5th December 2018
Britain’s Financial Conduct Authority (FCA) has fined the former boss of a Bangladeshi-headquartered London bank £76,400 for breaching anti-money laundering (AML) standards, it has been revealed, two years after it penalised the bank with a £3 million penalty over financial crime control failures. On Tuesday, the FCA published its Decision… Read More
5th December 2018
The United States is pressing the European Union to consider economic sanctions on Iran over its ballistic missiles, a senior U.S. official said on Tuesday, warning of a wider regional conflict if Tehran’s ambitions remain unchecked. Iran’s test of a ballistic missile this month alarmed the West and France called… Read More
5th December 2018
AP — An Israeli company known for its sophisticated phone surveillance technology on Monday rejected accusations that its snooping software helped lead to the killing of Saudi journalist Jamal Khashoggi. The NSO Group has faced similar claims in the past that its products were used to… Read More
5th December 2018
Sweden is likely to become cashless within the next five years, the deputy governor of the country’s central bank, Cecilia Skingsley, predicted on Tuesday. The use of notes and coins has been declining in Sweden for years and instant mobile phone payments and other new technologies means it is has… Read More
4th December 2018
A key element in the application of the risk-based approach (RBA) to financial crime is the identification by a firm of those countries with which its customers are closely linked and which are also adjudged to be high risk in financial crime terms. There are many lists of such high-risk… Read More
4th December 2018
Members of the European Parliament have called for an inquiry to examine various aspects of the cum-ex multi-billion euro tax fraud scheme, which has hit Germany and possibly several other European countries. The lawmakers want the probe to establish the ‘real actors’ behind the scam, whether there were breaches of… Read More
4th December 2018
A former owner of Banco Peravia bank in the Dominican Republic has been sentenced to three years in prison for his role in a billion-dollar money laundering scheme involving currency exchange. Gabriel Arturo Jimenez Aray (Jimenez), 50, a Venezuelan citizen residing in the US, and former owner of Banco Peravia… Read More
4th December 2018
International banks in Britain should resist pressure from European Union regulators to shift their non-EU business to new hubs in the bloc because of Brexit, Britain’s markets watchdog said on Monday. Around 30 lenders in Britain have applied to the European Central Bank for a license to open or expand… Read More
4th December 2018
The rise of non-bank financing is creating a major risk for financial stability in the euro zone and needs to be better regulated, European Central Bank board member Klaas Knot said on Monday. “Non-bank financial intermediaries provide a high and increasing share of financing in the high-yield debt market,” Knot,… Read More
4th December 2018
AP — President Donald Trump is calling for a “full and complete” sentence for his longtime lawyer Michael Cohen. Trump tweets Monday: “You mean he can do all of the TERRIBLE, unrelated to Trump, things having to do with fraud, big loans, Taxis, etc., and not… Read More
Must Read

Iran courts jail 30 men for economic crimes after public outcry

Fast-track courts set up in Iran to fight economic crime have jailed 30 men for up to 20 years each, the judiciary said on Sunday, as the country faces renewed U.S. sanctions and a public outcry against profiteering and corruption. The new Islamic revolutionary courts — whose rulings cannot be… Read More

Police arrest over 200 fake-cash ‘customers’ after counterfeit money agent jailed

Law enforcement agencies across Europe have taken action against suspects who bought counterfeit euro banknotes on illegal platforms on the Darknet. In total, almost 300 house searches were conducted in 13 different countries and 235 suspects were detained. Law enforcement also seized around 1 500 counterfeit euro banknotes. Read More