06.27.17

EU Anti-Money Laundering rules: tackling risky business and reckless conduct

Soft Brexit or Hard Brexit there is no getting away from the fact that 26 June 2017 marks the day that the 4th EU Money Laundering Regulation (“4MLD”) applies. Great Repeal Bill or no the UK has to meet its obligations in this area and will do so under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.



06.27.17

This is how the UK can prevent money laundering

Almost eight in 10 of financial crime professionals in UK financial services believe that the 4th EU Anti-Money Laundering (AML) Directive will make it easier for firms to prevent money laundering a survey of nearly 200 professionals has revealed.



06.27.17

France: Congo President’s Daughter Charged With Money Laundering

French authorities charged the daughter and son-in-law of Congo’s President with “money laundering and misuse of public funds,” as part of a larger investigation into the assets of three African presidential families, media reported Sunday. They almost got away with it too.



06.27.17

Pakistan Criticised By Global Financial Watchdog For Terror Financing

A leading intergovernmental financial watchdog has slammed Pakistan for continued complicity in financing terrorist entities, adding that certain UN-designated terror groups in the country receive money due to lack of control by the authorities. At its meeting in Spain's Valencia, the Financial Action Task Force (FATF), a Paris-based organisation which sets standards for banks globally, closely scrutinised Pakistan's record on terror financing.



06.27.17

Kingpins and Corruption: Targeting Transnational Organized Crime in the Americas

Transnational organized crime resides at the heart of nearly every major threat confronting the Americas today. These organizations systematically degrade democratic institutions and the rule of law, stunting economic growth and stifling legitimate commerce and investment.



06.26.17

Trending: Hollywood stars caught up in money laundering

Despite the epic rise of the anti-money laundering (AML) movement seen across the globe since the 2008 global financial crisis, coupled with the robust regulatory standards which financial institutions must comply with today, global money laundering statistics are still astonishing.



06.26.17

Lloyds chiefs covered up Wolves of Wall Street fraud for ten years

A fraud that wrecked dozens of businesses was covered up by bosses at Lloyds and HBOS for nearly a decade, a police commissioner has claimed. A gang of criminal bankers at the Reading branch of HBOS, led by Lynden Scourfield, used a loan scam to deliberately destroy firms they were employed to save.



06.26.17

Bitcoin’s Legal Status Around the World

When bitcoin was created in 2009, it was supposed to act as a peer-to-peer cash system, but it has taken on a different form. To earn bitcoin, a person has to act as a miner, which involves them using their computer’s energy to maintain the blockchain. Bitcoin would therefore act as the reward for this computing power.



06.26.17

4th EU AML Directive will make curbing crime easier, but cost banks millions

As the 4th EU AML Directive comes into force today, a pair of studies suggests that while most UK FS industry financial crime professionals think the new rules will make it easier to prevent money laundering, they are likely to cost banks millions in inefficient KYC checks.



06.26.17

Japan's Casinos Don't Need High Rollers

One issue, highlighted by the panel drafting Japan's new regulations, is crime. "The junket system brings the risk of money laundering, organized crime and illegal high-interest loans," Masayuki Watanabe, a lawyer with Miyake & Partners in Tokyo and a member of the panel, said in a report.



06.23.17

11 indicted for laundering $40 million in Atlanta-area drug proceeds

Eleven individuals were charged Wednesday with laundering more than $40 million in drug proceeds back to Mexico through Atlanta-area money remitters following a three-year criminal investigation led by U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) and the IRS.



06.23.17

Private bank Rothschild fined in 1MDB case - source

Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild for its handling of funds linked to scandal-hit Malaysian investment fund 1MDB, a source familiar with the matter said on Thursday.



06.23.17

Leonardo DiCaprio hands over Brando's Oscar, a Picasso and more to the U.S. government

In November 2012, Leonardo DiCaprio — at the time, three months into filming "Wolf of Wall Street," which would later further his legacy of almost-Oscars for a fourth time — received Marlon Brando's best actor statuette for 1954's "On the Waterfront" as a 38th birthday gift.



06.23.17

Will South Africa banking suffer from political crisis?

The economic outlook for South Africa has weakened drastically this year. On April 3, Standard & Poor’s (S&P) downgraded the country’s credit rating from BBB- to a junk rating of BB+ just a few days after the decision was taken by the country’s president, Jacob Zuma, to fire his finance minister, Pravin Gordhan, and his deputy, Mcebisi Jonas.



06.23.17

Four in court over police raids on organised crime

Four people have appeared in court after a major police investigation into organised crime. It follows raids at 20 properties across Northern Ireland - more than half of which were in Derry - that involved about 400 officers. The charges relate to assets worth more than £1m that include property, cash, drugs and high value jewellery - including valuable Rolex watches.



06.22.17

Cuban loses bid to dismiss $238 million Medicare money-laundering case in Miami

A Cuban businessman charged with laundering $238 million in illicit Medicare payments through South Florida will have to face trial now that a federal judge has rejected his motion to dismiss a massive money-laundering case against him. The motion by Jorge Emilio Perez de Morales to dismiss the indictment was highly unusual because the 52-year-old is considered a fugitive after fleeing to Spain.



06.22.17

Feds charge 11 for laundering $40M from metro Atlanta to Mexico

Federal investigators have charged 11 people with laundering more than $40 million worth of drug money to Mexico through metro-Atlanta area money transfer services. The nine people in custody are from Gwinnett County, DeKalb County and Atlanta.



06.22.17

Jury Convicts Minnesota Man in $2M Bakken RV Park Fraud

A federal jury has convicted a Minnesota man prosecutors said stole $2 million from investors hoping to make money off North Dakota's oil boom and using the money instead to buy vintage cars and an island. Jurors found Ronald David Johnson, 51, of Corcoran guilty on all counts of wire fraud and money laundering, the U.S. attorney's office said Tuesday.



06.22.17

Dallas newsstand operator admits cashing $16.6M in fraudulently obtained Treasury checks

A McKinney man has pleaded guilty to fraudulently obtaining and cashing more than $16 million in U.S. Treasury checks out of his downtown Dallas newsstand. Moiz Mumtaz Ali, 36, pleaded guilty last week to failing to prevent money-laundering at his check-cashing business, U.S. Attorney John Parker for the Northern District of Texas said in a prepared statement.



06.22.17

Denmark says, "Not in my house!"

Denmark is tightening its anti-money laundering laws in response to revelations in the so-called Panama Papers, with the government targeting tougher prison sentences for individual bank managers and consultants involved in breaches. “We will not accept this in Denmark,” Business Minister Brian Mikkelsen said.