Compliance

Featured Compliance

UK Blacklists Five Individuals Accused of Exacerbating Suffering Through Corruption

The United Kingdom on Thursday imposed asset freezes and travel bans on five individuals accused of enriching themselves from illicit schemes that worsened human suffering in Equatorial Guinea, Zimbabwe, Venezuela and Iraq. The sanctions announced by UK Foreign Secretary Dominic Raab under the nation’s Global Anti-Corruption sanctions regime target Equatorial Guinea’s… Read More

MPs demand answers over closure of bank accounts

MPs are investigating banks over complaints that the accounts of innocent customers have been closed during a crackdown on money laundering. Mel Stride, chairman of the Treasury select committee, has written to Nikhil Rathi, chief executive of the Financial Conduct Authority, raising concerns over reports of account closures at NatWest… Read More

Banks under more scrutiny in new US advisory on Xinjiang

The US government has signalled extra scrutiny banks over supply chains that include forced labour in the Chinese province of Xinjiang. An updated business advisory published by several US government departments on July 13 dedicates much greater attention to the role of banks and other financial institutions compared to the… Read More
23rd July 2021
El Salvador has ordered the arrest of former president Salvador Sanchez Ceren and nine top officials from a past administration as part of a money laundering and corruption probe, the Attorney General’s office said on Thursday. The office said Sanchez Ceren was out of the country, but five former high-ranking… Read More
23rd July 2021
B.R. Shetty, the founder of stricken UAE hospital operator NMC Health, has sued auditor EY, two former top executives of his companies and two banks in a U.S. court, seeking $8 billion in damages for an alleged multibillion-dollar fraud at his group. EY said in a statement: “We believe this… Read More
23rd July 2021
AP — The energy giant at the center of a $60 million bribery scheme in Ohio admitted Thursday to using dark money groups to fund the effort, and agreed to pay $230 million and other conditions so prosecutors won’t forge ahead with a criminal case against the… Read More
23rd July 2021
The infamous Sinaloa Cartel is relying on its wives to keep its more complicated operations going, according to cartel operatives, security analysts, and government indictments. The arrests of Emma Coronel Aispuro, the wife of jailed kingpin Joaquin “El Chapo” Guzman, and of Mia and Olivia Flores, wives of Pedro and… Read More
22nd July 2021
Brussels has set its sights on dirty money. The European Commission on Tuesday unveiled a massive package of anti-money laundering initiatives to drive dirty money out of the bloc after repeated failures in supervision. The crowning feature of the four-pronged package is a plan to introduce a new… Read More
22nd July 2021
TSB has agreed to pay $3.85 million in penalties after acknowledging it failed to comply with rules designed to prevent the bank being used for money-laundering. TSB and the Reserve Bank, which polices anti-money laundering (AML) rules, presented the settlement for approval by the High Court in Wellington on Thursday,… Read More
22nd July 2021
Legislation to streamline the UK’s anti-corruption laws and sweep away a myriad of disparate archaic offences was introduced by the coalition government in 2010. But in the week when fraud investigators have struck two more deferred prosecution agreements with corporations, views are mixed as to whether the Bribery Act… Read More
22nd July 2021
AP — Mexico’s top anti-money laundering investigator said Wednesday that officials from previous administrations from 2012 to 2018 spent about $300 million in government money to purchase spyware from the Israeli spyware firm NSO Group. The bills for programs like the Pegasus spyware appear to have included… Read More
22nd July 2021
Washington will apply “hard-hitting sanctions” on Cuban officials responsible for cracking down on demonstrations that rattled the communist island earlier this month, a U.S. State Department official said Wednesday. In a series of tweets, Julie Chung, the acting assistant secretary for the U.S. Department of State’s Bureau of Western Hemisphere… Read More
21st July 2021
The European Commission wants to end anonymity in cryptocurrencies and establish a new anti-money laundering agency to enforce tougher rules in a plan to crack down on the proceeds from crime. The proposals launched by financial services commissioner Maireád McGuinness aim to “improve the detection of suspicious transactions and… Read More