Swiss money laundering tip-offs up 25%

Latest figures from Swiss authorities show they received 7,705 reports about possible money laundering, an increase of 25% on the previous year. In its annual report, the Federal Money Laundering Reporting department said the assets in the reports amounted to CHF12.9 billion (£10.2 billion) and originated mainly from suspected fraud…

Pass the remote

Now into its second series Dirty Money, a Netflix original television series, shows the dark side of money laundering. Season one’s ‘Cartel Bank’ re-examines HSBC’s $881 million money laundering scandal. It looks at the ties between the bank and Mexico’s Sinaloa Drug Cartel. Among the contributors are HSBC whistleblower Everett…

Must do better: UAE warned over money laundering

Despite recently strengthening its legal framework to fight money laundering and terrorist financing, the United Arab Emirates must take urgent action to effectively stop the flows of criminal money it attracts. The warning comes from the Financial Action Task Force (FATF), following its recent evaluation of the efficacy of its…

Whistleblower wins £8.6m in damages from EY

EY has been ordered to pay $10.8 million (£8.6 million) in damages to a whistleblower who said the firm had been covering up evidence of a client in Dubai suspected of money laundering and gold smuggling. Auditor Amjad Rihan sued EY after the firm forced him out of his job…

Five charged in cocaine and money laundering investigation

Five people have now been charged as part of a drugs and money laundering investigation run by officers from the National Crime Agency and Metropolitan Police Service. It follows an operation on 14 April which saw investigators from the Organised Crime Partnership (OCP), a joint NCA and Met Police team,…

AAT disciplines non-compliant members

The Association of Accounting Technicians (AAT) has caught a number of members who are providing self-employed accountancy or related services to the public while not registered, licensed or approved to provide such services. Many are also not registered with a supervisory authority for the purpose of anti-money laundering, a breach…

US finds hidden $300m

US prosecutors pursuing the looted funds from the 1Malaysia Development Berhad, a sovereign wealth fund known as 1MDB, have found a further $300m. The money was confiscated from Jho Low, a friend of the Malaysian former prime minister Najib Razak. Prosecutors took ownership of a £120 million superyacht, a 300ft…

New AML guidance from CCAB

The Consultative Committee of Accountancy Bodies (CCAB) has issued Covid-19 Supplementary Anti-Money Laundering Guidance, for the completion of client due diligence (CDD) during urgent work. Here it is in full: Client Due Diligence (CDD) – Regulation 30 MLR 2017 In view of the current Covid-19 there may be circumstances in…

Fall in number of fraud officers

The UK’s biggest police force has admitted it has lost two-thirds of its finance officers, just at a time when fraud has become the most common reported crime. The Metropolitan Police had 91 financial officers in 2007-2008. In February this year that number had fallen to just 30. The worry…

Serious AML findings prompt Matchbook licence suspension

Money laundering and social responsibility failings led to the suspension of Triplebet’s licence, the Gambling Commission has said. Triplebet, which operated a betting exchange and a remote casino under the trading name ‘Matchbook’, had its licence suspended on 17 February 2020. The Gambling Commission’s investigation found serious failings in Triplebet’s…
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