The following was posted by the Netherlands Public Prosecution Service on 4 September 2018 ING Bank N.V. (ING) in Amsterdam has accepted and paid a settlement of EUR 775,000,000 offered by the Netherlands Public Prosecution Service (Openbaar Ministerie, hereinafter referred to as NPPS). The NPPS has accused ING in the Netherlands of having violated the […]
Read MoreNews
Former Virtual Currency CEO Involved in $9 Million Fraud Scheme Sentenced to Prison
Department of Justice U.S. Attorney’s Office District of Connecticut John H. Durham, United States Attorney for the District of Connecticut, announced that HOMERO JOSHUA GARZA, 33, of Texas, formerly of Somers, Connecticut, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 21 months of imprisonment, followed by three years of supervised […]
Read MoreUK TAX – One rule for one (us, those trying to make ends meet) and another rule for another (them, the rich and powerful)
The UK Times has reported that HM Revenue & Customs (HMRC) has admitted for the first time that it allows the most powerful members of society to escape prosecution for financial crimes. At an economic crime conference in Cambridge last week, a senior government official admitted that the tax authorities accommodated celebrities’ concerns and settled […]
Read MoreBritish Airways Hacked – 380,000 Payment Cards Compromised
British Airways, who describes itself as “The World’s Favorite Airline,” has confirmed a data breach that exposed personal details and credit-card numbers of up to 380,000 customers and lasted for more than two weeks. So who exactly are victims? In a statement released by British Airways on Thursday, customers booking flights on its website (ba.com) […]
Read MoreHONG KONG Latest SFC inspection findings on AML/CTF systems and controls
Hot on the heels of the of the HKMA’s actions against Shanghai’s Commercial Bank in mid-August as well as Hong Kong’s ML/TF Risk Assessment in April The Securities and Futures Commission (“SFC”) issued a robust circular on 31 August 2018 about the adequacy of LICENSED CORPORATIONS’ (“LCS”) Anti-Money Laundering, and Counter Financing of Terrorism (“AML/CFT”) […]
Read MoreUnpicking the cyber-crime economy
Turning virtual cash into real money without being caught is a big problem for successful cyber-criminals. They often have to get creative when “cashing out” or laundering the money they have stolen, according to a security expert. Ziv Mador, head of security research at Trustwave SpiderLabs. told the BBC that credit card thieves, for example, […]
Read More‘Nominee’ directors the issues, risks and lessons learned from the mistakes of others
The nominee director is a concept that is fraught with difficulties and often misused – if you offer such services you should consider the issues, risks and lessons learned from the mistakes of others 1. Within international corporate groups and many offshore [international finance centres], it is common to have ‘nominee’ directors appointed to the […]
Read MoreStrict duties imposed on directors even if they are nominee directors – Central Bank Of Ecuador And Others v Conticorp SA And Others
Central Bank Of Ecuador And Others v Conticorp SA And Others 1. Strict duties imposed on directors must be discharged, even if they are nominee directors. 2. The Central Bank of Ecuador v Conticorp [2016] 1 BCLC 26 decision illustrates the dire implications for a director who merely follows instructions and by so doing fails […]
Read More