Real Estate
28th July 2021
The Vatican started a corruption trial with alleged offenders including a previously powerful cardinal as Pope Francis ramps up a campaign to overhaul the city state’s scandal-plagued finances. Cardinal Angelo Becciu, who served as chief of staff in the Vatican’s secretariat of state, is the highest-placed Vatican figure to face… Read More
27th July 2021
The New Brunswick government is asking for feedback on proposed changes to corporate legislation that would force companies to reveal who really controls and benefits from them. By signalling a desire to adopt beneficial ownership transparency, the province is following the lead of the federal government, as well as at… Read More
27th July 2021
The Vatican is opening criminal proceedings on July 27 against Giovanni Angelo Becciu, a once-powerful cardinal demoted by Pope Francis last fall, and nine other defendants. They are charged with embezzlement and other crimes linked to a 2013 investment of a purported $240 million… Read More
26th July 2021
A playboy, a femme fatal spy and a powerful Italian cardinal are preparing to stand trial in the Vatican’s biggest corruption probe that has changed the way the Holy See conducts criminal justice. Cardinal Angelo Becciu, 73, once one of Pope Francis’ closest confidants, is accused of syphoning off at… Read More
26th July 2021
Deutsche Bank AG is accused of turning a blind eye to a years-long Ponzi scheme that involved fraudulent investments in Florida, expanding the growing list of legal and compliance headaches for Chief Executive Officer Christian Sewing. Liquidators of two now-bankrupt Cayman Islands investment funds sued the bank in New… Read More
26th July 2021
The Vatican released information on its real estate holdings for the first time on Saturday, revealing it owns more than 5,000 properties as part of its most detailed financial disclosures ever. The information was contained in two documents, a consolidated financial statement for 2020 for the Holy See and the… Read More
23rd July 2021
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
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
20th July 2021
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