Financial Crime

6th October 2020

Congress Is Close To Ending Anonymous Shell Companies

For over a decade, there have been calls in Congress to address shadowy corporate entities, known as shell companies, that are considered a cornerstone of fraud, corruption, and money laundering. These companies help unsavory characters and organizations hide wealth or use the proceeds of crime to buy up legitimate assets… Read More

6th October 2020

France asked to open investigation into four banks, Electrogas loan

France’s national financial prosecutor’s office has been asked to open an investigation into whether four French-based banks and an investment fund were complicit with Electrogas in laundering the proceeds of corruption. Sherpa, a French association that fights financial crimes, teamed up with the Daphne Caruana Galizia foundation to file the… Read More

5th October 2020

UK: Scammers bouncing banks into sham loans

When the BBC called last month to warn that he was the victim of a £50,000 fraud, Mark Telling thought it was a prank. “I was at work and, to be honest, I thought it was a bit of a wind-up,” said Telling, 47. The truth was less amusing. Criminals… Read More

1st October 2020

‘Significant’ threat of overseas financial crime in Jersey

The threat of financial crime in Jersey by overseas criminals is “significant”, a government report has found. The National Risk Assessment of Money Laundering is the first study of its kind and has been made public by the Government of Jersey. It found there was “no clear expression” on… Read More

24th September 2020

‘Wired to make money’: Barclays’ private bankers serve ultra-rich, as watchdogs sound alarms

By Tanya Kozyreva, Michael Hudson, Spencer Woodman, Will Fitzgibbon, Agustin Armendariz, Golden Matonga, Delphine Reuter, Micah Reddy and Fergus Shiel, ICIJ, 23 September 2020 ICIJ — Ivor Ichikowitz recoils at the arms industry’s “reputation for being very cloak-and-dagger.” “We are not in the destroying-anything business,” the 53-year-old founder of South… Read More

23rd September 2020

Mystery company ties accused temple raiders to art world elite

By Spencer Woodman, ICIJ, 22 September 2020 ICIJ — They pulled ancient Buddha heads out of the ground in war-torn Afghanistan and stole idols from temples in India. They cracked open shrines in Nepal, and in Cambodia bought an 11th-century statue of the Hindu god Shiva on the black… Read More

22nd September 2020

FinCEN Files: Dublin business features in leak of US treasury documents

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

Anguilla, popular Panama Papers tax haven, slips in transparency ranking

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

UAE rolls out new system to monitor and curb financial crimes

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 to be removed from UK enhanced laundering rules

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