Financial Crime

18th March 2021

Pakistan’s anti-graft body reopens money-laundering case against Maryam Nawaz

Pakistan’s anti-graft body on Wednesday reopened a money-laundering investigation against embattled former Prime Minister Nawaz Sharif’s daughter Maryam Nawaz and summoned her on March 26. The National Accountability Bureau (NAB) has accused 47-year-old Maryam of committing money-laundering through investments of variable heavy amounts being the main shareholder of Chaudhry Sugar… Read More

17th March 2021

Auckland money laundering: police arrest 10, seize $10m in assets

Detective Inspector Lloyd Schmid said 12 warrants were carried out by the Financial Crime Group. More than $10 million worth of assets including four properties and three vehicles in St Heliers, Kumeu and New Lynn, and $200,000 worth of jewellery, were seized. Police also restrained 23 bank accounts, as well… Read More

16th March 2021

NatWest faces money laundering charges over £264m cash deposits

The City watchdog has launched criminal proceedings against taxpayer-owned NatWest for alleged money laundering offences in the first prosecution of a British bank under laws introduced in 2007. The former Royal Bank of Scotland has been accused of allowing increasingly large cash deposits to be paid into a customer’s account when the… Read More

12th March 2021

Australia’s banking regulator ends Westpac money laundering probe

Australia’s banking regulator said on Friday it had closed the investigation against Westpac Banking Corp for possible breaches of anti-money laundering and counter-terrorism laws. The bank was first accused of breaching the laws in 2019 by the country’s financial crime watchdog AUSTRAC, which led to parallel probes by corporate regulator… Read More

10th March 2021

UK Art Dealers Are Exploiting a Loophole to Avoid New Money-Laundering Regulations. Compliance Experts Say It Will Backfire

The UK’s art market has been subject to stringent new regulations since an anti-money laundering directive came into force in January 2020. While the new requirements to conduct identity checks and other due diligence on art buyers initially came as a shock to an industry that has for centuries… Read More

8th March 2021

Millions vanish into crypto world in high-yield bond scam

Sophisticated British criminals exploited vulnerabilities in Australia’s search engine and cryptocurrency infrastructure to dupe small investors, lured by the promise of high-yield funds badged by some of the finance world’s most trusted brands. The complex scheme involved stolen identities and fraudulent prospectuses that claimed to represent high-yield investment funds run… Read More

3rd March 2021

FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said. Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual… Read More

2nd March 2021

Anti-corruption NGO slams ‘weak’ Swiss corporate crime laws

Too few Swiss companies are made to answer for corruption or money laundering offences, exposing gaps in current legislation, says the Swiss chapter of campaigning NGO Transparency International. The law was changed in Switzerland in 2003 to make firms criminally liable if they fail to take reasonable steps to prevent… Read More

1st March 2021

Russian Hacker Stole Identities of Congressional Medal of Honor Recipients in Sordid Scheme

A Russian hacker stole the identities of 22 of 75 living U.S. Congressional Medal of Honor recipients, using their pilfered personal data to buy tens of thousands of dollars worth of Apple products and luxury watches from American military exchanges, according to a Secret Service search… Read More

1st March 2021

Philippines: AMLC eases registration of POGOs, realtors

The Anti-Money Laundering Council (AMLC) has relaxed the registration guidelines for Philippine offshore gaming operators (POGOs) as well as real estate developers and brokers. The guidelines were eased as real estate developers and brokers as well as POGOs only have until March 16 to register with the AMLC. These entities… Read More