As part of a push to control money laundering in the global banking system, the HKMA has called on lenders to peek into customers’ filings, reports the South China Morning Post. Banks in Hong Kong are calculating just how much tax expertise they will need to add over the coming… – Continue reading
TS IS NO STRANGER to hyperbole and overkill, but news of a small group of church bell ringers in Kent becoming encumbered with the intricacies of the US’s FATCA deal with the UK very much takes the biscuit. In an event that can only be described as ‘disproportionate’, Neil Campbell… – Continue reading
ISLAMABAD: As corridors of power struggles to enhance tax collection, the state is taking a proposal that could see levy of 10% tax on profit made on foreign remittances put in savings accounts. The offer appears as the government doubts that the amount sent through remittances could be black money… – Continue reading
KUALA LUMPUR, May 15 ― The Malaysian Anti-Corruption Commission (MACC) today froze 1,623 bank accounts of companies and individuals involving over RM560 million in the first day of its “Operasi Bersepadu” in Sabah. The commission’s investigation division chief Datuk Mohamad Jamidan Abdullah said the operations were launched to crack down… – Continue reading
Senators and members of the House of Representatives under the Anti-Money Laundering and Cyber Security Coalition are expected to meet and suggest to President-elect retired General Muhammadu Buhari the establishment of special courts that will deal with cases of tax evasion and corruption offences. Chairman of the coalition, Senator Aloysius… – Continue reading
Russia is set to enact an amnesty on offshore assets next month, but disagreement and lack of clarity over the terms of the pardon threaten not only to render the measure impotent, but undermine the government’s very drive to lure overseas money back home. The capital amnesty, part of a… – Continue reading
Euro Pacific Bank Ltd has selected Temenos’ T24 core banking platform and anti-money laundering (AML) solution. It will be delivered in the cloud, via Microsoft Azure, and is intended to offer better private banking services to the Caribbean offshore bank’s local and global customers. Temenos’ T24 cloud-based core banking package… – Continue reading
Efforts by the Australian government to combat money laundering could have a highly impact effect upon the huge revenues its reaping from foreign purchases of domestic property. Regulators have recently come under fire for failing to adequately monitor foreign acquisitions of Australian real estate and ensure that they are in… – Continue reading
Money laundering and the increasing role it plays in terrorist financing is almost never out of the news. The extent to which terrorist groups are able to mobilise support has risen significantly and many, such as the Islamic State of Iraq and the Levant (ISIL), are clearly very well-financed. Thanks… – Continue reading
ISLAMABAD: As authorities struggle to increase tax collection, the state is considering a proposal that could see a levy of 10% tax on profit made on foreign remittances placed in savings accounts. The proposal comes as the government suspects that the amount sent through remittances could be black money being… – Continue reading
The nation’s anti-corruption campaign and drive to track down economic fugitives and corrupt officials may help banks crack down on money laundering, analysts said. Banks have been updating watchlists for suspected money-laundering activities and heightening scrutiny of transactions and accounts. But they may be challenged by new forms of money… – Continue reading
FinCEN announced on Monday that it is fining Ripple Labs, Inc., the creator of XRP, for selling XRP without first registering as a money services business and failing to implement and maintain adequate anti-money laundering provisions. These violations fall under the Bank Secrecy Act of 1970. In a press release… – Continue reading
According to the 2014 annual report of the Finance Ministry’s Financial Crimes Investigation Board (MASAK), there has been an alarming increase in reported suspicious transactions. From 2013 reported suspicious transactions have increased by 42.6 percent, and 2.5 times in the past four years to 36,483 in 2014. 85 percent of… – Continue reading
Know-your-customer (KYC) obligations are placing increasing demands on banks as regulators continue the fight to stop money laundering, terrorist funding, and halt tax evasion. FX-MM’s Peter Garnham looks at how institutions are looking to utilities to make their systems more efficient without surrendering the control that would leave them facing… – Continue reading
Sofia. Judicial proceedings against Bulgarian politician Hristo Biserov is terminated and returned to the Prosecutor’s Office to remove breaches in the factual part, the press office of Sofia City Court announced. The order is subject to appeal and protest before the Sofia Court of Appeal in 7 days of service… – Continue reading
A federal judge demanded to know more about HSBC Holdings Plc’s compliance with its trade sanctions and anti-money-laundering deal with the U.S. after a monitor said the bank was “too slow” to mend its ways. U.S. District Judge John Gleeson in Brooklyn, New York, ordered the government to file a… – Continue reading
Authorities in Milan said on Monday that they have detained a former Swiss banker for allegedly helping wealthy Italian clients evade taxes and launder large sums of money, including the proceeds of embezzlement. Italian financial police (Guardia di Finanza) from Varese northwest of Milan said that Filippo Dollfus, a former… – Continue reading
