Trust & Corp Svcs
13th August 2021
Businesses registered at some UAE free zones are getting penalty notices for failing to register with updated anti-money laundering (AML) regulations. Further delays in getting themselves registered will expose them to some heavy fines. This is part of the UAE’s zero-tolerance policy on money laundering or other proscribed activities. “Some… Read More
11th August 2021
BitMEX, one of the world’s largest virtual currency derivatives exchanges, has agreed to pay up to $100 million to settle U.S. charges of unlawfully accepting customer funds to trade cryptocurrencies when it was not registered to do so as well as failure to conduct customer due diligence. The U.S. Commodity… Read More
11th August 2021
By Katie Jones, InSight Crime, 10 August 2021 InSight Crime – A Chinese businessman laundered tens of millions of dollars in drug money through a Guatemalan casino, a US seafood export company, Miami banks, and Chinese bank accounts, in a case that reveals the wide reach of… Read More
10th August 2021
English football clubs can be bought by criminals to launder the proceeds of their crimes, an Al Jazeera undercover investigation has revealed. The investigation delves into the murky world of club ownership in English football and exposes how rules are being abused. The Men Who Sell Football shows middlemen telling… Read More
10th August 2021
A new report on money laundering in the United States finds that more than US$2.3 billion was laundered through U.S. real estate over a recent five-year period and that commercial real estate is involved in many of those transactions. The study, titled “Acres of Money Laundering: Why U.S. Real… Read More
5th August 2021
More Dubai businesses are finding that what should be a routine process costing them Dh15 to complete is resulting in penalties of Dh15,000 when they do not comply. This is exactly what is happening for those licensed businesses that are not meeting the UAE’s crackdown on UBO (Ultimate Beneficial Owner)… Read More
3rd August 2021
Information on around 20 Maltese nationals’ offshore holdings in Dubai has been passed on to the financial crime police by the tax authorities. Details from the so-called ‘Dubai list’ was obtained from Germany last week following a request by Malta’s Inland Revenue Department. Last month, Times of Malta reported… Read More
2nd August 2021
A Vancouver lawyer has been suspended after letting a client use her firm’s trust accounts to move more than $14 million from other countries without providing any legal services or asking where the money came from. In a disciplinary decision on the professional misconduct of Florence Esther Louie Yen, a hearing… Read More
30th July 2021
A married couple living on the upscale Madrid street Pintor Rosales received €120 million from the state coffers of Equatorial Guinea through the sale of weapons, ships and helicopters to the oil-rich West African State, which was formerly a Spanish colony. The cost of the purchases was grossly marked… Read More
27th July 2021
The international dimension of the Economic Crime Plan is a patchwork of aspirations. A clearer, achievable vision is needed. On the face of it, the UK government has made good progress implementing the actions of its 2019 Economic Crime Plan. According to RUSI’s Economic… Read More