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Robinhood faces $35mn fine from New York DFS

The renegade trading platform, Robinhood, which was central to the GameStop shares frenzy earlier this year, faces a US$35mn fine from New York financial regulators. The company’s crypto division was issued with a wrist slap in 2020, following the red flagging of several “matters… Read More

Biden says ‘just the beginning’ on Cuba sanctions for crackdown on protests

U.S. President Joe Biden said on Thursday that new U.S. sanctions on Cuba target those responsible for a crackdown on protesters and that they are only the first step in the American response. “I unequivocally condemn the mass detentions and sham trials that are unjustly sentencing to prison those who… Read More

Singapore: Man allegedly helped his firm evade about $1.8m in GST, gave false replies to Iras auditors

A 35-year-old man allegedly assisted his company in evading a total of about $1.8 million in goods and services tax (GST) over a period of four years. Lau Zhen Zhou, who is the sole shareholder and director of Safety Marine Management, was charged on Friday (July 23) with 20 counts… Read More
25th July 2021
Malaysia and the United States (US) have strengthened bilateral tax relations with the implementation of the Foreign Account Tax Compliance Act (FATCA), said the Ministry of Finance (MoF). In a statement today, the ministry said the enactment of FATCA was following the conclusion of an intergovernmental agreement signed on July… Read More
23rd July 2021
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
23rd July 2021
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
23rd July 2021
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
According to the Swiss federal criminal court last week, the corruption destroying the Democratic Republic of the Congo – where devastating conflicts over minerals used in our electronics have killed more than six million people – is inextricably linked to the UK, Gibraltar and Switzerland. It was… 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
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