On April 21, 2015, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued a Geographic Targeting Order (“GTO”) lowering reporting thresholds and triggering additional recordkeeping requirements for certain financial transactions in a move that is likely to have effects far beyond the 700 Miami-based electronics exporters that are specifically… – Continue reading
Bucharest Court ruled the preventive arrest for 30 days of Alistar Security’s owner, Dan Alistar, and of other seven defendants detained in the case of tax evasion and money laundering with a prejudice estimated at EUR 3 million. The court thus upheld the request of the Bucharest Court’s prosecutors, who… – Continue reading
Hong Kong’s Secretary for Financial Services and the Treasury, K C Chan confirmed that the Government and regulators remain fully committed to combating money laundering and tax evasion, following the latest reports of foreign banks being used to open offshore accounts. In response to a question in the Legislative Council,… – Continue reading
ZURICH: Switzerland’s money laundering office received a record number of suspicious activity reports last year, in part due to increased vigilance from Swiss banks. The Alpine nation has faced intense international pressure over bank secrecy, tax evasion and money laundering, most recently highlighted by allegations that the Swiss arm of… – Continue reading
Hong Kong (HKSAR) – Following is a question by the Hon Frederick Fung and a written reply by the Secretary for Financial Services and the Treasury, Professor K C Chan, in the Legislative Council today (April 29): Question: It has been reported that an investigation conducted jointly by an international… – Continue reading
Bern, 29.04.2015 – At its meeting today, the Federal Council decided to put into effect in two stages the Federal Law of 12 December 2014 on the implementation of the Financial Action Task Force recommendations, revised in 2012. On 12 December 2014 the Federal Assembly approved the Federal Law on… – Continue reading
Asks Jaitley why the govt not keen to avail of German offer to share info on offshore accounts Former Union Law minister and senior lawyer Ram Jethmalani on Tuesday put the Union finance minister Arun Jaitley on the witness box and slapped him with a dozen questions on the Narendra… – Continue reading
The former head of parliament’s public accounts committee – and a fierce critic of tax avoidance and “secretive” offshore funds – has received more than £1.5m in shares from the tax haven of Liechtenstein, according to a report. The money came through a controversial scheme that lets wealthy Britons move… – Continue reading
Mahmud Abu Bekir testifies in the suit brought by his former wife. KUALA LUMPUR: The Sarawak Governor’s son, businessman Mahmud Abu Bekir Taib, today denied a string of accusations by his former wife’s lawyers, including the allegation that there were many women in his life. Testifiying in the Syariah High… – Continue reading
Sofia. At the request of the Commission for Establishing Property Acquired from Criminal Activity Sofia City Court levied distraint on property of former MP Htristo Biserov and his step-son Ivaylo Glavinkov, worth BGN 1,555,883, the press office of the commission announced, as cited by the Bulgarian National Radio (BNR). The… – Continue reading
PANAMA CITY (AP) — – Panama took a major step in an effort to clean up its reputation as Latin America’s premier hub for money laundering. The nation’s legislature late Wednesday unanimously approved a proposed law that will toughen supervision of more than a dozen non-financial sectors where illicit proceeds… – Continue reading
Bobolas, managing director of Greece’s biggest construction firm Ellaktor and whose family also owns newspapers, was detained on suspicion of tax evasion and money-laundering on Wednesday. He was released a few hours later after paying 1.8 million euros ($1.94 million) in back taxes to avoid charges. Bobolas is the first… – Continue reading
Rato’s dealings include misappropriation of funds through a Visa card totaling 6 Million Euro, income from serving on the international advisory board of a Turkish bank in violation of Spanish banking laws, and a series of shell corporation divestments. UPDATE: Spanish prosecutors have arrested Rato, charging him with fraud, money-laundering… – Continue reading
In response to Pranay Gupte’s story on a story published by Firstpost, the Secretary to the Mauritius cabinet, S Seebaluck, has rebutted some of the points made in the story titled: “Mauritius cracks whip on Muslims, not a’ role model of democracy’ as PM Modi said after all.” The following… – Continue reading
At least 21 financial advisers in Switzerland charged with aiding American tax dodgers are at large With its tan marble floors and leather-clad reception desk, the staid Zurich offices of the Julius Baer Group, one of Switzerland’s largest private banks, are an unlikely place to find an alleged fugitive from… – Continue reading
Rodrigo Rato, the former head of the International Monetary Fund and deputy prime minister of Spain, was detained by customs agents in Madrid on Thursday night as the tide of corruption allegations swamping the country’s political establishment reached a fresh high. Rato, 66, is being investigated for possible money laundering… – Continue reading
