26th February 2021
By Will Fitzgibbon, ICIJ, 25 February 2021 ICIJ — A powerful international organization whose members represent the world’s largest economies has issued a strong warning about the “threats and risks” posed by lawyers, accountants and other facilitators who help their clients commit and conceal financial crimes. Read More
25th February 2021
On December 20, 2020, the Financial Crimes Enforcement Network (FinCEN), the U.S. Financial Intelligence Unit (FIU) and primary anti-money laundering (AML) regulator, published a Notice of Proposed Rulemaking (NPRM) that sought to impose new recordkeeping and reporting requirements on virtual currency transactions. The NPRM was met with a torrent of… Read More
25th February 2021
Billions of people around the world are being trapped in poverty by systemic tax abuses, corruption and money laundering, according to a UN commission report calling for a global crackdown. The UN panel on financial integrity for sustainable development urged governments to overhaul tax rules and the banking system… Read More
22nd February 2021
A new report out today by international NGO, Global Witness, says Libya appears to be losing millions of dollars a year through fraudulent use of its Letters of Credit (LC) system, run by the Tripoli Central Bank of Libya. The report says these deals are passing through correspondent banks in… Read More
18th February 2021
Cisco Systems Inc. is investigating an alleged embezzlement scheme by former employees in China that may have involved payments to Chinese state-owned firms, the company said. The networking-equipment firm voluntarily disclosed the matter to the U.S. Department of Justice and U.S. Securities and Exchange Commission, Cisco said in a… Read More
17th February 2021
A 22-YEAR-OLD bank employee suspected of being the “inside man” for a €1.1m invoice redirect fraud is expected to be re-arrested when specialist gardaí conclude examinations of his mobile devices. The Lucan-based suspect was released from custody last Thursday after his arrest the previous day by detectives from the Garda… Read More
17th February 2021
A fine of more than £700,000 has been imposed on three Jersey-based firms owned by a multi-national bank for breaching rules designed to prevent money laundering and financial crime. The actions of a trio of S G Kleinwort Hambros companies, which were found to have made a series of compliance breaches… Read More
17th February 2021
The Registrar of Companies (RoC) has begun fining companies registered here that have failed to submit accurate information on their ultimate beneficiaries (beneficial owners) and ignored warning letters to do so, according to the Ministry of Financial Services. As of 1 February, the RoC had levied 19 administrative fines of… Read More
15th February 2021
Cryptocurrency exchanges are on tenterhooks as they await the outcome of a proposal by Hong Kong’s government to ban retail investors from trading in the city, at a time when digital assets are winning acceptance as mainstream forms of payment and market leader bitcoin rises to a record level. The… Read More
15th February 2021
By David Leask, openDemocracy, 12 February 2021 openDemocracy – It was epic, Mykhaylo Shtekel says, and it was cold. He often remembers the early winter day in November 2019 that a tanker, the Delfi, ran aground on one of the golden beaches that stretch south from the… Read More