Nov 01 2021
A bipartisan group of lawmakers will introduce legislation this week that for the first time would require trust companies, lawyers, art dealers and others to investigate foreign clients seeking to move money and assets into the American financial system. The proposed law, known as the Enablers Act, would amend the 51-year-old Bank Secrecy Act by …
Oct 30 2021
Government authorities in at least eight countries have announced investigations into the financial activities of some of their most high-profile citizens and institutions as the world begins to react to the Pandora Papers, a globe-spanning investigation of offshore secrecy led by the International Consortium of Investigative Journalists. Authorities in the Czech Republic tweeted on Monday that they will …
Oct 29 2021
For six decades, one of Switzerland’s largest fiduciary firms has pledged to protect its clients’ fortunes from tax collectors, family members and others who may try to claim a share. “Think big!” the Fidinam Group says on its website. “We take care of everything else.” One client who thought big – too big, according to Italian prosecutors – was …
Oct 29 2021
An Oscar-nominated film producer, Ernst, then 53, had been boss of Russia’s leading TV network, Channel One, for as long as Putin had been president, and he had played a critical role in creating Putin’s image as the savior of the Russian state. As the 2014 Sochi Winter Olympics approached, Konstantin Ernst, received the task …
Aug 31 2021
A global financial crimes watchdog urged Japan on Monday to improve cooperation between different government agencies as part of efforts to combat money-laundering and the financing of terrorism. Responding to the report by the Financial Action Task Force (FATF), Japan’s finance ministry announced a three-year action plan that will include an anti-money laundering inter-agency task …
Aug 31 2021
A specialist court has been created in Dubai to tackle money laundering and other financial crimes. The new court is being set up within the Court of First Instance and Court of Appeal, as part of the emirate’s attempts to enhance the integrity of its financial system. Its creation comes after the United Arab Emirates …
Aug 25 2021
Greater Manchester Police’s Economic Crime Unit of the United Kingdom has conducted a seizing of around $22.25 million after intelligence inquiries found USB sticks with significant amounts of Ethereum (ETH). According to the announcement made by the officials, investigators found $9.5 million worth of ETH, detailing that $12.7 million was found afterwards, without specifying which …
Aug 17 2021
Cyprus’s “golden passport” program is considered a corrupt free-for-all that gave kleptocrats, oligarchs, and criminals access to European citizenship. From Putin crony Oleg Deripaska to fugitive Malaysian fraudster Jho Low of the infamous 1MDB scandal, Cyprus’s willingness to sell citizenship to unsavory people has been a black eye for the European Union as it ramps …
Aug 17 2021
Since Bitcoin (BTC) started gaining popularity in recent years, governmental departments around the world have been keeping a close eye on cryptocurrency. Originally, the danger associated with Bitcoin was often described as “speculative risk.” The lack of regulation and reliable information in the crypto market, coupled with the rapid increase in the value of …
Aug 17 2021
Chase Bank has admitted to the presence of a technical bug on its online banking website and app that allowed accidental leakage of customer banking information to other customers. New York City-based JPMorgan Chase Bank is a financial services giant with a $120 billion annual revenue and over 250,000 employees worldwide. Personal details of Chase bank customers including …