On Tuesday we told you about what the Prime Minister said at the Summit of the America’s about the perilous state of Belize and the Region’s banking industry after draconian anti money laundering measures were enacted by the US Government. He said, quote, “there is a crisis in my own… – Continue reading
TWELVE members of a counterfeit drug ring – including six from the Grimsby area – raked in more than £10 million selling fake Viagra under the cover of a mail-order fishing tackle business. The UK-wide conspiracy offered cheap erectile dysfunction pills to online and face-to-face customers around the world. The… – Continue reading
The Monetary Authority of Singapore (MAS) moved a new bill for first reading in parliament, which aims at combating money laundering and financing of terrorism, the MAS said in a press release on Monday. The Monetary Authority of Singapore Bill (MAS Bill) was moved by Singapore Deputy Prime Minister and… – Continue reading
Legal problems have caused a serious strain on the credibility of Europe’s biggest bank HSBC Holdings plc (ADR) (NYSE:HSBC), which is currently up by 0.34% and trading at $44.69, has found itself at the center of a series of serious legal and possibly criminal tangles in recent years. Tax evasion,… – Continue reading
A recently-announced joint initiative between the government, banks and law enforcement agencies could give those investigating suspected money laundering offences better oversight of suspicious accounts, an expert has said. However, regulatory law expert Anne-Marie Ottaway of Pinsent Masons, the law firm behind Out-Law.com, said that the new intelligence-sharing initiative could… – Continue reading
SINGAPORE – An enhanced regulatory framework for corporate service providers (CSPs) to combat money laundering and terrorism financing will take effect from May 15. The strengthened regime for CSPs will help to further boost Singapore’s reputation as a trusted international financial and business centre with robust regulatory frameworks against money… – Continue reading
Suspicions rising that ‘hot money’ is being washed through Vancouver real estate As affluent Chinese buyers – spurred by relaxed regulations and a lower Canadian dollar – flood into British Columbia’s real estate market, warnings are rising that some cash deals may contravene federal money laundering rules. A 2015 report… – Continue reading
South Korea’s financial regulator said Tuesday it plans to tighten its anti-money laundering checks into the nonbanking sector, joining growing global policy efforts to clamp down on the illegal activity. Under the plan, the Financial Supervisory Service said it will focus its inspection on high-risk sectors, as well as expand… – Continue reading
Pope Francis is sweeping off clean the Vatican bank, which for many years has been cloaked with controversy for allegedly providing a safe haven to Italian individuals who laundered money and evaded taxes. On Wednesday, the Holy See’s signed tax treaty with the government of Italy — which obliges parties… – Continue reading
85% of the 160 compliance professionals in the MENA (Middle East and North Africa) region surveyed by Thomson Reuters in collaboration with Deloitte, said that they have been investing in technology rather than skills over the last 2 years. The survey, which examined the anti-financial crime technology used by a… – Continue reading
Hundreds of members of the diamond exchange attended a meeting on anti money laundering in the diamond sector held at the Cullinan restaurant last Thursday. During the meeting, members received a detailed review of the main elements of the order against AML that takes effect next year, and the measures… – Continue reading
(Reuters) – The government of the British Virgin Islands (BVI) said it has no plans to establish a central register of true company owners, despite pressure from Britain to adopt the anti-money laundering and tax evasion measure. The BVI said in a statement on Wednesday it was backing other measures… – Continue reading
China will strengthen cooperation with the United States on major legal cases aimed at repatriating corrupt Chinese officials hiding in the US, as well as confiscating their ill-gotten assets, a senior official of the Supreme People’s Procuratorate said. The remarks followed news that one of China’s most wanted fugitives is… – Continue reading
AT a focus group discussion in Padibe, Lamwo district, a young male participant rises up and says, “Why should we pay taxes when results are not seen at community level? Services are poor; our roads and health services are appalling.” Though the young man did not receive an apt response… – Continue reading
ISLAMABAD: FBR has established huge tax evasion by model Ayyan Ali in a money laundering case and a formal reference in this regard will be filed soon, The News learnt Thursday. Official documents available with The News show that the FBR’s Intelligence & Investigation (I&I), Inland Revenues (IR) has completed… – Continue reading
Chose not to prosecute HSBC despite money-laundering documentation NEW YORK – President Obama’s attorney-general nominee, Loretta Lynch, admitted to the Senate Judiciary Committee that her investigators in the money-laundering probe of HSBC were aware of evidence compiled by whistleblower John Cruz but she chose, nevertheless, not to bring criminal charges…. – Continue reading
Except for a few family members and a dwindling number of those who consider him a dissident, most people who have followed the Mukhtar Ablyazov story have nothing good to say about him. They see him as an embezzler, swindler and con man par excellence – a guy whose theft… – Continue reading
