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China: Anti-money laundering changes for banks
On 15th September 2014, South China Morning Post published an article in which it is reported that the People’s Bank of China has begun to assign more responsibility to banks in flagging suspicious transactions. To that end, the journal’s article confirms that: …In January last year, the anti-money-laundering division of the PBOC issued a new set of […]
Business corruption in Chile: is still the least South American corrupt nation?
On 15th September 2014, The Economist has reported that Chile’s stockmarket regulator, the SVS, fined Julio Ponce Lerou (one of the wealthiest Chileans – estimated net worth of $2.3 billion) $70m for illegal share trading, the biggest single fine it has ever imposed. It also sanctioned seven of Mr Ponce’s associates, as well as the country’s leading […]
Remarkable seizure of drug money in LA
On 10 September 2014, New York Post reported that police in Los Angeles have arrested nine people and seized around $70m (£43m) in cash during mass raids on a series of businesses. Officers said they suspected the money was being laundered on behalf of Mexican drug cartels. In the dawn operation, dubbed Fashion Police, about […]
Solicitors Regulation Authority: scrutinising law firms for complying with AML rules
The Solicitors Regulation Authority (SRA) is stepping up its efforts to ensure solicitors firms do not become embroiled in money laundering activity and are compliant with the various regulations and legislation associated with anti money laundering compliance. The legal sector is one of a number of areas of work that attracts organised criminals seeking to […]
Government proposals: companies face the risk of prosecutions for fraud and money laundering
On 4th September 2014, Solicitors Journal reported that companies face the risk of prosecution for failing to prevent white collar crimes such as fraud and money laundering, under new government proposals. The Journal also added that the recently appointed attorney general, Jeremy Wight, confirmed this week that proposals were being assessed to widen criminal liability […]
The Russian Laundromat
On 21st August 2014, the Organized Crime and Corrupting Reporting Project (OCCRP) published a reportage highlighting a sophisticated system for laundering money occurred through different jurisdictions including the UK, Russia, Moldova and Latvia. It has been estimated that more than $20 billion in Russian money stolen from the government by corrupt politicians or earned through organized crime […]
Switzerland urged to tighten its money laundering laws
(From Swissinfo.ch) Transparency International has called on Switzerland to tighten its anti-money laundering legislation to prevent foreign public officials and business people from hiding the proceeds of crime and corruption behind opaque structures on its soil. Executives of the anti-corruption organisation on Tuesday urged Switzerland to publicly register information on the beneficial ownership of limited […]
Corruption, scandals and reforms in Kuwait and Oman
For the first time in the history of the Sultanate of Oman, a former minister has been sentenced to three years in prison for corruption, while the main opposition leader in Kuwait and a member of the royal family have accused former ministers and magistrates of fraud, money laundering and conspiracy audience. The fight against […]
Corruption Concerns Taint Burgeoning China-Africa Trade
(From Voice of America) Africa’s mineral, timber, and oil wealth has been highly sought – and fought over – for years, mainly by Western nations. Today, though, Africa has become a strong trading partner for China, which surpassed the United States in 2009 and whose bilateral trade reached $210 billion in 2013. In February, 2014, […]
Corruption amongst members of parliament, judges and prosecutors: Belgium must step up its action regarding integrity and transparency
In a report on Belgium published on 28 August 2014, the Council of Europe Anti-Corruption Group (GRECO) calls for a reinforcement of its preventive measures concerning corruption within parliamentary and judicial institutions. GRECO has noted the recent establishment of codes of deontology and a Federal Ethics Committee, as well as the introduction of preventive measures for federal […]
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