Senior judges and magistrates from 13 out of 17 Eastern and Southern African Anti-Money Laundering Group Member States will gather in Swakopmund next week for a judicial retreat. The main purpose of the meeting will be to deliberate on issues related the effective and timely adjudication of civil and criminal… – Continue reading
Australian authorities urged to undertake prosecution of those linked to property purchases KUALA LUMPUR: Three activist groups have lodged reports with Australian authorities to investigate overpriced property purchases in Melbourne by a Mara subsidiary for possible prosecution on grounds of tax evasion and money laundering. The three groups are National… – Continue reading
DAKAR – Africa is usually perceived as a net beneficiary of the global financial system, with aid and investment flowing to the continent from richer parts of the world. This is simply not true. Illicit capital flight is draining Africa dry – costing the continent about one trillion dollars over… – Continue reading
The government’s grip over information is tightening not only in respect of transactions undertaken within the country but also overseas In a liberal economic and low tax rate environment, people are expected to go straight. Tax fraud and tax evasion deprive governments of revenues needed to restore growth and at… – Continue reading
Kenneth Landgaard had what he thought was a foolproof plan for moving illicit cash out of the U.S. to safe havens in Belize and Panama, prosecutors said: pack it in Louis Vuitton duffel bags. The idea was meant to reassure the crew that the deal wasn’t a set-up, according to… – Continue reading
MUMBAI: The Bombay Stock Exchange (BSE) today called for ending exemption of capital gains tax on securities to contain various entities using capital markets to evade taxes and launder money. The government should re-think the exemption on capital gains taxes on traded securities, which listed companies enjoy, in order to… – Continue reading
A recent report from the U.S. Treasury Department pinpoints U.S. banks as the source for more than $300 billion a year in dirty money. That leads to big fines for banks. But on the U.S.-Mexico border, it’s small business owners who are being blamed. Nearly a quarter million head of… – Continue reading
The FINANCIAL — On June 10, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Panama. Panama’s economic performance is expected to remain strong. Real GDP slowed to 6.2 percent in 2014, reflecting a slower pace of public investment, continued weakness in Colon… – Continue reading
Step aside, Doctors Without Borders. A new class of professionals is ignoring national frontiers to come to the aid of economically struggling nations. A team called Tax Inspectors Without Borders will begin helping developing countries deal with the flood of income to low-tax jurisdictions once it’s established next week by… – Continue reading
Romanian prosecutors seized assets of Russian oil firm Lukoil worth up to 2 billion euros ($2.22 billion) in an investigation on suspicion of money laundering, a local court was quoted as saying on Wednesday by state agency Agerpres. In October of last year Romanian prosecutors, police and customs inspectors raided… – Continue reading
NEW DELHI: The government on Monday clarified that authorities will not use information furnished under the one-time compliance scheme for undisclosed overseas assets to launch an anti-money laundering probe unless it is established that there is a “predicate offence”, or an act that results in the proceeds being used for… – Continue reading
[NEW YORK] HSBC Holdings Plc, smarting from a US$1.9 billion fine for providing banking to money launderers and sanctions-dodgers, promised US officials it would clean up its act. Within a year, its reform efforts met resistance from leaders of HSBC’s US investment-banking unit – some of whom mounted a campaign… – Continue reading
Moshe Asher told the Institute of Certified Public Accountants that money can be raised from unreported capital instead. Israel Tax Authority head Moshe Asher stated clearly today that no new tax hikes were necessary. Speaking at a conference of the Institute of Certified Public Accountants in Israel at a session… – Continue reading
NEW DELHI: India said it was cracking down on attempts to launder black money locally and told people with unaccounted assets abroad that it will become increasingly difficult to conceal these, urging them to make use of a window that shuts on September 30. The government will start receiving financial… – Continue reading
Five days after the emergence of the most serious allegations of large-scale corruption in recent memory, the PSNI has still not opened a criminal investigation. The TUV leader Jim Allister said that, after days of continued revelations about the irregular nature of the sale of NAMA’s – the Republic’s ‘bad… – Continue reading
Channel 4 documentary shows agents in wealthy districts agreeing to continue with purchase to be made with ill-gotten gains from Russian health budget Top estate agents in Britain’s wealthiest postcodes are willing to turn a blind eye to apparent money laundering by corrupt foreign buyers, according to an investigation by… – Continue reading
The Financial Monitoring Service of Azerbaijan’s Central Bank will send the National Action Plan on the elimination of risks in the fight against money laundering and terrorism financing to the World Bank in September 2015. The National Plan was discussed by WB’s experts during a seminar held in Baku between… – Continue reading
