Billionaire banker executed in $2.6B money laundering case and two co-defendants in Canada

Billionaire money launderer executed According to the Washington Post, billionaire banker Mahafarid Amir Khosravi was executed today in Tehran for bank fraud and money laundering. He is alleged to have forged letters of credit with the assistance of bank managers from the Melli Bank to start a private bank called Aria Bank. Iranian courts found that US$2.6 [...]

UAE to implement tougher anti-money laundering laws and jail terms for reporting failures

UAE debates tougher AML laws   The United Arab Emirates is proposing amendments to its anti-money laundering legislation that, if approved, may be one of the most stringent anywhere. That’ s because it will allow the incarceration of officers for failures to report transactions suspected of involving money laundering or terrorist financing without a due [...]