ANZ Bank says a lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants. Australia’s hot property market is an attractive haven for criminals, with estimates that billions of dollars of dirty money is being laundered through residential property. Australia’s anti-money laundering […]

Yeo Jiawei, a former banker serving the longest jail term in Singapore’s 1MDB investigations, admitted to charges including money laundering. Yeo played a role in the transactions involving the fund and made secret profits on the side, prosecutors said. Yeo, who also pleaded guilty to cheating his former employer, agreed to help with Singapore’s money-laundering […]

On 20 June 2017, Reuters published an article reporting that a former banker has been jailed for six years for accepting bribes and money laundering by concealing, disguising, converting and transferring criminal property The article states that the individual, who was a banker at the London-based European Bank for Reconstruction and Development (EBRD) at the […]

European Commission publishes report on the assessment of the risks of money laundering and terrorist finance affecting the internal market and cross-border activity The report focuses on the supranational risk assessment (SNRA) of the risks of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities. It is the […]

New UK legislation goes into effect Monday regulating Scottish Limited Partnerships (SLPs), a unique corporate structure that has been increasingly abused by money launderers. The laws will force about 30,000 SLPs to disclose their beneficial owners within the next 28 days, or face daily fines of up to £500 ($US 636). The UK government bypassed […]

Dirty secrets of the laundromat: That’s the name of a scam used by Russian gangsters aided by greedy British banks to launder billions of illicit roubles through London Mail special investigation reveals scandal involving Russian dirty cash in London Centred around picture of a woman sitting cross-legged on a brand new Bentley British banks are […]

On page 232 of ING Bank’s 2016 annual report, the company admitted it was “the subject of criminal investigations by Dutch authorities regarding various requirements related to the on-boarding of clients, money laundering, and corrupt practices.” It added that the bank has received related information requests from U.S. authorities and that it is “cooperating with […]

HM Treasury has published: a consultation on the Money Laundering Regulations 2017, which (i) outlines responses submitted and the UK Government’s policy positions following its previous consultation on the transposition of the Fourth Money Laundering Directive and Fund Transfer Regulation (see daily news 16 September 2016); and (ii) is accompanied by a draft of the […]