Reported by Low De Wei, Chanyaporn Chanjaroen, and Andrea Tan Singapore banks are increasing scrutiny of some Chinese-born clients with other citizenships, following last month’s crackdown on money laundering involving more than S$2.4 billion ($1.8 billion) worth of assets that has rattled the Asian financial hub. Some lenders have been reviewing new account openings and transactions with […]
Reported by Aurelien Breeden Guy Wildenstein, the international art dealer, is scheduled to return to court in Paris this week to face accusations of massive tax fraud and money laundering in a lengthy legal battle that has slowly chipped away at the prestige and secrecy of a family dynasty that once dominated the global art […]
Reported by Michelle Graff Two diamond companies and a Wagner Group official in the Central African Republic with ties to the gold trade are among the entities included in the latest round of Russian sanctions. In a member alert issued last week, the Jewelers Vigilance Committee noted that two more diamond companies are among the […]
Reported by Patrick Jack A fifth of UK universities still accept cash for tuition fees despite the risk of it being a method of laundering criminal money, according to new research. A report from Cardiff University and the University of the West of England (UWE) says that a significant number of providers are failing to provide staff and students with guidance […]
Reported by Libby Bloxom, Jonathan Epstein, and Alan Winston Granwell of Holland & Knight LLP The Corporate Transparency Act (CTA), enacted by Congress as part of the Anti-Money Laundering Act of 2020, for the first time under federal law, requires the establishment of a centralized, national beneficial ownership information (BOI) registry. The purpose of the […]
Reported by Sam Jones Switzerland has proposed sweeping measures to clamp down on money laundering in an effort to shed the country’s reputation as a haven for ill-gotten gains. Finance minister Karin Keller-Sutter unveiled reforms on Wednesday to increase transparency and close legal loopholes by requiring the ultimate “beneficial owners” of trusts and companies to […]
Reported by Elffie Chew Singapore’s Council for Estate Agencies is investigating property agents who might have facilitated deals linked to the S$1 billion ($737 million) money laundering case in the city state, Straits Times reported Saturday. Property agencies and their agents are required to conduct due diligence on their clients when they facilitate real estate […]
Reported by Elizabeth Lopatto Photo by Amelia Holowaty Krales / The Verge Tornado Cash developers Roman Semenov and Roman Storm have been charged with three conspiracy counts in an indictment unsealed today. Storm has been arrested and Semenov remains at large, according to a statement from the Southern District of New York. Tornado Cash is […]
Reported by Shawkat Hossain Singapore is dubbed ‘Asia’s business district’. It has also earned the dubious epithet of a ‘tax haven’. Singapore tops the choice list of many money launderers to stash their illegal money. That Singapore, for many of these launderers, is behaving a bit strangely. Many feel Singapore is no more a place […]
Reported by Robert Johnston Jr., Jimmy Kang, Paula Ladd, and Samantha Sigelakis-Minski (Originally appeared on JD Supra’s site) On August 1, a bipartisan bill was introduced to modify the Corporate Transparency Act (CTA).1The Protect Small Businesses and Prevent Illicit Financial Activity Act (H.R. 5119)2 was introduced in the U.S. House of Representatives by Zachary Nunn, R-Iowa, […]
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