25th February 2020
By Pavla Holcová and Arpád Soltesz OCCRP — For years, Marian Kočner was one of the most wealthy and powerful businessmen in Slovakia, a man whose connections with judges and prosecutors made him virtually untouchable, and whose extravagance made him a frequent fixture in local tabloids. Today, the middle-aged businessman’s craggy face… Read More
19th February 2020
ABN Amro has more than 2,000 people working full-time on tracing fraud, money laundering and other financial crime, chief executive Kees van Dijkhuizen said at the presentation of the bank’s annual results on Wednesday. The total, around 9% of the workforce, is twice the number of financial crime investigators employed… Read More
19th February 2020
Deutsche Bank is facing the potential departure of dozens of contractors working for a London-based compliance team after the bank demanded that its freelance workers take a 25-percent pay cut in response to UK tax reforms, the Financial Times reported Sunday. The bank revised its hiring policy on freelancers… Read More
12th February 2020
PayPal Holdings Inc (PYPL.O) is teaming up with criminologists and experts at several universities to probe the payment systems used in the trafficking of illegal firearms in the United States, the company said on Tuesday. The research aims to help financial companies and law enforcement understand what types of… Read More
10th February 2020
The government has launched a consultation on creating up to 10 freeports with special tariff and duty status – an idea ministers argue will fuel growth but critics say could encourage money laundering and other crimes. The government said it was firmly committed to announcing locations this year so that… Read More
10th February 2020
AP — Financial irregularities across African football have been unearthed in a confidential audit of the continent’s governing body that raises concerns about the legitimacy of millions of dollars of cash payments that were distributed to executives and national associations with sparse records. The Associated Press on Saturday obtained a… Read More
7th February 2020
Some banks have failed to put in place adequate policies to comply with a rule that requires them to identify the owners of corporate accounts, a senior regulator said Thursday. The customer due-diligence rule requires financial institutions to collect information such as names and addresses for the beneficial owners of… Read More
7th February 2020
Late last year, the UK Supreme Court ruled that a London investment bank was liable for the loss of $204 million from a corporate account after the institution complied with authorised payment instructions from the company’s director.  The ruling, which imposed a $153 million penalty against the bank,… Read More
30th January 2020
On January 23, 2020, the Internal Revenue Service published a news release titled “Global tax chiefs undertake unprecedented multi-country day of action to tackle international tax evasion.” The announcement highlighted a coordinated effort across the United Kingdom, United States, Canada, Australia and the Netherlands to combat money laundering and… Read More
28th January 2020
Singapore is introducing new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time. The Payment Services Act, which comes into force Tuesday, is the first comprehensive regulation for companies handling activities ranging from… Read More