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JPMorgan Chase & Co. settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for 25 million euros ($29.6 million). The case relates to allegations of tax fraud seen to benefit former managers at investment firm Wendel, top financial prosecutor Jean-François Bohnert said at a… Read More

Victims of Bernard Madoff will get another chance at recovering $343 million from Citigroup Inc. after a federal appeals court overturned a ruling dismissing a claim against the bank. The U.S. Court of Appeals in New York on Monday reinstated a suit against Citi by Irving Picard, the trustee… Read More

The Government says it is pressing ahead with plans to set up a new beefed-up white-collar crime agency and it intends to publish proposed new laws to establish the body in coming weeks. The Corporate Enforcement Authority (CEA) will be established as a standalone entity to replace the Office… Read More

Hamas has a secret overseas investment portfolio worth more than $500 million, documents seen by a German newspaper have suggested. The investments include interests in about 40 international companies controlled by Hamas in the Middle East and North Africa, Die Welt reported. The newspaper said it saw documents from… Read More

Businesses registered at some UAE free zones are getting penalty notices for failing to register with updated anti-money laundering (AML) regulations. Further delays in getting themselves registered will expose them to some heavy fines. This is part of the UAE’s zero-tolerance policy on money laundering or other proscribed activities. “Some… Read More

Hong Kong’s leader said she supports adding Beijing’s anti-sanctions law to the city’s constitution, a move that could impose compliance hurdles on multinationals operating in the Asian financial center. Chief Executive Carrie Lam said Tuesday that she backed local legislation to add the new national law to Hong Kong’s… Read More

The Bank of N.T. Butterfield & Son, based in Bermuda, has agreed to pay $5.6 million to resolve a criminal probe by U.S. authorities after admitting it helped hundreds of American clients evade taxes for more than a decade. Between 2001 and 2013, Butterfield helped clients hide assets from… Read More

Information on around 20 Maltese nationals’ offshore holdings in Dubai has been passed on to the financial crime police by the tax authorities. Details from the so-called ‘Dubai list’ was obtained from Germany last week following a request by Malta’s Inland Revenue Department. Last month, Times of Malta reported… Read More

Nearly 15 years after the death of the former Chilean dictator Gen. Augusto Pinochet, victims of his brutal regime are still trying to hold him and his associates accountable. And now the victims appear to be one step closer to justice — even if the courtroom is on the… Read More

Swiss prosecutors have closed a decade-long investigation into the money-laundering scandal exposed by Russian lawyer Sergei Magnitsky, the latest in a string of setbacks in the country’s efforts to tackle financial crime. The decision to end the probe without any charges being brought was a “stain on Switzerland”,… Read More