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
22nd July 2021
Slovenia now risks court action unless it rapidly appoints two prosecutors to the recently-established EU watchdog tasked to fight financial crimes. “We will think about a possible procedure before the court,” EU justice commissioner Didier Reynders said on Tuesday (20 July). Slovenia is currently at the helm of the rotating… Read More
21st July 2021
Seven people have been arrested in an operation that police think may have “significantly disrupted” a people smuggling network which moved hundreds of Albanian migrants to the UK illegally. The National Crime Agency (NCA) said the network’s alleged ringleader was among those who were detained in a series of raids… Read More
21st July 2021
The Biden administration on Tuesday designated former Honduran President Porfirio “Pepe” Lobo Sosa and his wife, former first lady Rosa Elena Bonilla Avila, for their involvement in “significant corruption” while in office, barring them from entry to the United States. Secretary of State Antony Blinken announced the designations in… Read More
20th July 2021
A prosecutor in Lebanon has summoned central bank chief Riad Salameh for questioning next month over corruption allegations, a judicial source said on Monday. Mr Salameh, one of world’s longest-serving central bank governors, is facing a series of allegations, including from Switzerland, France and Britain, over suspicions of money laundering,… Read More
20th July 2021
Syrian President Bashar al-Assad said on Saturday the main impediment to investment in the country was money stuck in ailing Lebanese banks. In a speech after being sworn in as president for a fourth term, Assad said estimates suggested the frozen funds were worth between $40 billion and $60 billion. Read More
20th July 2021
The U.S. Treasury Department’s anti-money laundering (AML) unit recently issued the much-anticipated AML priorities Congress demanded in the Anti-Money Laundering Act of 2020, a legislative effort to clarify where financial institutions should focus their efforts to more effectively police transactions for illicit activity. Some experts said the AML and counter-terror… 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
19th July 2021
U.S. President Joe Biden launched a new initiative last month to focus the government on the fight against corruption, a struggle he called “essential to the preservation of our democracy and our future.” The stakes are indeed high, and Biden was right to commit to working with… Read More
19th July 2021
The Enforcement Directorate on Saturday arrested Shivlal Pabbi, a Dutch national who allegedly ran ‘hawala’ operations in the garb of ready-made garments trade in the Netherlands. The accused got the proceeds of the crime laundered via some Pakistan nationals based in Dubai. Mr. Pabbi was allegedly trying to flee the… Read More