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JPMorgan faces oil bribery probe in Brazil

Brazilian authorities are investigating whether JPMorgan Chase & Co played a role in an alleged bribery and money laundering scheme that dated back to 2011 and involved state-run oil company Petrobras, according to documents reviewed by Reuters and two law enforcement sources. So far, police have focused their attention on… Read More

Luxembourg’s Gramegna defends tax letters targeting undeclared foreign income

Luxembourg’s tax authority is acting well within its rights when it sends letters to residents stating that it suspects they have potential undeclared foreign income, Finance Minister Pierre Gramegna has said, despite the country struggling to shake off its own reputation as a tax haven. Such correspondence, issued by the… Read More

EY under scrutiny after second-largest bankruptcy in Swiss history

EY auditors failed to raise the alarm over multimillion-dollar jewellery purchases and approved huge payments to opaque offshore companies in the years before one of Switzerland’s biggest ever corporate collapses. Zeromax, a conglomerate based in the Swiss canton of Zug, had a business empire in Uzbekistan with interests ranging from… Read More

3rd September 2021

JPMorgan Settles French Tax-Fraud Case for $30 Million

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

31st August 2021

Madoff Victims Get Second Crack at Citigroup’s $343 Million

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

19th August 2021

‘Irish FBI for white collar crime’ to be established in coming weeks

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

13th August 2021

Hamas’ secret foreign investment portfolio reportedly worth $500m

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

13th August 2021

UAE anti-money laundering rule: Some free zone businesses find compliance is no easy task

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

11th August 2021

Hong Kong Leader Backs Local Version of China Sanctions Law

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

5th August 2021

Bermuda’s Butterfield Bank Admits It Helped Americans Evade U.S. Taxes

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

3rd August 2021

Data on Maltese nationals’ Dubai offshore holdings given to police

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

3rd August 2021

Spanish Court Targets Chilean Bank Tied to Pinochet

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

28th July 2021

Swiss prosecutors end Magnitsky investigation without bringing charges

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

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