Money Laundering

By Joe Kirwin German banks support stricter beneficial ownership rules for companies and trusts, while the leading Scandinavian bank backed an offshore corporate economic substance test to help comply with EU laws against money laundering and tax evasion. Testifying before the European Parliament’s Panama Papers investigative committee, the Association of German Banks told panel members […]

by

A flamboyant Malaysian financier linked to an international money-laundering probe has laid bare New Zealand’s surprising appeal as a destination for the ultra-rich to park their wealth. Family members of Low Taek Jho, who is suspected by U.S. officials of diverting money from 1Malaysia Development Bhd., are beneficiaries of New Zealand trusts holding $265 million in assets […]

by

A flamboyant Malaysian financier linked to an international money-laundering probe has laid bare New Zealand’s surprising appeal as a destination for the ultra-rich to park their wealth. Family members of Low Taek Jho, who is suspected by U.S. officials of diverting money from 1Malaysia Development Bhd., are beneficiaries of New Zealand trusts holding $265 million in assets […]

by

Nawaz’s premiership seems doomed     Whether he, his family or his party accepts it or not, the spectre of the Panama Papers haunts Nawaz Shareef. There are some jarring realities, which cannot be changed. His barmy and twaddle men may speak the vulgarities and have gauche behaviour, boastful, politically amoral, vengeful, unforgiving and, most […]

by

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: It was the busiest January ever for FCPA corporate resolutions. (FCPABlog) Cybercrime: When […] […]

by

Submit the press release MEPs from the Greens/EFA group voiced frustration today (2 February) with being blocked in their investigation of the Panama Papers and on the ways in which money laundering and tax evasion are made possible in the European Union. Green MEPs Eva Joly (France), Sven Giegold (Germany) and Molly Scott Cato (UK) […]

by

ISLAMABAD – The Supreme Court of Pakistan adjourned hearing a slew of petitions seeking a probe into Panama papers till Tuesday. The five-member larger bench discussed the alleged money laundering by Sharif family and Ishaq Dar in the purview of latter’s confessional statement. National Accountability Bureau (NAB) submitted details regarding the confessional statements of Ishaq Dar […]

by

<!– Deutsche Bank has agreed to pay a $625 million fine stemming from a scheme that U.S. and British regulators said helped Russian clients illegally transfer $10 billion out of the country from 2011 to 2015. The bank agreed with the authorities’ assessment that it facilitated capital flight for its Russian customers, helping them evade […]

by

Greens MEP and member on the Pana Committee Sven Giegold (above) has questioned why anyone would open a company in Panama for legitimate reasons. He was asked by The Malta Independent, in Brussels, whether the Pana committee plans to consider possible enforcement against intermediaries or recommending further EU legislation for intermediaries with relation to financial services […]

by

Pakistani Prime Minister Nawaz Sharif (File Photo) Since January 4, a five-member Bench headed by the second seniormost judge of the Supreme Court of Pakistan has been hearing for three hours every day petitions alleging corruption by Prime Minister Nawaz Sharif, filed by the chairman of the Pakistan Tehreek-e-Insaaf (PTI) Imran Khan, and the head […]

by

The Isle of Man is a well-known tax haven (otherwise known as an “international financial center”), with its financial services sector (banking, insurance, other finance and business services, legal and accounting services, and corporate services) accounting for 37.8 percent of its gross domestic product. However, the latest report from the Council of Europe’s expert committee on money laundering and the financing of terrorism (MONEYVAL) […]

by

ISLAMABAD – The Supreme Court of Pakistan adjourned hearing a slew of petitions seeking a probe into Panama papers till Tuesday. The five-member larger bench discussed the alleged money laundering by Sharif family and Ishaq Dar in the purview of latter’s confessional statement. National Accountability Bureau (NAB) submitted details regarding the confessional statements of Ishaq Dar […]

by