANR), integrates and aggregates various anti-money laundering and counter… Read More
7th September 2020
Some wealth managers and advisers could be removed from a significant tier of anti-money laundering oversight under Financial Conduct Authority (FCA) proposals designed to more accurately reflect the risk of criminal exploitation. The obligation to report risk factors under the Annual Financial Crime Report (REP-CRIM) rules was originally introduced in… Read More
7th September 2020
Only four boiler room scams were prosecuted by the City regulator over the past five years, despite its warning that people were losing their homes and savings to “sophisticated” frauds. The Financial Conduct Authority (FCA) also admitted that no boiler rooms had been shut down as a result of its… Read More
7th September 2020
The coronavirus pandemic is presenting companies with an opportunity to scrutinize due diligence processes, risk assessments and other routine tasks that help businesses avoid brushes with the law, compliance chiefs say. The effort to make compliance departments more cost-effective is happening as companies grapple with the economic fallout from the… Read More
7th September 2020
The Council of Europe’s Moneyval Committee published new findings Thursday on the emerging financial-crime risks stemming from the COVID-19 pandemic, including fraud schemes linked to medical and protective equipment. The report concluded that, while the overall level of criminality has remained stable since the beginning of the pandemic, countries are… Read More
4th September 2020
Federal police have seized properties and cash worth $1.6 million over an alleged scheme to use the Melbourne property market to funnel millions of dollars of funds from a Malaysian government entity to corrupt officials. The seized properties and funds in bank accounts were owned by Australian property developer Dennis… Read More
3rd September 2020
Sham litigation and out-of-court settlements, not an uncommon sight in the Maltese courts, have been identified by the Financial Intelligence Analysis Unit as a way of laundering criminal gains. The FIAU said that although litigation cases do not fall within anti-money laundering rules, lawyers and their clients can conspire to… Read More
25th August 2020
The UK Financial Conduct Authority (FCA) is seeking input on a plan that would impose new annual reporting requirements on electronic money institutions, cryptoasset exchange providers and other firms. In a consultation paper published on Monday, the authority said the businesses would be required to submit Annual Financial Crime Reports irrespective… Read More