Money Laundering
17th December 2018
E-money firm WaveCrest has been fined $250,000 by Gibraltar’s Financial Services Commission (GFSC) over anti-money laundering (AML) and counter terror finance (CFT) failings. As part of a settlement deal reached over the breaches, WaveCrest will not take on any new business until further notice by the GFSC. “In… Read More
14th December 2018
The Royal Court in Jersey has ruled that a trust for a convicted fraudster should be allowed to open a bank account on the Isle, despite being denied banking services in other jurisdictions. The case put before the Jersey court is linked to another infamous scam, unrelated to the trust… Read More
13th December 2018
British investigators have frozen a bank account linked to a multi-billion dollar Azerbaijani money-laundering scheme that a network of investigative reporters has alleged rinsed dirty money mainly through four, UK-registered shell companies. The National Crime Agency (NCA) said on Wednesday that the Account Freezing Order (AFO), part of a new… Read More
13th December 2018
AP — Former Malaysian Prime Minister Najib Razak was charged Wednesday with tampering with the final audit report on a defunct state investment fund, adding to a long list of corruption allegations against him since his ouster in May elections. Najib was charged along with Arul Kanda Kandasamy, the former… Read More
12th December 2018
A Hong Kong court has reportedly ordered Carson Yeung Ka-sing, the former owner of Birmingham City Football Club to pay up HK$338 million (US$43.2 million) worth of criminal proceeds. Prosecutors agreed with his lawyers for him to pay the money, which was less than the half of the HK$721 million… Read More
12th December 2018
A criminal gang, lead by a 42-year old law student, falsely claimed £13 million in tax repayments over a scam in which they facilitated 900 bogus visas and laundered millions. The group set up 79 bogus companies and created fake documentation which was used by Bangladeshi nationals in fraudulent visa… Read More
11th December 2018
The United Kingdom has announced new measures it says will boost transparency and tackle the misuse of Scottish limited partnerships (SLPs), following a consultation on reforming limited partnership law and a number of high-profile money laundering scandals. Under the proposals, individuals registering limited partnerships (LPs) must demonstrate that they are… Read More
11th December 2018
There has been a huge fall in the value of fines issued by the Financial Conduct Authority (FCA), with new figures showing a drop of 88% in a year. An analysis of the FCA’s enforcement database shows that fines handed down by the regulator so far this year (data accurate… Read More
11th December 2018
Israel has become a full member of the Financial Action Task Force (FATF), making it the 38th member of the global anti-money laundering body. The jurisdiction has ‘worked to meet the requirements’ for full membership, which includes undergoing a successful mutual evaluation. “Since the start of its observership in February… Read More
11th December 2018
Frankfurt prosecutors have launched a probe against a former anti-money laundering official of Deutsche Bank on suspicion of money laundering, German public broadcaster Hessischer Rundfunk reported on Monday. The public prosecutor is accusing the former official of failing to report suspicious transactions, despite sufficient indications of money laundering, Hessischer Rundfunk… Read More