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Dos Santos on laundering charge linked to Angola state oil company
Isabel dos Santos, Africa’s richest woman, is accused of money laundering in connection with the embezzlement of funds from Sonangol, the Angolan state oil company she once chaired.Helder Pitta Gros, Angola’s attorney-general, said on 22 January..
Online Published Date:
23 January 2020
Appeared in issue:
271 - 02 March 2020
Digital ID – setting the standard
Vanessa Richards (+44 (0) 1235 375 000, marketing@northrow.com) is Chief Product Officer at NorthRow (www.northrow.com).
Online Published Date:
28 January 2020
Appeared in issue:
271 - 02 March 2020
Bank of China pays €3.9 million to settle French tax evasion case
Bank of China Ltd is to pay €3.9 million to settle French criminal charges that it helped customers move funds, on which European taxes went unpaid, to Asian accounts.Paris prosecutor Remi Heitz said that proceedings against 28 business owners and..
Online Published Date:
29 January 2020
Appeared in issue:
271 - 02 March 2020
UK confiscation rare; regime not fit for purpose, says leading counsel
Confiscation orders against companies in England and Wales are both few and far between and not always paid.The White Collar Crime Centre [1] found that under 20 were made in the two years to June 2017. Between June 2016 and June 2017 only four..
Online Published Date:
31 January 2020
Appeared in issue:
271 - 02 March 2020
The long goodbye [Video]
The United Kingdom may have formally exited the European Union on 31 January 2020 but Brussels-made law still applies in the transition period till (at least) the end of the year. HM Treasury transposed the Fifth Money Laundering Directive by the 10..
Online Published Date:
04 February 2020
Appeared in issue:
271 - 02 March 2020
ING settles laundering case in Italy for €30 million
ING, the Dutch bank, will pay €30 million to settle a money laundering case in Italy, Reuters reported on 4 February [2020], citing a judicial source.Judge Roberto Crepaldi, presiding in the Milan court, levied a €1 million fine and disgorgement of..
Online Published Date:
05 February 2020
Appeared in issue:
271 - 02 March 2020
Nigeria recoups over US$300m stolen by Abacha
Nigeriais set to recover some US$308 million stolen by General Sani Abacha, who ruledthe country from 1993 until his death in 1998, in a trilateral agreement reachedwith the United States and Jersey. [1]The money, part of up to US$4 billion Abacha..
Online Published Date:
05 February 2020
Appeared in issue:
271 - 02 March 2020
Jersey fines Abu Dhabi Commercial Bank UK£475,000 for monitoring breaches
The Abu Dhabi Commercial Bank PJSC Jersey Branch has beenfined UK£475,000, and ordered to pay UK£25,000 costs, by Jersey’s Royal Courtfor failures in transaction monitoring controls around large cash withdrawals. The court heard that two Middle..
Online Published Date:
06 February 2020
Appeared in issue:
271 - 02 March 2020
ACAMS/RUSI study shows financial institutions failing to check for proliferation finance
By Keith Nuthall
Online Published Date:
10 February 2020
Appeared in issue:
271 - 02 March 2020
Unexplained Wealth Orders: will the refusal of Zamira Hajiyeva’s appeal open the floodgates?
John Binns(+44 (0)20 7430 2277,jbinns@bcl.com) andMichael Drury(+44 (0)20 7430 2277,mdrury@bcl.com) are partners in the business crime and corporate regulatory department of BCL Solicitors LLP (www.bcl.com).
Online Published Date:
11 February 2020
Appeared in issue:
271 - 02 March 2020
BMI Securities Ltd fined HK$3.7m for AML breaches by Hong Kong SFC, senior manager suspended
Failures in anti-money laundering controls around dealings in bought and sold notes have cost BMI Securities Ltd a HK$3.7 million fine by the Hong Kong Securities and Futures Commission (SFC). [1]In 2016, BMISL customers subscribed for shares in two..
Online Published Date:
12 February 2020
Appeared in issue:
271 - 02 March 2020
China fines three financial institutions and 24 individuals for AML failings
The People’s Bank of China has fined two banks and a securities firm a total of CNY52 million (US$7,425,920) for anti-money laundering violations.China Minsheng Bank, China Everbright Bank and Huatai Securities failed to conductadequate customer due..
Online Published Date:
18 February 2020
Appeared in issue:
271 - 02 March 2020
Eight EU member states face legal action threat over 5MLD non-compliance
By Sara Lewis, in Brussels
Online Published Date:
20 February 2020
Appeared in issue:
271 - 02 March 2020
Julius Baer censured by Swiss regulator, ban on large acquisitions until AML-compliant
Julius Baer, the Zurich-headquartered private bank, has been reprimanded by FINMA, the Swiss financial markets regulator, over “serious AML failings” between 2009 and early 2018, notably in connection with cases of alleged corruption involving..
Online Published Date:
20 February 2020
Appeared in issue:
271 - 02 March 2020
Iran’s AML/CFT recalcitrance warrants counter-measures – FATF
By Keith Nuthall
Online Published Date:
24 February 2020
Appeared in issue:
271 - 02 March 2020
EU’s upcoming AML strategy should look to effective implementation of existing law, say experts
By Sara Lewis, in Brussels
Online Published Date:
24 February 2020
Appeared in issue:
271 - 02 March 2020
Matching K(S)SS(S)tem* [3]: the inexact science
Eric A. Sohn,CAMS (eric.sohn@dowjones.com),global market strategist and product director, Dow Jones Risk & Compliance,New York, NY, USA.
Online Published Date:
24 February 2020
Appeared in issue:
271 - 02 March 2020
Doing it for themselves
Susan Grossey may becontacted on +44 (0)1223 563636, susan@thinkingaboutcrime.com,www.thinkingaboutcrime.com
Online Published Date:
24 February 2020
Appeared in issue:
271 - 02 March 2020
U.S. economic sanctions: across last year
Mike Casey (+44 20 7469 2255, michael.casey@kirkland.com), ZachBrez (+1 212 446 4720, zachary.brez@kirkland.com) and KimNemirow (+1 312 862 3095, kim.nemirow@kirkland.com) arepartners at Kirkland & Ellis LLP.
Online Published Date:
24 February 2020
Appeared in issue:
271 - 02 March 2020
UK lockdown - day seventeen
Martin Woods (martin@amlwoods.com) is a former Metropolitan Police Officer and latterly the Head of Financial Crime at Thomson Reuters.
Online Published Date:
09 April 2020
Appeared in issue:
271 - 02 March 2020