27th April 2018
PrivatBank in Ukraine has filed a lawsuit against PricewaterhouseCoopers (PwC) in Cyprus and Ukraine, seeking $3 billion in compensation for damages it says it suffered as a result of the auditor’s ‘extensive breaches of duties,’ including failure to identify fraud. The legal action pertains to PwC’s auditing of PrivatBank’s… Read More
21st March 2018
A Russian whistleblower linked to the murdered Maltese anti-corruption blogger Daphne Caruana Galizia has handed herself in to Greek police. Former bank employee Maria Efimova left Malta for Greece last August and is now at an Athens police station. Caruana Galizia named her as a source when she alleged that… Read More
27th December 2017
Special Counsel Robert Mueller’s investigation into links between US President Donald Trump’s campaign and Russian influence has led the FBI to probe a closed Cypriot bank used by wealthy Russians and accused by the US of money laundering. That was the claim made by the British newspaper The Guardian which… Read More
1st December 2017
By Elias Hazou Parliament will soon be voting on a bill banning cash transactions of €10,000 and over. Once passed, the law would make any cash-based transactions over €10,000 a criminal act, with fines of up to 10 per cent of the value of the transaction. Simply stated, a… Read More
1st November 2017
One of the shell companies that Paul Manafort allegedly used to launder money was the subject of an arbitration claim the former Trump campaign manager brought, according to a document obtained by MarketWatch. In 2012, Manafort filed an arbitration claim against Ameriprise Financial Services — which he lost — over… Read More
30th October 2017
EU Observer MEPs have urged Cypriot president Nicos Anastasiades to “correct” the mishandling of a Russia corruption case. The 17 deputies voiced “grave concern” in a letter to Nicosia on Friday (26 October) that Cyprus was “actively assisting” Russia in “politically-motivated proceedings” against Bill Browder, a British human rights campaigner. Read More
16th May 2017
Prevezon Holdings Limited, a Cyprus-based company, agreed on Friday to pay US$5,896,333.65 to the US Treasury to settle a money laundering and civil forfeiture action uncovered by the deceased Russian lawyer Sergei Magnistsky. Sergei Magnitsky Prevezon Holdings, owned by Russian businessman Denis Katsyv, and its subsidiaries were prosecuted in New York for laundering some of the US$230 million stolen by an… Read More
13th April 2017
On the same day Paul Manafort stepped down as the campaign chairman for Donald Trump’s White House run last August, he formed a shell corporation and took out loans worth $13 million from Trump-connected businesses, according to a New York Times report on Wednesday. It’s the newest revelation… Read More
28th March 2017
Cyprus’ reputation is taking a hammering abroad with past sins related to money laundering being rehashed and presented as current realities as US media dig deep to link the Trump administration with Russia. Read More
13th February 2017
An investment fund can be utilised by those seeking to launder money. Investment funds are particularly suitable for money laundering where a large sum of illicit money is already within the financial system. Read More
Must Read

Key points in the draft EU-UK Brexit deal

AP — The draft divorce agreement between Britain and the European Union has two parts: a legally binding withdrawal agreement, which runs more than 580 pages, and a looser political declaration on future relations. Some key points: WITHDRAWAL AGREEMENT Transition period: Britain will leave the EU… Read More

Danske money laundering scandal is ‘tip of iceberg’, whistleblower’s lawyer says

Danske Bank’s (DANSKE.CO) 200 billion euro ($225 billion) money laundering scandal might be the “tip of the iceberg” and investigators should examine whether major Western banks played a role, a lawyer for the whistleblower said. Stephen Kohn, a partner at U.S. law firm Kohn, Kohn and Colapinto who is representing… Read More