How Britain enables routine, everyday corruption and fraud in the ex-USSR
IN 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”.
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Nevis: How the world’s most secretive offshore haven refuses to clean up
The 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.
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Dubai real estate: a money launderer’s paradise
With 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.
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Danske Fine May Be $670 Million as Analysts Look at New Evidence
Danske’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.
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Prescribed Transaction Reporting
Recently AML Partners sort guidance from the Department of Internal Affairs with regard to the requirements for prescribed transaction reporting for reporting entities they supervise.
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August timeframe for publication of Guidance for Real Estate Agents
The Department of Internal Affairs will be delaying the publication of the guideline ‘Real Estate Agents – Complying with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act)’. This is in order to incorporate new regulations currently being consulted on and drafted by the Ministry of Justice.
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Lawyers and simplified customer due diligence (CDD) and registered banks
The Department of Internal Affairs (DIA), an AML/CFT supervisor, is aware that law firms seek clarification how to meet their CDD obligations relating to their existing business relationships with registered banks.
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Company faces penalty for breaching money laundering and terrorism financing laws
A consultancy service's actions have been questioned in court as the Government seeks to penalise a company for breaching money laundering and terrorism financing laws.
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The Department of Internal Affairs has issued a formal warning to an Auckland-based reporting entity
The Department of Internal Affairs has issued a formal warning to an Auckland-based reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).
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EU banks watchdog probes Malta agency over anti-money laundering at Pilatus bank
The 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.
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Police Commissioner Mike Bush and Police Minister Stuart Nash on plans for 700 staff to tackle organised crime
Financial analysts and cyber-crime specialists among the new staff to crack down on trans-national organised crime in New Zealand.
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The UK just made it Harder for the Corrupt to Hide their Wealth Offshore
From 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.
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UK Government announces crackdown on century-old loophole being used to launder money through UK
Ministers plan changes to Scottish Limited Partnerships after finding foreign criminals are exploiting them to spend dirty money in Britain.
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Former Anbang chief on trial over $10bn fraud charges
Wu Xiaohui appeared on Wednesday in a Shanghai court, where prosecutors accused him of defrauding Anbang of 65.25bn yuan.
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New AML Rules for Australia’s Bitcoin Exchanges Kick in Today
Australia's cryptocurrency exchanges must now follow new rules aimed to counter money laundering and terrorism financing (AML/CTF).
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Police's Financial Intelligence Unit release report on money laundering, terrorism
An estimated $1.35 billion of criminal proceeds is generated for money laundering in New Zealand every year but the actual transactional value is thought to be several times higher, a new police report suggests.
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Five businesses warned for Anti-Money Laundering/Countering Financing of Terrorism failures
The Financial Markets Authority (FMA) has issued formal warnings to five reporting entities under Section 80 of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act).
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Malaysia CID chief in Australia money laundering probe got funds from 'legitimate source': Malaysian police
Australian 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.
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Drug dealers loaning money to immigrants to buy real estate
B.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.
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Anti-money laundering agency finds 'very significant' deficiencies at nearly 500 real estate firms.
TORONTO – 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.
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