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Next Hurdle in Treasury’s Corporate Transparency Push? Verification

The U.S. Treasury Department last month kicked off the process of establishing a long-awaited corporate ownership registry. The agency is already facing sharply diverging views on how it should work. Top of mind for financial institutions and other stakeholders is how ownership information that is submitted to the Treasury’s Financial… Read More

FCA opens investigation into collapse of Greensill Capital

The City watchdog has opened the door to a criminal prosecution of Greensill Capital and confirmed that it is investigating the failed lender. Nikhil Rathi, chief executive of the Financial Conduct Authority, said that the regulator was “investigating matters relating to Greensill Capital”. His comments came in a letter to… Read More

JPMorgan Must Turn Over U.S. Compliance Records in Nigerian Oil License Case: UK Court

The UK High Court has ordered JPMorgan Chase to turn over compliance documents ahead of a trial in which the bank stands accused of enabling the misappropriation of $875 million from the government of Nigeria, the Financial Times reported on Tuesday. The decision stems from an… Read More

21st December 2020

Luxury London homes still used to launder illicit funds, says report

Luxury London homes are an “attractive method to launder illicit funds”, a government report has said as the National Crime Agency steps up its McMafia-style “dirty money” investigations into suspect funds flooding into the country. The national risk assessment of money laundering and terrorist financing 2020 has upgraded… Read More

27th November 2020

BOJ confident of Jamaica being removed from Anti-Money Laundering (AML) and Counter-Financing of Terrorism watchlist

The Bank of Jamaica (BOJ) is confident of having Jamaica removed from the international watchlist of countries with weak Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regime based on the work being carried out by the bank. BOJ Deputy Governor Maureen Simms pointed out that the central bank has… Read More

6th October 2020

Lost trust: leaked files expose Jersey’s inaction on fraud scandal

Jersey’s population is no bigger than that of Dover. And yet companies and people on the Channel Island invest more money into the UK than those in China or Germany – £112bn a year. It has £1 trillion sitting in its trusts, companies, funds and foundations, according to a report… Read More

2nd October 2020

Malta: Failure to secure corruption convictions flagged in EU rule of law report

The European Commission has expressed concern about Malta’s failure to secure convictions in high-level corruption cases and flagged “deep corruption patterns” within the country as worthy of note. In a rule of law report, the Commission noted that the worrying patterns had led to “strong public demand” for rule of… Read More

23rd September 2020

With money laundering red flags going up, football clubs may have to step up

Football clubs will have to step up internal controls amid growing attention to criminal activity in sports by anti-money laundering agencies. The Malta Football Association is working on a framework to introduce more accountability and corporate oversight in top-tier clubs, a source close to the governing football body told MaltaToday. Read More

6th August 2020

Lithuania plans to establish anti-money laundering competence center

Lithuania plans to establish an anti-money laundering competence center as the Nordic and Baltic region has been hit by several money laundering scandals in recent years. The new center’s operation would be funded from contributions of the central Bank of Lithuania and commercial banks. The Finance Ministry would represent the… Read More

14th July 2020

Philippines: BSP reviews anti-money laundering compliance of banks

The Bangko Sentral ng Pilipinas (BSP) is conducting an assessment of the exposure of domestic banks and other stakeholders of the financial sector to money laundering and its related offenses, terrorism and terrorist financing. BSP Deputy Governor Chuchi Fonacier said the regulator is conducting the third anti-money laundering and combating… Read More

1st July 2020

Leading from Behind: The Focus on the Financial Investigation of Wildlife Crime Must be Sustained

Over the past 12 months, under its Chinese presidency, the Financial Action Task Force (FATF) has made a welcome effort to engage with and promote the importance of financial investigation as a tool to combat the illegal wildlife trade (IWT). As per his objectives, Xiangmin Liu has used his… Read More

13th February 2020

MONEYVAL experts say Gibraltar must do more to combat money laundering and terrorism financing

Gibraltar must do more to combat money laundering and terrorism financing, according to a detailed report by a team of international experts who identified fundamental “shortcomings” in compliance with international standards, even while acknowledging that key supervisors here have “a robust understanding” of the risks and requirements. The 250-page… Read More

21st January 2020

Luxembourg’s fund sector faces risk of abuse

Drug trafficking, fraud, forgery, tax crimes, corruption and bribery are “very high threats” to the Luxembourg funds industry, according to a study by the country’s financial regulator. The risk for abuse is high in the Grand Duchy, according to the CSSF’s first national risk assessment of money laundering and terrorist… Read More

Must Read

Next Hurdle in Treasury’s Corporate Transparency Push? Verification

FCA opens investigation into collapse of Greensill Capital

JPMorgan Must Turn Over U.S. Compliance Records in Nigerian Oil License Case: UK Court

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