Money Laundering
15th January 2019
The United Kingdom is set to launch a new initiative aimed at tackling financial crime such as money laundering, fraud and bribery. The new taskforce, to be known as the Economic Crime Strategic Board, will comprise government ministers, law enforcement figures and the bosses of Barclays, Santander and Lloyds… Read More
11th January 2019
Danske Bank A/S and four former top executives were sued on Wednesday by a U.S. shareholder that accused Denmark’s largest bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering at its Estonian branch. The complaint was filed in the U.S. District… Read More
11th January 2019
The Hong Kong Monetary Authority (HKMA) has reprimanded and penalised JPMorgan Chase Bank HK$12.5 million ($1.60 million) for breaching anti-money laundering rules, after a probe revealed deficiencies in customer due diligence (CDD) and other areas. According to the watchdog, the investigation found that, between April 2012 and February 2014, JPMorgan… Read More
11th January 2019
Former footballer Sam Sodje has reportedly been accused of laundering thousands of pounds after he helped fraudsters move their cash through his bank account. As part of the scheme, the fraudsters sent emails to firms in Columbia, India and Italy, purporting to be their supplier. Funds were then paid into… Read More
10th January 2019
A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More
9th January 2019
Workers at some local Barclays Bank branches have been trained to detect the signs of human trafficking, the proceeds of which are commonly laundered through bank accounts. The training was part of an awareness raising initiative with anti-trafficking charity Stop the Traffik, which saw staff at Barclays branches in… Read More
8th January 2019
Up to 47 properties and numerous vehicles were seized in a police crackdown on a drug dealers’ network which involved investing drug money in the property market. In a joint operation between police in Spain, Italy, Argentina and Europol, almost 50 suspects were arrested regarding the gang’s activities, which… Read More
7th January 2019
A powerful Iranian council approved an anti-money laundering bill on Saturday, state media reported, a major step towards reforms that would bring Iran into line with global norms and could facilitate foreign trade in the face of U.S sanctions. Iran has been trying to implement standards set by the Financial… Read More
7th January 2019
Karsten Dybvad is putting on a brave face. Danske Bank’s new chairman recently insisted that the Copenhagen-based lender did not face an “existential crisis”, despite helping clients launder up to 200 billion euros between 2007 and 2015 via a Baltic subsidiary. In 2019 that will be put to the… Read More
4th January 2019
Three former Credit Suisse bankers have been arrested over money laundering and bribery charges pertaining to a scam which involved $2 billion in loans to companies in Mozambique. According to the prosecution, three Mozambican state-owned firms borrowed over $2 billion. The loan proceeds were meant to be used… Read More