Reported by Kate Kelly Three years ago, when Congress passed an anti-corruption law intended to help combat money laundering through shell companies, it drew bipartisan support. Senator Sherrod Brown, Democrat of Ohio, called it “long overdue.” Senator Marco Rubio, Republican of Florida, called it an “important provision” that would help law enforcement agencies crack down […]
Reported by Matthew Erskine The “Center for Art Law Report on Anti-Money Laundering and Art” is an enlightening and comprehensive guide that explores the practices of Anti-Money Laundering (AML) in the art sector across EU member states and the UK, following the enforcement of the EU’s 5th AML Directive in 2018. This Directive brought the […]
Reported by Penny Corpsman In an effort to become more efficient, large banks increasingly automate anti-money-laundering and fraud detection work, and centralize decision making among a small group of people far removed from customers. Innocent customers can get caught up in the rush, and they often have little to no recourse if their accounts are […]
Reported by Chanyaporn Chanjaroen and Low De Wei Wang Dehai was already on the run when he made Singapore his home five years ago. Police in China were offering a bounty for information about him for his alleged role in an illegal gambling ring. Once in Singapore, Wang and his wife set up a family […]
Reported by Seth W. Ashby , Matthew W. Bower , James M. Eardley , Matthew E. Maltz , Bryan R. Walters and Gregory M. Wright of Varnum LLP While the Corporate Transparency Act (CTA) includes 23 enumerated exemptions for reporting companies, newly formed businesses (Startups) may not qualify for an exemption before the date on […]
Reported by David Yaffe-Bellany, Emily Flitter, Matthew Goldstein and Glenn Thrush Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations, a stunning blow to the most powerful and influential figure in the global crypto industry. Binance itself also pleaded guilty and agreed to pay $4.3 […]
Reported by Helena Smith “Russian speakers love living here, they like to be in a community and ours is growing all the time,” says Ruslan Ibrayev, the salesman greeting customers at the head office of the Hub property investment firm in Iskele in Turkish-occupied northern Cyprus. The area, he beams, has become a magnet for […]
Reported by Kelly Phillips Erb Americans like to think of ourselves as open for business—suggesting transparency—other countries aren’t so sure. A 2014 Organization for Economic Cooperation and Development—or OECD—report noted that the Foreign Action Task Force, or FATF, scored the U.S. as “non-compliant” when focused on the “transparency of legal persons and arrangements.” And the Tax Justice […]
Reported by Howard W. Herndon Of Womble Bond Dickinson (US) LLP – News In the world of international finance and crime, criminals and terrorists have always sought innovative ways to launder money and avoid sanctions. One relatively recent method that has gained prominence is known as “sportswashing.” This term refers to the use of sports […]
Reported by Bloomberg Singapore’s luxury housing deals are drying up as one of the nation’s largest-ever money-laundering scandals weighs on the market. High-end bungalow sales are set for their worst year in nearly a decade with just eight sold as of the end of September, according to data compiled by Knight Frank. Realstar Premier Group Pte – […]
Financial Crime News Briefs 