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Venezuela sent gold to Mali, UAE for cash, opposition claims

Venezuela sent gold to Mali in 2020 via Russian-owned planes to exchange for euros and United States dollars that President Nicolas Maduro’s government used to remain afloat despite US sanctions, an opposition representative said on Wednesday. Julio Borges, designated by Venezuelan opposition leader Juan Guaido as his chief overseas envoy,… Read More

EU watchdog urges tighter rules to prevent another Wirecard scandal

European Union rules on company financial information need to be updated to apply the lessons of the collapse of German payments firm Wirecard, the bloc’s securities watchdog said on Wednesday. The European Securities and Markets Authority (ESMA) said in a report in November there were deficiencies in how Germany’s securities… Read More

Deloitte to Pay Malaysia $80 Million in 1MDB-Related Settlement

Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC International between 2011-2014. The payout is the largest 1MDB-related settlement by an audit firm in Southeast Asia, the Finance… Read More
25th February 2021
The premises of a Central Market trader, who was convicted of laundering money from a drugs gang, has been shut down and its contents seized by the Viscount. Darius Pearce, owner of Darius Pearce Jewellers, was found guilty of three counts of becoming concerned in the acquisition, use, possession or… 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
25th January 2021
The European parliament is pushing for UK overseas territories including the British Virgin Islands, Guernsey and Jersey to be added to an EU tax havens blacklist after the conclusion of the Brexit deal. Sending a signal that tougher action on tax avoidance was required in response… Read More
4th January 2021
The Federal Board of Revenue (FBR) has begun investigating incumbent National Bank of Pakistan (NBP) President, Arif Usmani, for his alleged offshore assets worth billions of rupees. Sources privy to the information told Profit that the incumbent NBP president has stashed assets worth $11,481,440, equivalent to Rs1.8 billion, in Citi… Read More
24th December 2020
Transparency International has urged the UK Financial Conduct Authority (FCA) to review the Government of Ghana’s application to list Agyapa Royalties Limited on the London Stock Exchange and reject the listing if corruption concerns are not satisfactorily addressed. According to a message cited by GhanaWeb on Transparency International’s website dated… Read More
9th November 2020
Juan Carlos, Spain’s exiled king, has been linked to an investigation into the transfer of millions of euros from an offshore account, part of a third corruption inquiry into his finances. Attempts to transfer funds from an active account registered in Jersey, a tax haven, were recently detected by Spain’s… Read More
20th October 2020
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of… Read More
6th October 2020
A leak of data detailing alleged illegality at a Jersey trust company has revealed how corporate giants HSBC and Liberty Global appear to have failed to adequately investigate concerns over a major fraud after an heiress accused her businessman father of draining millions from trust funds set up to support… Read More
1st October 2020
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
28th September 2020
According to an Interpol Red Notice, Philip Egglishaw is 67 years old, 1.75m tall, with a moustache and receding hairline. The “international fraudster”, as he was once dubbed, is wanted by Australian authorities for his role as the alleged mastermind of one of the country’s largest tax evasion and money-laundering… Read More