23rd October 2019
Lawyers, accountants, and notaries providing assistance to financial services firms will have to register with the Malta Financial Services Authority under proposed new rules. The MFSA is proposing to remove the exemption from registration for legal professionals and accountants as it tries to raise the bar for company service providers. Read More
16th October 2019
It has created 470,000 jobs. It contributes over $11 billion to the economy. It has even sparked a diplomatic clash with China. The strange thing is, nobody is sure who fully owns it. It’s not as though the Philippine offshore gaming operators who are transforming Manila, known collectively as POGOs,… Read More
15th October 2019
The withdrawal of Deutsche Bank from five eurozone countries, including Malta, shows the European Banking Union needs to up its game in the fight against money laundering, Sven Giegold said. The MEP said it was “an embarrassment” for the EBU when credit institutions withdraw from euro countries because of money… Read More
11th October 2019
The European Union is considering tighter rules to counter the flow of dirty money into the region’s banks and other economic sectors, EU officials said on Thursday. Following a spat of money-laundering scandals at several lenders that highlighted weak oversight by national authorities, the EU is also considering setting up… Read More
11th October 2019
Pressure on the UK’s art trade is increasing as it faces a wave of legislative changes and increased attention from enforcement agencies. As UK courts introduced new sentencing guidelines for criminal damage to heritage assets on 1 October, the trade was counting down to the anti-money-laundering regulations that are coming… Read More
10th October 2019
Synthetic identity fraud is a relatively recent phenomenon that is on the rise. McKinsey claims synthetic ID fraud is the fastest-growing type of financial crime in the U.S. LexisNexis Risk Solutions found that “61% of fraud losses for [large] banks stem from identity fraud [and] 20% of the identity fraud incurred by these larger… Read More
7th October 2019
Montenegro has on Thursday officially launched the application process for its Citizens by Investment Program, otherwise known as the Golden Visa scheme, which offers rich foreigners and their families citizenship in return for investments worth hundreds of thousands of euros. Golden Visa programs came under scrutiny after investigative journalists… Read More
4th October 2019
Supreme Court magistrate Eduardo Medina Mora, who is being investigated by Mexico’s financial intelligence unit for transfers to bank accounts in the U.S. and U.K., resigned his post on Thursday, Reforma newspaper reported citing people it did not identify. The high court said it had not received confirmation… Read More
3rd October 2019
The European Central Bank’s top supervisor called on Maltese authorities on Wednesday to monitor banks more stringently, the latest appeal to authorities flagging risks facing the country’s large banking sector. This follows sharp criticism of Malta two weeks ago by an influential European monitoring body for inadequately tackling financial crime. Read More
30th September 2019
AP — Car lovers from around the world splashed out more than $27 million at an auction Sunday for dozens of luxury cars seized from the son of Equatorial Guinea’s president in a Swiss money-laundering probe. The 25 lots sold by auction house Bonhams included a white-and-cream 2014 Lamborghini Veneno roadster… Read More