Money Laundering

By Llewellyn Hinkes-Jones May 6 — In reports from 2008 and 2010, the Caribbean Financial Action Task Force (CFATF) and the International Monetary Fund (IMF) gave positive reviews to rules intended to combat money laundering in the British Virgin Islands (BVI). Both groups supported the islands’ financial policies even though The Guardian identified the BVI […]

The Obama administration is cracking down on money laundering and tax evasion tactics. Following the leak of the Panama Papers that showed the prevalence of offshore money laundering, a new rule was adopted late last week that now requires that financial institutions remain more transparent about the companies they work with in order to crackdown on these […]

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BOGOTA, Colombia (AP) –  BOGOTA, Colombia (AP) — Colombian authorities have arrested a prominent Panama businessman they’re calling the world’s most-wanted money launderer and froze assets belonging to dozens of companies linked to him that were allegedly used to hide millions in illegal drug profits. The coordinated operation was announced Thursday as the U.S. Treasury […]

Photo: AP On Thursday night, the Obama administration announced that it was taking executive action to close loopholes that enable the kind of tax evasion and money laundering recently revealed by the Panama Papers. The new regulations will compel companies to disclose more information about their owners, the Associated Press reports. “The Panama Papers underscore […]

Colombian authorities have arrested a prominent Panama businessman they’re calling the world’s most-wanted money launderer and froze assets belonging to dozens of companies linked to him that were allegedly used to hide millions in illegal drug profits. The coordinated operation was announced Thursday as the U.S. Treasury Department froze assets belonging to 68 companies in […]

Former Brazilian coach Luiz Felipe Scolari was investigated by Portuguese authorities for tax fraud, but the case was reportedly dropped after a €3 million settlement. Ministers approved the sale of Taranaki’s Onetai station to a Panamanian firm whose treasurer was also a director of a company that Portugal believed laundered money for former Brazilian and Portuguese national soccer coach […]

A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth. Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca. They show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax. The company […]

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By Samuel Rubenfeld CONNECT Agence France-Presse/Getty Images A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk compliance stories via our daily newsletter, The Morning Risk Report, which readers can sign up for here. Follow us on Twitter at @WSJRisk. Bribery: As the Supreme Court considers the appeal […]

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