Money Laundering
28th June 2016
French prosecutors have placed Syrian President Bashar al-Assad’s uncle, suspected of using ill-gotten gains to build a vast real estate empire, under investigation for corruption and money-laundering. Rifaat al-Assad, 78, a Syrian former vice president, is accused of acquiring millions of pounds’ worth of assets in France illegally. Mr Assad, who served as… Read More
28th June 2016
The Economic and Financial Crimes Commission on Tuesday arraigned a former aviation minister, Femi Fani-Kayode, accusing him and three others of laundering N4.9 billion. A planned arraignment of Mr. Fani-Kayode was stalled last Tuesday by the absence of the trial judge. Mr. Fani-Kayode, who served as director of media and… Read More
28th June 2016
The Government won't speed up anti-money laundering laws – because of the cost to lawyers and real estate agents. Read More
27th June 2016
Former Bangladesh Bank governor Mohammed Farashuddin has lamented that the nation was losing foreign exchange to laundering and called for preventive steps. Read More
27th June 2016
Russian security services have raided dozens of locations across the country linked to the Church of Scientology as part of a long running battle between authorities and the US-based organisation. The Federal Security Service (FSB) said officers ‘conducted simultaneous searches’ at 14 addresses in Moscow and St Petersburg… Read More
15th June 2016
Gambling operator Petfre (Gibraltar) Ltd., trading as Betfred, has agreed to pay the amount of £800,000 to compensate for poor anti-money laundering and responsible gambling policies and to contribute to socially responsible causes as part of a settlement with the UK Gambling Commission, after the gaming company’s license had been reviewed by the gambling regulator. Read More
9th June 2016
The World Trade Organization (WTO) has granted an appellate ruling in favor of Panama against Colombia. The ruling pertained to Colombia’s use of high tariffs on imported textiles, clothing, and shoes as part of a plan to address alleged money laundering. Read More
8th June 2016
Macau’s money laundering controls have been strengthened by authorities in Beijing, in a move that will compound the gambling hub’s misery as it reflects this week on two years of consecutive month-on-month economic decline. Read More
6th June 2016
The tighter regulations in Macau contrast with the lax money laundering laws of Manila where a lack of robust controls made it an easy target for a brazen cyber-heist from Bangladesh's central bank. Macau's new measures, which include keeping daily records and hiring compliance officers, are expected to compound pressure on the high-roller VIP sector and increase operating costs for casinos, said analysts. Read More
6th June 2016
Digital currencies will be covered in updated regulation. Banks’ know-your-client operations under tighter scrutiny. Read More