03.24.17

Ghana Risks Being Blacklisted Over Anti-Money Laundering Policy

Ghana has been cited as one of the countries in the world where money laundering activities grew in 2016 and has recorded two money laundering convictions in the same year, a recent report from the US State Department has said.



03.24.17

Philly D.A. Seth Williams Pleads Not Guilty to Corruption Charges

Philadelphia District Attorney Seth Williams has pleaded not guilty to 23 corruption charges, including wire fraud, extortion, the use of interstate facilities to promote bribery and honest services fraud. Federal authorities revealed the charges yesterday, one month after Williams surprised the city by announcing that he would not run for reelection in May.



03.24.17

Dirty Money is Flooding into Britain and the Government is All Talk

The latest revelations by The Guardian newspaper showing that major UK banks are involved in money laundering will hardly surprise anyone. Only last year, parliament was told that London is the money laundering capital of the world, and that law enforcement is ‘exceptionally weak’. The finance industry in the UK and elsewhere has been very adept at making profits at almost any cost.



03.24.17

Is Suspect Fugitive Money-launderer or Legit Cuban Businessman?

A Cuban businessman charged with laundering $238 million in ill-gotten Medicare payments asked a federal judge Wednesday to throw out the indictment against him, claiming he was running a legitimate remittance company outside the United States so he couldn’t have committed a crime.



03.24.17

S. Korea Prosecutors Grill Park Over Corruption Allegations

South Korea's just-ousted president returned home early Wednesday after being grilled by prosecutors in a long-awaited investigation of corruption allegations that ended her rule and now threaten to put her in jail. The questioning of Park Geun-hye came 11 days after the Constitutional Court unanimously ruled to dismiss her over suspicions she colluded with a confidante to extort money from businesses and committed other wrongdoings.



03.23.17

Coutts, Barclays face $740m Russian laundering claim

Royal Bank of Scotland's Coutts, HSBC and Barclays are among the UK banks believed to have processed almost $740 million (£598 million) on behalf of Russian money launderers with ties to gangsters and intelligence services.



03.23.17

Brexit Will Only Mean More Money Laundering Scandals Like Global Laundromat

The irony of revelations from the Global Laundromat scandal landing almost exactly a year on from the Panama Paper leaks is not lost on many readers. Clearly the lip-service to greater transparency that followed the financial leak has come to nought.



03.23.17

Key Financial Services Initiatives in Hong Kong’s Budget Address

On 22 February 2017, the Financial Secretary’s budget speech outlined a number of initiatives designed to reinforce Hong Kong’s status as an international financial centre. Below are some highlights for the asset management sector.The Financial Services and the Treasury Bureau (FSTB) has conducted two consultations on legislative proposals to address perceived deficiencies in the anti-money laundering and terrorist financing regime.



03.23.17

South Korea's Park Emerges After Hours of Interrogation

Ousted South Korean President Park Geun-hye left prosecutors' offices early on Wednesday after being questioned in an investigation into a corruption scandal that ended her presidency this month. Park did not respond to reporters' questions as she emerged from the building after nearly 22 hours and entered a waiting car to be driven to her private home.



03.23.17

Philly DA Should Resign Following Corruption Charges

The mayor is calling for Philadelphia’s top prosecutor to resign after he was charged Tuesday with taking more than $160,000 in luxury gifts, Caribbean trips and cash, often in exchange for official favors that included help with a court case, according to a bribery and extortion indictment unsealed Tuesday.



03.22.17

New DOJ Guidance For Evaluating Corporate Compliance Programs

The United States Department of Justice’s Fraud Section recently released a guidance document entitled Evaluation of Corporate Compliance Programs (“Evaluation Guidance”),[1] which sets forth a list of common questions that the Fraud Section may ask in evaluating corporate compliance programs in the context of a criminal investigation.



03.22.17

Media: USD 1.6 billions of Russian money laundered through Estonian banks

TALLINN - An international group of investigative journalists has revealed how banks laundered 20.8 billion U.S. dollars of Russian money of illegitimate origin, of this nearly 1.6 billion dollars through Estonia, Postimees reported.



03.22.17

Danish banks in gigantic money-laundering scandal

The two biggest banks in Denmark, Danske Bank and Nordea, have been used for money laundering on an epic scale, reports Berlingske. Authorities in Moldova and Latvia are investigating an international criminal network that has managed to hide billions of kroner – the proceeds of illegal activities – in a number of international banks, including Nordea and Danske Bank.



03.22.17

South Korea's Ousted Leader Questioned Over Corruption Scandal

South Korea's just-ousted president said Tuesday she was "sorry" to the people as she underwent questioning by prosecutors over a corruption scandal that led to her removal from office.



03.22.17

The impact of corruption and lost $15 billion on Zimbabwe’s economy

Transparency International Zimbabwe (TIZ) reported in October 2016 that Zimbabwe is losing at least $1 billion annually to corruption, with police and local government officials being among the worst offenders. Despite the high level of corruption in Zimbabwe, there has been a paucity of empirical studies on its impact on the economy.



03.21.17

Salesman Who Bought Gold in Jungle to Fight Laundering Case

Juan Pablo Granda had a simple job -- go into South American jungles and buy gold for his employer, NTR Metals, to smelt. After U.S. investigators began examining whether NTR might have helped traffickers convert cocaine profits into cash, the company hired Jones Day to review its practices -- and Granda agreed to help the law firm, his lawyer said.



03.21.17

UK banks 'handled' $740 mn in laundered Russian money: reports

Several British banks allegedly processed nearly $740 million in a multi-billion dollar Russian money-laundering scam, The Guardian newspaper reported on Monday. According to documents obtained by the Organized Crime and Corruption Reporting Project, at least $20 billion was moved out of Russia between 2010 and 2014 in a vast criminal operation called "The Global Laundromat".



03.21.17

Chinese Bitcoin Rules Would Require Identify Verification

China’s central bank is expected to proceed with new bitcoin regulation that will require exchanges to identify clients and follow banking guidelines. MarketWatch reported that the increased scrutiny from the central bank has led many bitcoin exchanges to suspend withdrawals from their platforms and impose trading fees. As a result, Chinese investors have pulled back from the market.



03.21.17

Brazil’s President calms corruption fears

Brazil’s president has played down a corruption scandal that’s tarnished its valuable meat industry. Investigators are looking into claims that companies paid bribes to conceal unhygienic conditions at meatpacking plants.



03.21.17

South Korean prosecutors question heads of major conglomerates as corruption probe widens

The corruption investigation that led to the removal of South Korea’s president this month appears to have widened yet again, with prosecutors in recent days questioning executives from two more of the nation’s top conglomerates about the case.