Compliance

Featured Compliance

Two decades after 9/11, British authorities continue to allow Taliban to launder money in the UK

UK authorities are still allowing the Taliban to launder its money in the UK 20 years after 9/11 because of their inability to take on the City, a former White House intelligence chief has said. Robert Greenway, a senior director at the National Security Council, said Britain missed opportunities to… Read More

Prince Charles’s charities investigated over controversial donation from Russian banker

Prince Charles has become embroiled in a fresh donations scandal, after it emerged a Russian businessman previously convicted of money laundering tried to donate half a million pounds to his charities. The heir to the throne wrote a fulsome thank you letter to Dmitry Leus last year… Read More

U.S. Congress Weighs Sanctions on Myanmar’s Oil and Gas

The powerful chairman of the House Foreign Affairs Committee is set to unveil a bill to levy new U.S. sanctions on oil and gas, some of Myanmar’s most important industries, and prod the State Department to determine whether Myanmar’s crimes against the Rohingya minority constitute a genocide. Democratic Rep. Gregory… Read More
13th September 2021
An Auckland-based foreign exchange business has been slapped with a $770,000 fine for breaking anti-money laundering laws. “Given the scale, nature and circumstances of KVB’s (CLSA Premium’s) non-compliance, I am satisfied that this penalty accurately reflects the gravity of the breaches and reflects the principles of deterrence and denouncement,” said… Read More
10th September 2021
Britain’s financial regulators said on Thursday that trade finance firms must do more to identify potentially suspicious activities by undertaking additional risk assessments. During the past 18 months there have been several high-profile failures of commodity and trade finance firms with significant losses, the Bank of England and Financial Conduct… Read More
10th September 2021
The UK Foreign Office is to hold urgent meetings with banks, financial institutions and NGOs to clarify how to provide humanitarian aid to Afghanistan without breaching US or UN counterterror sanctions. The takeover of the country by the Taliban, which is internationally designated as a terrorist organisation, presents a… Read More
10th September 2021
Fraud squad detectives are continuing to question a man who was arrested yesterday and is suspected of setting up a bogus construction company for the purpose of laundering money for an international crime gang. The Moldavan national is the second suspect to be arrested in relation to the bogus company… Read More
10th September 2021
A former investment adviser has been sentenced to five years and ten months in prison for money laundering as part of an organised crime group. Richard Faithfull was convicted of laundering £2.5m as part of a trans-national crime group over a period of at least 12 months. He was also disqualified from being a… Read More
10th September 2021
China’s top anti-corruption agency has detained a senior banker from a leading policy bank for investigation, it said. The Communist Party’s Central Commission for Discipline Inspection (CCDI) said on Thursday that He Xingxiang, vice-president of China Development Bank (CDB) and a member of its party committee, was under… Read More
8th September 2021
By Seth Robbins, InSight Crime, 7 September 2021 Insight Crime — A court in Cabo Verde has approved the extradition to the United States of Colombian businessman Álex Saab, who may hold key information on alleged money laundering schemes involving Venezuelan President Nicolás Maduro and other top… Read More
8th September 2021
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
8th September 2021
Pilatus Bank, a small private bank opened in Malta in 2013, was perhaps most notorious for its personal, ‘secret’ business model, largely catering for politically exposed persons (PEPs) under strict rules of due diligence. Having started operations in January 2014, the bank, owned by Ali Sadr Hasheminejad, a US-naturalised Iranian… Read More
8th September 2021
U.S. authorities are investigating whether payments by U.S. weapons maker Raytheon Technologies Corp to a consultant for the Qatar Armed Forces may have been bribes intended for a member of the country’s ruling royal family, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. A lawsuit… Read More