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 […]

Swiss and US enter into anti-tax evasion agreement with wide-reaching prosecution implications for Americans, foreigners, advisors and entities with which they are affiliated

Anti-Tax Evasion Agreement The U.S. Department of Justice (“DOJ“) and the Swiss Federal Department of Finance have entered into an agreement that essentially ends Swiss bank secrecy and the renown of Switzerland as a tax haven (the “Agreement“). The Agreement: Applies not just to American taxpayers but also to foreigners and foreign entities who maintain Swiss bank […]

French government concerned over potential money laundering with vineyard purchases

Tracfin report highlights money laundering In its annual money laundering report, France’s Traitement du Renseignement et Action Contre les Circuits Financiers Clandestins (“Tracfin“) expressed concern over money laundering risks associated with the sale of  France’s most renowned wineries to investors from China, Hong Kong and Russia. The concern stems from the increase in suspicious transaction reports filed with […]

Holy See issues new anti-money laundering motu proprio

Vatican Strengthens Anti-Money Laundering Pope Francis issued a new anti-money laundering motu proprio effective today to implement the recommendation of Moneyval in respect of the prevention of money laundering, terrorist financing and proliferation of weapons of mass destruction.

Les avocats en France n’ont émis que 4 déclarations de soupçon in 2012

Rapport Tracfin 2012 Selon le rapport annuel d’analyse produit par Tracfin pour 2012, les 56,000 avocats en France n’ont émis que 4 déclarations de soupçon en 2012, et seulement 10 depuis 2008. Selon LexTimes, les avocats sont ouvertement opposés à participer au dispositif  qui serait en violation avec leur secret professionnel et les principes fondamentaux du droit mais […]

Greek shipowner Victor Restis arrested on money laundering charges

Shipowner Arrested & Detained Greek shipowner and businessman, Victor Restis, was arrested on money laundering charges in Athens in connection with loans he is alleged to have been involved with totalling  €5.8 million. Mr. Restis was incarcerated because of fears that he is a flight risk. He is a director or officer and shareholder of several […]

Lawyers arrested in largest mafia crackdown in Roman history

Mafia Crackdown in Rome Italian police arrested over 120 people today in its largest crackdown on mafia activities around Rome, including several lawyers alleged to have undertaken transactions and incorporated companies on behalf of the ‘Ndrangheta. According to the police, the ‘Ndrangheta ran multiple gambling operations and drug trafficking operations, and laundered the proceeds through […]