IN May 10, 2013 Pursuant to the tasks listed in the terms of reference for the third party Anti-Money Laundering (“AML”) audit of the effective implementation of customer due diligence (CDD) measures with particular reference to deposits and loans (see attached – Annex 1), MoneyVal and Deloitte provided final reports on the credit sector’s overall […]

A 57-year-old British accountant who had escaped from Malta when he was sought for money laundering was remanded in custody after he pleaded not guilty to money laundering in November 2008 and earlier. James Hadwen was extradited to Malta from Cyprus last Friday. Police believe Mr Hadwen laundered money for a British man who has […]

An investigation has found that British companies laundered millions of pounds stolen from the Russian treasury in a £150m tax fraud, according to the Telegraph. According to the paper, £35m passed through the foreign accounts of 10 UK registered companies. The 2007 fraud has been linked with five deaths, including Russian lawyer Sergei Magnitsky. The […]

..IN AN industry survey last year Cyprus was tipped to grow in importance as an offshore financial centre (OFC) by 2017, catching up with Bermuda and snapping at Jersey’s heels. Now many wonder if it has any future as a tax haven. The island’s Russocentric banking model is badly fractured. Large depositors will doubtless look […]

Cyprus has brought in controls to raise the 5.8bn euros needed to qualify for the bailoutJersey banks are being warned about approaches from Cypriot firms following a 10bn euro bailout deal. Jersey’s Financial Services Commission (JFSC) has contacted its members to warn deposits from Cyprus were “considered high risk”. However a JFSC spokesman said it […]

The birthplace of Aphrodite, and one of Europe’s finest destination for both vacationers and people with large surpluses of money has hit the news hard. Ever since Der Spiegel published a vile article with allegations of weak money laundering controls and called it a haven for “Russian oligarchs, businessmen and mafiosi who have invested their […]