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EU proposes watchdog to halt flow of dirty money

EU policymakers proposed a new agency on Tuesday to stop financial firms from aiding criminals and terrorists after a scandal at a Danish bank highlighted the inadequacy of the bloc’s defences. Europe came under pressure to step up enforcement of its anti-money laundering rules when several countries began investigating Danske… Read More

Banks Small in Stature, High in Risk Could Escape Direct EU Oversight

The European Union’s planned new anti-money laundering agency will have broad powers to subject the bloc’s “riskiest” financial institutions—and their national supervisors—to rigorous scrutiny, a draft regulation obtained by ACAMS moneylaundering.com shows. On July 20, the European Commission, the EU’s executive branch, will unveil a wide-ranging regulation to enhance the… Read More

Japan watchdog and BOJ to assess banks on anti-money laundering

Japan’s financial regulator and central bank will launch a sweeping investigation into how well anti-money laundering measures work at regional banks and other local financial institutions, Nikkei has learned. The probe, which comes amid a spate of fraudulent money transfers in the country, could get underway this summer. An international… Read More

13th July 2021

All for One, or One for All?

When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More

2nd July 2021

U.K. ‘Golden Visa’ Firm Files for Insolvency Following FCA Ban

A London-based wealth manager which helped its overseas investors with visas has filed for administration after the U.K.’s top market regulator expressed concern about its financial crime controls and its use of a controversial entry permit scheme. Dolfin Financial (UK) Limited, a financial boutique with almost 1.3 billion pounds ($1.8… Read More

1st July 2021

UBS in Talks to Settle Belgian Probe Over Client Tax Dodging

UBS AG is in talks with Belgian authorities to resolve an investigation into allegations it helped wealthy clients dodge taxes, local prosecutors said Wednesday. Confirmation of the talks comes after newspaper L’Echo reported that the lender has agreed to pay almost 50 million euros ($60 million) to settle the case… Read More

28th June 2021

Singapore files 13 more charges in massive nickel trading fraud

Singapore prosecutors on Monday filed 13 additional charges against a local businessman in relation to a scheme that allegedly raised more than S$1 billion ($746 million) from investors to fund bogus nickel trades. Authorities in the city state have implicated Ng Yu Zhi, a former managing director of trading companies… Read More

25th June 2021

Dead Banker’s Aides Guilty Over Secret Credit Suisse Stash

Late M&A banker Jean-Marc Forneri’s Swiss lawyer and wealth manager were found guilty of helping him conceal assets and dodge taxes in a French crackdown on those who facilitate financial crime. The Swiss lawyer, John Metzger, was given an 18-month suspended sentence and a fine of 300,000 euros ($359,000) by… Read More

24th June 2021

Fund collapse showed ‘buck stops nowhere’ at UK watchdog, say lawmakers

The collapse of London Capital & Finance showed how Britain’s Financial Conduct Authority appeared unable to meet standards of accountability it imposes on firms it regulates, a parliamentary report said on Thursday. The report from the Treasury Select Committee said the FCA put an “over-reliance” on its collective responsibility for… Read More

16th June 2021

Ukraine Approves Tax Amnesty Criticized by IMF for Graft Risk

Ukraine approved a tax amnesty championed by President Volodymyr Zelenskiy to swell state coffers by combating the shadow economy. Legislation finalized Tuesday by parliament will allow individuals to declare previously undisclosed assets without punishment. The International Monetary Fund has criticized the proposal, saying global experience shows such measures often… Read More

14th June 2021

HK bankers and lawyers win right to apply for access to corporate registry

Hong Kong bankers and lawyers will be able to search the city’s companies registry under proposed exemptions to plans to tighten public access to the database, Secretary for Financial Services Christopher Hui said on Saturday. Business and governance experts have criticised a government plan to restrict access to the personal… Read More

7th June 2021

Canada: Wealthy KPMG clients continued to dodge taxes for years after CRA detected offshore ‘sham’

After amassing a fortune selling scrap metal in South Africa, Peter Cooper immigrated to Canada in the mid-1990s with his sons Marshall and Richard and their families. They settled in Victoria, purchased luxurious homes and became permanent residents — qualifying for Canadian health care and other social services. But that… Read More

3rd June 2021

Banker Flew Jet to U.K. and Found Cops Waiting With U.S. Charges

A banker wanted by the U.S. on money laundering charges was denied bail in the U.K. after he was arrested disembarking a private jet he flew into the country. Peter Weinzierl, the former chief executive officer of an Austrian private bank, better known by its old name of Meinl… Read More

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The UK has been linked to Congo’s ‘conflict minerals’ – where are the criminal charges?