As far as Sebi’s role goes, it might spread itself too thin if it chases every whiff of a tax scandal Lately, there have been a string of orders by the Securities and Exchange Board of India (Sebi) alleging misuse of stock exchanges for tax evasion. The market regulator’s investigations… – Continue reading
The head of South American soccer, who skipped most of the region’s top competition, said he was forced to stay away from the Copa America to deal with the fallout from turmoil in the sport’s global governing body. Juan Angel Napout, in his first English-language interview since the FIFA scandal… – Continue reading
The City of London is the money-laundering centre of the world’s drug trade, according to an internationally acclaimed crime expert. UK banks and financial services have ignored so-called “know your customer” rules designed to curb criminals’ abilities to launder the proceeds of crime, Roberto Saviano warned. Mr Saviano, author of… – Continue reading
Cleaning the stain off New Zealand’s international reputation put there by misbehaving NZ registered but overseas operating financial service providers could be accomplished quite simply, says Minter Ellison Rudd Watts partner Lloyd Kavanagh. “I think the solution is simple. If you’re on the Financial Service Providers Register (FSPR), I think… – Continue reading
Lisbon: Portuguese prosecutors said on Thursday they plan to charge former interior minister Miguel Macedo for his role in a money-laundering scandal linked to “golden” visas, which handed residency permits to wealthy foreigners. The announcement came shortly after Portugal’s National Assembly decided to lift the parliamentary immunity Macedo enjoyed as… – Continue reading
CASTRIES (St Lucia), July 2 (BERNAMA-NNN-CARIBBEANNEWS) — Chief prosecutors from Commonwealth countries in the Caribbean region have gathered for the first time to discuss recurrent issues that interfere with the prosecution of corruption and money laundering and the recovery of the proceeds of these crimes. Organised by the Commonwealth Secretariat… – Continue reading
The National Oversight and Whistleblowers (NOW) will be lodging reports with Australian authorities to investigate Majlis Amanah Rakyat (Mara) for possible tax evasion and money laundering in its purchase of four Melbourne properties between late 2012 and early 2013. Its director Akmal Nasir will travel to Australia next week to… – Continue reading
Brazil’s federal police have arrested another former Petrobras (PBR +1.8%) executive as part of an investigation into a broader corruption scandal surrounding the company. Police arrested Jorge Zelada, the company’s director of international operations during 2008-2012; he replaced Nestor Cerveró, who has been convicted of money laundering and sentenced to… – Continue reading
After a four-year ramp up, America’s far-reaching tax law, FATCA – the Foreign Account Tax Compliance Act (enacted in 2010) – is now in full effect. With over 60 countries (including, most recently, the Vatican) having signed an agreement with the United States related to the enforcement of FATCA, it… – Continue reading
When the HSBC Holdings plc (ADR) (NYSE:HSBC) (LON:HSBA) Swiss leaks story broke the big shock was that someone had produced evidence, not that one of Switzerland’s notoriously secretive banks had helped people evade taxes. We know that trillions are stashed away in tax havens around the world (the ICIJ estimates… – Continue reading
Regulatory snags have once again delayed Tupelo’s BancorpSouth Inc. acquisitions of Ouachita Bancshares Corp. of Monrore, La., and Central Community Corp. of Temple, Tex. Meanwhile, Tupelo’s Renasant Bank has completed its takeover of Heritage Financial Group Inc., a bank holding company headquartered in Albany, Ga. and the parent of the… – Continue reading
A series of recent federal enforcement actions targeting weaknesses in financial institutions’ Bank Secrecy Act/anti–money laundering (BSA/AML) compliance programs continued on June 15, when the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), and Federal Deposit Insurance Corporation (FDIC) announced a coordinated enforcement against West Virginia’s Bank of Mingo…. – Continue reading
WASHINGTON, July 2 (UPI) — The United States asked Switzerland to extradite seven high-ranking FIFA officials who were arrested in May on suspicion of taking millions in bribes. Swiss authorities said its Federal Office of Justice received the requests Wednesday night from the U.S. Embassy in Bern on the request… – Continue reading
Foreign Affairs Minister Julie Bishop has promised that Australia will not be “a safe haven for the proceeds of corruption” in Papua New Guinea, as police in both countries probe the role of Australian lawyers there. Ms Bishop’s intervention and the police probes were triggered by explosive video footage that… – Continue reading
Brazilian President Dilma Roussef met with President Barack Obama at the White House this week. Below is the new multi-faceted partnership. The United States and Brazilian relationship has been unstable since the U.S. spying policy became known in 2013. Brazilian President Dilma Roussef canceled a 2013 visit to Washington, D.C…. – Continue reading
Bangladesh’s central bank asks Finance Institutions to tighten money laundering rules DHAKA, July 1 (Xinhua)–Bangladesh’s central bank on Wednesday issued a circular asking all financial institutions(FIs) to follow the anti-monetary laundering and terrorist financing rules strictly. “There is no big change in the latest circular, it has just consolidated all… – Continue reading
