Some “genuinely shocking” cases of money laundering by law firms are currently going through the disciplinary system, a senior manager at the Solicitors Regulation Authority (SRA) has warned the profession. Sam Palmer, manager of regulatory management at the SRA, said “landmark” money laundering cases “will become public knowledge when the disciplinary process has taken place”. […]

A member of the financial watchdog committee at soccer’s ruling body FIFA has been charged with fraud, money-laundering and breach of trust by police in the Cayman Islands. Canover Watson, a vice-president of the Caribbean Football Union and member of FIFA’s Audit and Compliance Committee, was charged with five offences by the Cayman Islands Anti-Corruption […]

Enforcement Directorate (ED) today (nov 20 2014) filed its first charge sheet in a Delhi court against businessman Gautam Khaitan and others, including two Italian nationals, in connection with its money laundering probe in the Rs 3,600 crore VVIP chopper deal. The charge sheet was filed before District Judge IS Mehta who marked the file […]

Islamic State is now the richest terrorist group in history – and that’s because its finances “combine old-fashioned looting and pillaging with high-tech illicit funding,” says Freddie MacMahon. Writing in CityAM, the strategy and innovation director of Anomaly42 said that money and assets gained through smuggling, extortion and looting are brought into the financial system […]

Romanian prosecutors indicted 30 Romanians, Greeks and Bulgarians for tax evasion and money laundry resulting in EUR 180 million damages. The crime group members created a financial and accounting scheme meant to help them avoid paying VAT and profit tax. The group was led by a Romanian, a Greek and two Bulgarian citizens, and used […]

It has been reported in The TIMES (UK) today (4 Nov 201) that HSBC is hiring 100 compliance officers a week. It was reported that 1. Stuart Gulliver, the chief executive, revealed that he had hired 1,400 extra people in risk and compliance in the third quarter alone as the bank grapples with conduct issues […]

Jing Wang, 51, the former Executive Vice President and President of Global Business Operations for Qualcomm Inc., today pleaded guilty to insider trading in shares of Qualcomm and Atheros Communications Inc. Wang also pleaded guilty to laundering the proceeds of his insider trading using an offshore shell company.  Assistant Attorney General Leslie R. Caldwell of […]

A Birmingham solicitor has been struck off by the Solicitors Disciplinary Tribunal (SDT). Zia Latif, formerly of AKZ Solicitors, Alum Rock, was struck off at a hearing in a case brought by the Solicitors Regulation Authority (SRA). As well as being struck off, he was ordered to pay £22,500 costs. Latif admitted all the allegations […]