Nigeria gets ex parte asset recovery order for $153,000,000 in proceeds of corruption from PEP parked in banks

The government of Nigeria will be able to recover $153 million in proceeds of corruption from Diezani Allison-Madueke, its former Minister of Petroleum, who was and remains a politically exposed person under anti-money laundering law. The funds were alleged to have been stolen from the Nigerian National Oil Company when it was under her control as [...]

UK’s sweeping new law targeting bankers, lawyers, advisors, offshore professional directors, nominees with fines; and “public shaming” for enabling offshore tax evasion

Wide, Wide Net for Enablers Starting today, parts of the UK’s Finance Bill 2016 came into effect which allows the HMRC to go after so-called “enablers” who help UK tax payers avoid taxes using offshore schemes, services or arrangements, such as bank accounts, investment or broker accounts, trusts, companies, directors / officers or nominees. The amendments introduce [...]

US lists Vancouver company a “significant transnational criminal organization”

Vancouver company listed as a criminal organization  Allegations of global money laundering from Vancouver through the financial system Today, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC“), designated Vancouver based PacNet and its connected companies, as a significant transnational criminal organization (“TCO“) for its role acting as an alleged money laundering [...]

A banker’s update on terrorist financing and money laundering from the US Committee on Homeland Security

Summary of the Updates The US House Committee on Homeland Security released a number of updates and received testimony on the status of terrorist financing, terrorism and money laundering in the last few weeks with some interesting developments relevant to banks in terms of changes in terrorist financing typologies that should be added to anti-money [...]

A difficult issue facing the refugee crisis – the fake Syrian refugee and its terrorism and money laundering concerns

Complicated Growing Use of Fake Syrian Passports According to several recent news reports, many, many refugees and migrants entering, or who have entered, the EU are doing so with false Syrian passports, creating what may be the biggest mass fraud of our time and the largest money laundering activity by sheer volume. In addition to [...]

Europol says organized crime is quickly changing to virtual methods

In a report released yesterday on serious organized crime called “Exploring Tomorrow’s Organized Crime” (the “Report“), Europol found that organized crime is now becoming a virtual activity over the Internet and as a result, transnational criminal organizations (“TCO“) are migrating towards virtual payment methods to conduct commercial affairs, including digital payments. According to Europol, the [...]

News report says that $125 million paid to listed terrorist groups for ransom payments

According to this article in the New York Times, governments of the European Union have paid at least $125 million to terrorist organizations, mostly Al Qaeda, since 2008 and $66 million of that was paid last year. The US Treasury Department estimates the figure is closer to $165 million and believes that ransom payments are [...]

EU Parliament approves 1st reading of bill to address secrecy of beneficial ownership and require disclosure of trusts, private companies, joint venturers

Disclosure of Beneficial Ownership in EU In a sweeping set of proposals, today the European Union Parliament voted to approve, at first reading, amendments to the proposed 4th Anti-Money Laundering Directive to require the disclosure of beneficial ownership. Beneficial ownership refers to the owners or beneficiaries, or both, of private companies and/or trusts as the context [...]

Germany state-owned bank and several corporate offices raided over wind energy investigation into alleged mafia money laundering

The EU investigation into the use of wind farms to launder proceeds of crime widened today with several police raids in Austria and Germany, including a raid on the offices of the state-owned bank, HSH Nordbank. The Nordbank financed several wind farms, including one in Calabria, Italy, alleged to have been erected and operated as a [...]

L’investigation de la fraude de $1.6B au marché du carbone en France continue en Israel

Blanchiment d’argent La police israélienne assist la France dans l’enquête sur des faits de blanchiment d’argent concernant le scandale de la fraude au marché du carbone en France qui aurait coûté 1,6B d’euros au Trésor public. Le scam consistait à acheter hors taxes aux Pays-bas des quotas de CO2 créés dans le cadre de la bourse d’échange née du [...]