The independent intergovernmental organization FATF or The Financial Action Task Force (on Money Laundering), headquartered in Paris, has published a report as a guide for using digital currencies titled “Guidance for a Risk-Based Approach to Virtual Currencies.” It includes benefits of digital currencies as well as potential risks of money… – Continue reading
CUSTOMS and Excise would be adding four mobile container scanners that would become operational within the next two months. The scanners would be used for locating narcotics, arms and ammunitions and explosives as goods arrive in the country. Customs would also be acquiring six more sniffer dogs to assist its… – Continue reading
Swiss banks have long been seen as ‘safe havens’ for parking funds by Indians and other foreign nationals, but global pressure has been mounting in recent years on Switzerland to clamp down on their secrecy walls. Facing possible criminal action by India and some other nations over suspected black money,… – Continue reading
An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the… – Continue reading
A series of recent federal enforcement actions targeting weaknesses in financial institutions’ Bank Secrecy Act/anti–money laundering (BSA/AML) compliance programs continued on June 15, when the Department of Justice (DOJ), Financial Crimes Enforcement Network (FinCEN), and Federal Deposit Insurance Corporation (FDIC) announced a coordinated enforcement against West Virginia’s Bank of Mingo…. – Continue reading
Switzerland’s banks will beef up anti-money laundering measures, the Swiss banking association said on Tuesday, weeks after a report by a government-appointed group found the Alpine nation was still vulnerable to financial crime. More transparent rules due to come into force next year will make it harder for criminals to… – Continue reading
New digital identity systems could be used to combat money laundering and terrorist financing risks linked with the use of virtual currencies, the Financial Action Task Force (FATF) has said. In new guidance (48-page / 622KB PDF) it has issued, FATF said a risk-based approach is required when imposing measures… – Continue reading
Chinese emigration continues to grow as the nation becomes increasingly wealthy. However, a handful of those leaving the country are wanted financial criminals, and they are heading to all corners of the world. While the United States and Canada continue to be popular destinations for corrupt Chinese on the run,… – Continue reading
The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to take forward its probe in the alleged financial irregularities in the Indian Premier League tournament (IPL) and its former chairman Lalit Modi. New Delhi: The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to… – Continue reading
South Korea will serve as chair of an inter-governmental policymaking body on preventing money laundering starting next month, the country’s financial regulator said Monday. South Korea was appointed as the chair country of the Financial Action Task Force at its plenary meeting in February last year to become the third… – Continue reading
PIA FORUM with DOREEN KAMBANGANJI Effects of money laundering and terrorist financing Min Zhu, deputy managing director of the International Monetary Fund (IMF), made the following expression on the effects of money laundering and terrorist financing: “Money laundering and the financing of terrorism are financial crimes with economic effects. They… – Continue reading
Switzerland’s private banks are close to ridding themselves of undeclared European accounts, a salutary process but one which has undermined efforts to grow their businesses. Following the financial crisis, cash-strapped governments chased accounts hidden at banks in Zurich, Geneva and Ticino where wealthy Europeans had taken advantage of Switzerland’s famous… – Continue reading
Belize’s banking sector has caught up with the standards and regulations set by the US and European Union for accountability and transparency in our offshore sector. That’s what the new Director of the Financial Intelligence Unit had to say at press conference rarely called by the stat. Unless you’re a… – Continue reading
The “wall of Chinese capital” hitting property markets in Sydney and Melbourne will not ease up until the government introduces its anti-money laundering legislation, says an expert in ‘flight capital’. James Tee, an ethnic Chinese property developer whose business specialises in “capital expatriation” – that is, getting money out of… – Continue reading
Bank Leumi was found to have failed to fulfill reporting requirements. The Banking Corporations Sanctions Committee that oversees the prohibition on money laundering and terror financing yesterday imposed a NIS 4.2 million fine on Bank Leumi (TASE: LUMI) for violations of regulations under the Prohibition on Money Laundering Law. Bank… – Continue reading
WASHINGTON – An international money laundering watchdog says member states should pay “special attention” to financial transactions with North Korea. The Paris-based Financial Action Task Force last week reaffirmed its earlier decision to put the community country on its watch list because of North Korea’s “failure to address the significant… – Continue reading
A sidenote in a money laundering case in California led ESPN straight to the door of Phil Mickelson on Monday. The network’s Outside the Lines investigative crew is reporting that a 56-year-old former sports gambler pleaded guilty to acting as an intermediary between Phil Mickelson and an illegal offshore gambling… – Continue reading
