In the past week alone, cases of money laundering have hit headlines all around Europe. An investigation found that up to $30 billion of ex-Soviet and Russian money had potentially passed through the Estonian branch of Denmark’s largest bank, Danske Bank.
Read MoreChinese regulators have made it clearer than ever that anti-money laundering (AML) is a major priority, with the People’s Bank of China (PBOC) recently posting on its website a notice from the State Council -- the government’s main executive body -- that elevates AML to a key part of the national strategy on financial regulation.
Read MoreA vast web of shell companies is operating freely in Britain despite flagrant warning signs and documented ties to suspected money laundering, alleged bribery, and even Donald Trump’s convicted former campaign manager Paul Manafort.
Read MoreIN Armenia and Siberia there are questions about millions of dollars of missing tax. In Kazakhstan, holidaymakers are complaining about a hard-sell timeshare scheme.
These are all routine stories of crime, corruption and unethical trading published in the former Soviet Union over the last two months.
They all have one thing on common: at their very centre is the alleged abuse of a Scottish limited partnership or SLP, the corporate structure long dubbed “Britain’s home-grown secrecy vehicle”.
Read MoreThe years since 2008 have seen a global crackdown on offshore finance. Yet a few places have doubled down on offering secrecy to the super-rich. Among these, one tiny Caribbean island might be the worst offender.
Read MoreWith its luxury hotels, skyscrapers and man-made islands, Dubai projects an image to the world of an ultra-modern luxury paradise. Behind the shimmering cityscape lies one of the most secretive — and cash-friendly — money-laundering hubs in the world.
Read MoreDanske’s Estonian operations became a laundromat for more than $8 billion that was channeled into Europe from Azerbaijan, Russia and Moldova between 2007 and 2015, according to Bill Browder, the fund manager who is leading a global campaign against the Kremlin over corruption and human-rights abuses.
Read MoreThe European Banking Authority said it has opened a formal investigation into Malta’s Financial Intelligence Analysis Unit (FIAU) over how it enforced anti-money laundering rules at Pilatus bank.
Read MoreFrom the Lava Jato scandal to the Panama and Paradise Papers, time and again we’ve seen how offshore territories - often known as secrecy jurisdictions or tax havens - play a key role in facilitating the illicit flow of money across borders.
Read MoreMinisters plan changes to Scottish Limited Partnerships after finding foreign criminals are exploiting them to spend dirty money in Britain.
Read MoreWu Xiaohui appeared on Wednesday in a Shanghai court, where prosecutors accused him of defrauding Anbang of 65.25bn yuan.
Read MoreAustralia's cryptocurrency exchanges must now follow new rules aimed to counter money laundering and terrorism financing (AML/CTF).
Read MoreAustralian police may have seized AUD$320,000 (US$248,000) from an Australian bank account belonging to Malaysia's Criminal Investigation Department (CID) director Wan Ahmad Najmuddin Mohd, but Malaysian authorities found no wrongdoing on his part.
Read MoreB.C.’s Attorney General is promising a widespread crackdown in the wake of shocking allegations of money laundering in B.C. real estate linked to the fentanyl trade.
Read MoreTORONTO – Canada’s anti-money laundering agency conducted on-site examinations of more than 800 real estate companies over four-and-a-half years and found “significant” or “very significant” deficiencies during 60 per cent of those visits, new data shows.
Read MoreOne of the United States largest banks agreed Thursday to pay federal regulators and authorities $613 million in a settlement for longstanding financial crime compliance deficiencies, including capping alerts on potential illicit activity and attempting to hide known weaknesses from examiners.
Read MoreOne of Netherlands largest banks must pay U.S. authorities nearly $370 million and plead guilty to obstruction charges for allowing its financial crime compliance program to flounder for more than a decade – and then lying to federal examiners about known gaps and high-risk practices.
Read MoreFewer fines are the silver lining of banks’ dogged compliance drive. The UK’s Financial Conduct Authority collected 230 million pounds in penalties in 2017. Though that’s a big increase on 2016, the haul was skewed by a record fine for Deutsche Bank. It suggests heavy spending on tightening up controls is finally delivering some benefits.
Read MorePricewaterhouseCoopers LLP was negligent in connection with one of the biggest bank failures of the financial crisis, a federal judge has ruled, opening up the Big Four accounting firm to the potential of hundreds of millions of dollars in damages.
Read MoreAttorney General Jeff Sessions last month directed a review of a law enforcement initiative targeting Hezbollah’s drug trafficking and related operations in the United States and abroad, to evaluate allegations that certain matters were not properly prosecuted.
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