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

Tweet 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 […]

Equatorial Guinea Vice President charged with money laundering

Tweet The Vice-President of Equatorial Guinea, Teodorin Obiang, has been charged with money laundering in a multinational corruption case in which it is alleged that he illegally moved state assets to other countries, including France. His lawyer in France, Olivier Metzner, was found dead last year floating in the sea near Boëdic island in Gulf of […]

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

Tweet 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 […]

$70B missing from Ukraine; a whopping failure of global anti-money laundering & corruption laws

Tweet Ukrainian Crisis Late last week, the Swiss announced investigations into funds allegedly held in their banks by former President  Viktor Yanukovych (Ві́ктор Фе́дорович Януко́вич) and his son Oleksandr Yanukovych, and have frozen those assets while they determine if any of the assets are proceeds of crime derived from corruption, misappropriated state assets, or derived from other […]

HSBC closes bank accounts of consulates over risks that include exposure to money laundering

Tweet HSBC Cancels Bank Accounts of Consulates HSBC has given notice to several consulates and the Vatican that it is closing their accounts within 60 days. No reason has been officially cited for the cancellation of the client bank agreements but it is likely as a result of the exposure such accounts hold for financial […]

European Commission adopts proposals for 4th anti-money laundering directive

Tweet The European Commission today adopted two new anti-money laundering directives; the first, a proposal for a Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the “4th AML Directive”), and the second, a proposal for […]