On 17 February 2017, the Commission de Surveillance du Secteur Financier (“CSSF”), together with the Financial Intelligence Unit (“FIU”) have published a new circular (hereafter, “the Circular”) providing more details on the professional duties relating to tax crimes that professionals should apply. Publication of Circular 17/650 extending the application of AML/CTF legislation to certain primary […]

Kleptocrats send money around the world with the click of a button, aided by unscrupulous professionals with the expertise to launder it through anonymous offshore companies and secure it in luxury assets in the West. According to the International Monetary Fund, as much as 5 percent of the world’s gross domestic product is laundered money, […]

A Man has been charged this morning in relation to an investigation into alleged investment fraud and money laundering offences involving forestry in Ireland. David Piele (40), a UK National with an address at Rectory Way in Bray, Co Wicklow, was brought before Dun Laoghaire District Court where he was charged with deception. In a […]

The Netherlands’ Public Prosecution Service is reportedly pursuing at least three individual money laundering cases related to Bitcoin, according to DutchNews.nl. The prosecution department, formally known as the Openbaar Ministerie (OM), is the body responsible for determining whether suspected criminals should be referred for prosecution. The facts involved in these three cases offer a revealing […]

The US Department of Justice (DOJ) has detailed in its lawsuit what it described as the “three principal phases” of money-laundering through the troubled Malaysian state fund 1MDB. The first phase is called the ‘Good Star phase’, the second phase is the ‘Aabar BVI phase’ and the third phase is the ‘Tanore phase’. Under the […]

Residents in Consett, County Durham, were paid to forward post that came to their address, but said they otherwise had no involvement in the companies. One, John Mawson, said he “didn’t really know” what his role involved. Simon Dowson, who set up the legal firms, said everyone was informed. Mr Dowson, 35, from Shotley Bridge […]

Unregulated internet money transfer systems are using Edinburgh shell companies as fronts amid growing concern over money-laundering in the industry.  At least three websites offering no-questions-asked online payments are using a controversial kind of Scottish firm whose ultimate owners can be secret, file no accounts and pay no taxes. The businesses, called epay, wpay and […]

A prominent British gold bullion firm with links to Formula 1 has been drawn into a probe into potential money laundering.  Mayfair-based Stunt & Co is under investigation by West Yorkshire Police’s Economic Crimes Unit, The Mail on Sunday can reveal. Ashley Carson, Assay Master of the Sheffield Assay Office, the body which officially approves […]