News

Mauritius – THE NATIONAL MONEY LAUNDERING AND TERRORIST FINANCING RISK ASSESSMENT OF MAURITIUS PUBLIC REPORT The Ministry of Financial Services and Good Governance has, on 29th August 2019, published the following documents: Report 1  The National Money Laundering and Terrorist Financing Risk Assessment of Mauritius – Public Report; To read public report click here 2. […]

OFAC has reached a settlement of $4m with British Arab Commercial Bank (BACB), a commercial bank based in London, UK, with “no offices, business or presence under the US jurisdiction”. BACB processed 72 bulk funding payments totalling approximately $190m on behalf of 7 Sudanese financial institutions, including the Central Bank of Sudan, between September 2010 […]

They cover the latest developments with: the impounded Iranian oil tanker the Adrian Darya-1, HMRC’s largest-ever money laundering fine and the trailer of the Laundromat film. In the deep dive, Matthew Redhead tells us about his forthcoming paper on the effectiveness of the AML regime and what can be done to make it more effective. […]

Kody Zander is the fifth person to be charged in connection to an ongoing investigation into alleged money laundering of millions of dollars’ worth of gold. James Hinds, QC, who represents the prosecution in the matter, told Summary Court Magistrate Valdis Foldats, “Kody Zander was charged in relation to a four-handed matter now before the […]

Commerzbank AG’s offices in Frankfurt were searched Tuesday as German authorities continued their investigations into a widening tax scandal involving multiple global lenders. The raids are tied to controversial trading practice across the industry known as Cum-Ex, according to a person with knowledge of the matter who asked not to be identified in disclosing private information. […]

Speed read Standard Bank Jersey Limited was found guilty in the Jersey Royal Court after it admitted allowing a woman to use her deceased partner’s bank account to pay her rent and shopping bills. Standard Bank Jersey Limited was sentenced for allowing the woman to access the account – which it accepted should have been […]

A DIRECTOR of the financial regulator’s enforcement division is seeking a judicial review of decisions made by the Guernsey Police Complaint’s Commission and the Committee for Home Affairs. Simon Gaudion wants to know the circumstances that led to a police investigation being conducted against him and his employer, the Guernsey Financial Services Commission, and the […]