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Italy investigates Blackstone-owned LIA insurer over tax evasion allegations -sources

Milan prosecutors are investigating Lombard International Assurance (LIA), a Luxembourg-based insurer owned by U.S. fund Blackstone, due to allegations of tax evasion and money laundering, two judicial sources said. Newspaper Sole 24 Ore had reported the investigation on Wednesday and the judicial sources confirmed the details of the report. The… Read More

Danish pension firms censured for failure to ID money-laundering risks

Six Danish pension providers have been ordered to revise their risk assessments regarding money laundering, after the country’s financial watchdog followed through on a tightening of the regulations at the end of last year. AP Pension was given several official orders to correct procedures, while others, such as Danica Pension… Read More

Banks Small in Stature, High in Risk Could Escape Direct EU Oversight

The European Union’s planned new anti-money laundering agency will have broad powers to subject the bloc’s “riskiest” financial institutions—and their national supervisors—to rigorous scrutiny, a draft regulation obtained by ACAMS moneylaundering.com shows. On July 20, the European Commission, the EU’s executive branch, will unveil a wide-ranging regulation to enhance the… Read More
13th July 2021
When President Biden signed Executive Order (E.O.) 14024 in April, there were likely more than a few eyebrows raised within the compliance community. For one, the order, which authorized the imposition of sanctions on Russian interests for “specified harmful foreign activities”, marked a departure from the previous administration’s response to the alleged… Read More
30th June 2021
The Financial Action Task Force (FATF) on Tuesday outlined guidance for national supervisors, banks and other firms on how to identify and mitigate their exposure to the funding of weapons of mass destruction. The guidance follows the intergovernmental organization’s formal adoption in October of revisions to its Recommendation… Read More
25th June 2021
The European Union imposed wide-ranging economic sanctions on Belarus for the first time on Thursday, targeting its main export industries and access to finance a month after it forced a Ryanair flight to land in Minsk. The measures include banning EU businesses from importing goods or doing business with Belarusian… Read More
27th May 2021
Manhattan’s district attorney has convened the grand jury that is expected to decide whether to indict former president Donald Trump, other executives at his company or the business itself, should prosecutors present the panel with criminal charges, according to two people familiar with the development. The panel was convened recently… Read More
23rd May 2021
CNA Financial Corp., among the largest insurance companies in the U.S., paid $40 million in late March to regain control of its network after a ransomware attack, according to people with knowledge of the attack. The Chicago-based company paid the hackers about two weeks after a… Read More
9th May 2021
One of Europe’s top five insurers has said it will stop reimbursing people in France who pay up after being targeted by cybercriminals with ransomware. The global insurance company said on Thursday that it will stop writing cyber-insurance policies that cover customers for extortion payments to ransomware attackers. Ransomware attacks… Read More
28th April 2021
A former minister in the government of Barbados was sentenced on Tuesday to two years in prison for laundering bribes he received from a Barbadian insurance company through a U.S. bank, the U.S. Justice Department said. Donville Inniss, 55, who had served as minister of industry in the Caribbean nation… Read More
26th April 2021
The Morrison government has walked away from plans to unmask nominee directors, a move experts claim will entrench Australia as a safe haven for laundered money and the proceeds of corruption. Australia committed to introducing a so-called “beneficial ownership register” in 2016 and again in 2018 with expectations the reform… Read More
13th April 2021
The Reserve Bank of New Zealand (RBNZ) said on Tuesday it was expanding its regulatory resources with a new standalone enforcement department focusing on compliance in the banking, insurance and anti-money laundering sectors. The new department and the bank’s separate supervision team will work closely to achieve compliance goals, RBNZ… Read More
26th March 2021
A Melbourne man accused of orchestrating a $395 million fraud to dupe two Korean investment houses into investing in fake NDIS-related property deals has appeared in court. Demetrios “James” Charisiou on Friday attended a short administrative hearing at the Melbourne Magistrates via video to face five… Read More