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14th October 2016
China’s cabinet and major financial regulators on Thursday published details of rules aimed at stamping out fraud and illegal fundraising in the country’s fast-growing online finance sector. The State Council document, which dates from April, provides guidelines and more far-reaching oversight for regulation of online financial activity, including peer-to-peer (P2P)… Read More
14th October 2016
Two former employees of Micro 2000 Technology were charged with corruption on Friday (Oct 14). Ng Jun Siang, a former team leader for Customer Service Officers (CSOs), is accused of 26 counts of corruptly accepting gratification amounting to S$238,530, according to the Corruption Practices Investigation Bureau (CPIB). The court heard that… Read More
14th October 2016
A former Brazilian senator was sentenced on Thursday to 19 years in prison for corruption, money laundering and obstruction of justice in the investigation of kickbacks at state-run oil company Petrobras. Gim Argello was arrested in April on evidence he took 7.35 million reais ($2.28 million) in bribes to ensure… Read More
14th October 2016
A Pico Rivera nightclub owner was sentenced to prison Thursday for laundering money in a drug-trafficking ring operating in the United States and Mexico, authorities said. Edgar Fragoso, the owner and general manager of El Rodeo nightclub, had admitted to laundering about $235,000 in cash through his Washington Boulevard nightclub, according… Read More
13th October 2016
Three associates of Hizbullah party suspected of laundering cocaine money for the Colombian cartel have been busted after agents said they illegally moved $500,000 into Miami banks through a series of complicated financial transactions stretching from Australia to Europe, the Miami Herald reported. Mohammed Ahmad Ammar, 31, is… Read More
13th October 2016
Embraer SA is close to completing agreements with U.S. and Brazilian investigators to settle allegations of corruption that have hovered over the aircraft maker since 2011. Final agreements — with the U.S. Justice Department and Securities and Exchange Commission and with Brazil’s federal public prosecutor and market regulator CVM —… Read More
13th October 2016
Britain will give law enforcement agencies the power to force suspected criminals to explain the source of their wealth under new legislation published on Thursday. The government said the Criminal Finances Bill, which is subject to parliament’s approval, would introduce “unexplained wealth orders”, under which those who are not able… Read More
13th October 2016
The Maldives has announced it will leave the Commonwealth after mounting pressure from the 53-nation group over corruption and deteriorating human rights in the Indian Ocean state. The country’s government, which has been fending off rumours of an impending coup and allegations of money laundering, said the decision on Thursday… Read More
13th October 2016
The Directorate for Investigating Organised Crime and Terrorism (DIICOT) has detained the owner of RoStar biscuit factory for tax evasion and money laundering which caused the Romanian state an EUR 13.6 million loss. DIICOT prosecutors have accused Halil Bulut, Raluca Anamaria Blaj, Ioan Todoran, Mihai Gheorghe, Cornel Costea and Imad… Read More
13th October 2016
The Swiss financial system is susceptible to money laundering with the number of cases rising over the past five years, warns the head of Switzerland’s financial regulatory body, FINMA. “The risk of money laundering in Switzerland has increased these past five years,” FINMA boss Mark Branson told the Tribune de… Read More