Real Estate

Featured Real Estate

Westpac accuses Forum and Papas of 100 frauds

Westpac alleges colourful soccer identity Bill Papas and his company Forum Finance orchestrated more than 100 allegedly fraudulent transactions that siphoned off over $340 million from the bank during a near three-year period. The details of the extent of Mr Papas’s fraud were detailed in a statement of claim filed… Read More

TSB agrees to $3.85m penalty for money-laundering failures

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

Vatican criminal trial to shed light on failed Carige bank takeover

The thwarted takeover of a troubled Italian bank in 2018 will come into focus in a forthcoming Vatican trial that is tied to Pope Francis’s efforts to clean up Holy See finances after decades of scandals. Weakened by mismanagement and bad loans, Carige bank was placed under special administration by… Read More
20th July 2021
The Anti-Money Laundering Council (AMLC) will now begin freezing accounts related to the National Democratic Front of the Philippines (NDFP) after the anti-terror council designated the group as terrorists. “The AMLC issued resolution No. TF.42 Series of 2021 directing the issuance of sanctions freeze order to take effect immediately against… Read More
20th July 2021
More real estate brokers and developers are registering with the Anti-Money Laundering Council (AMLC) after being included as covered entities in the monitoring of dirty money transactions in the country. The AMLC said close to 3,300 real estate brokers and developers registered as of end-May, representing about 11 percent of… Read More
19th July 2021
Thanks in large part to the ongoing COVID-19 pandemic, “golden visas” and “golden passports”—visas and passports granted to wealthy foreign nationals in return for significant investments, regardless of the sources of their wealth—have exploded in popularity over the past year. The market is thriving, thanks to record numbers… Read More
19th July 2021
An evaluation by global organisation Financial Action Task Force (FATF) to analyse the effectiveness of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time in view of the ongoing COVID-19 pandemic and is now slated to be initiated next year, officials said. The… Read More
18th July 2021
The colourful soccer identity and business partner accused of defrauding Westpac by almost $400 million allegedly funnelled tens of millions of dollars of proceeds into high-end residential properties in Melbourne and near Sydney and a portfolio of petrol stations in small Victorian towns. The alleged $360 million fraud by Bill… Read More
16th July 2021
By Delfin Mocache Massoko, Stelios Orphanides and Pete Jones, OCCRP, 15 July 2021 OCCRP – A power couple running Equatorial Guinea’s national oil company secretly oversee a global property empire –– which reporters discovered hidden behind a veil of shell companies –– that even their hefty pay packages… Read More
16th July 2021
What links an Italian broker accused of extorting the Vatican, South African brothers accused of absconding with bitcoin worth more than $3bn from their investors and a disgraced Turkish banking mogul who served time for harbouring his nephew after a murder? They all recently became citizens of… Read More
15th July 2021
Nicola Sturgeon “misled” the Scottish Parliament when she said her Government couldn’t launch a money laundering probe against Donald Trump, a court has heard. The Court of Session heard how the SNP administration was asked last year to investigate how the Trump Organisation managed to pay for golf course developments… Read More
14th July 2021
The Philippines’ real estate sector has a medium high vulnerability to dirty money transactions due to limited anti-money laundering/combating the financing of terrorism (AML/CFT) regulation, according to the Anti-Money Laundering Council (AMLC). In a report, the AMLC said it received 142,562 covered transaction reports (CTRs) worth P684.4 billion, as well… Read More
14th July 2021
When U.K. authorities began investigating wealth belonging to a politically-connected Azerbaijani family, their suspicions were triggered by a raft of “brass plate” companies that funneled more than double the amount of the couple’s stated income. Almost 14 million pounds ($19.3 million) was routed into British bank accounts controlled by Suleyman… Read More