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USA: Credit Suisse Resolves Fraudulent Mozambique Loan Case in $547 Million Coordinated Global Resolution

Credit Suisse Group AG, a global financial institution headquartered in Switzerland, and Credit Suisse Securities (Europe) Limited (CSSEL), its subsidiary in the United Kingdom (together, Credit Suisse), have admitted to defrauding U.S. and international investors in the financing of an $850 million loan for a tuna fishing project in Mozambique,… Read More

UK: Financial watchdogs told to boost City abroad

The Treasury is to overhaul the role of financial regulators to ensure they do more to boost the international competitiveness of the City after Brexit. John Glen, the City minister, told insurers and banks this week that regulators including the Financial Conduct Authority needed to “smell the… Read More

NatWest faces fine over money laundering failings

NatWest said “we deeply regret” failing to “adequately monitor and therefore prevent money laundering by one of our customers between 2012 and 2016”. The state-backed bank, formerly Royal Bank of Scotland, is the first British lender to admit such an offence. Lawyers told a court hearing that NatWest faces a… Read More
7th October 2021
The Pandora papers data leak has once again highlighted the predatory practices of the world’s political and financial elites – enriching themselves by looting the public purse, or exploiting laws which they themselves helped to establish. About $3.6tn (£2.6tn) of the proceeds from bribery,… Read More
5th October 2021
The police searches were conducted at the request of Zürich’s cantonal public prosecutor earlier this week. The prosecutor has opened a criminal investigation into Greensill’s activities and the way in which Credit Suisse funds that financed the British firm’s contentious lending schemes were managed and marketed, according to two people… Read More
5th October 2021
he job advert seemed timely. It offered between £500-£1,000 a week to work from home as an agent for cryptocurrency transactions. Lauren*, 21, was heavily in debt after a period of unpaid sick leave and leapt at the chance to rebalance her finances. “It had been promoted on social media… Read More
1st October 2021
Prosecutors in Switzerland and abroad are investigating Swiss banking links to a range of alleged money-laundering and tax-evasion offences from Europe to South America, Asia, the Middle East and Africa (click on box below). Recently uncovered suspicious transaction reports, made to the US Financial Crimes Enforcement Network (FinCEN), show Swiss… Read More
1st October 2021
They are accused of setting up an elaborate scheme, known as the “Singapore Solution”, to funnel money out of Switzerland, through structures in Hong Kong and Singapore, and back into Swiss bank accounts. Read more at SWI swissinfo.ch RiskScreen: Eliminating Financial Crime with Smart Technology… Read More
30th September 2021
Beneficial ownership transparency is a crucial strategy for tackling illicit financial flows. It involves identifying the individuals (natural persons) who ultimately own, control, or benefit from a legal vehicle like a company, trust or partnership. Individuals engaging in illegal or illegitimate activities, however, find it quite easy to hide themselves… Read More
26th September 2021
The former boss of a defunct Zurich private bank that was mired in the multibillion-dollar 1MDB scandal faces a trial next week accused of money laundering for a Gulf businessman convicted in the affair. Eduardo Leemann, who denies any wrongdoing, is set to appear at Switzerland’s Federal Criminal Court… Read More
26th September 2021
The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country. The People’s Bank of China (PBoC) officially announced on Friday a set of new measures to fight against crypto adoption… Read More
21st September 2021
By Scott Pham, Buzzfeed News, 20 September 2021 Buzzfeed News — One year ago today, BuzzFeed News and the International Consortium of Investigative Journalists published the FinCEN Files, the largest reporting project ever undertaken, which revealed how terrorists, kleptocrats, and organized criminals laundered enormous sums of… Read More
16th September 2021
Swiss bank Mirabaud & Cie. is being asked by a powerful U.S. lawmaker whether it told the Internal Revenue Service about a businessman’s accounts that are now part of America’s biggest individual tax-evasion case. Senator Ron Wyden, chairman of the Senate Finance Committee, asked in a letter whether Mirabaud told… Read More