Dark Web’ drug trafficker guilty of money laundering

An Ohio drug trafficker has pleaded guilty to laundering more than $19m (£14.8m) of narcotics profit on the dark web over the course of two years. Hugh Haney, 61, was charged on 6 November with money laundering and profiting from crime, according to the US Justice Department. Authorities linked Haney…

Cyprus revokes ‘golden passports’ from 26 ‘investors’

The Cyprus government says it will annul the ‘golden passports’ bought by 26 foreign investors and family members from outside the EU. It has not named the individuals involved. The Mediterranean island offers an EU passport for an investment of at least €2m (£1.7m). Malta and Bulgaria have similar schemes,…

US moves to end use of anonymous companies

The Unites States’ House of Representatives has passed a landmark bipartisan bill to put an end to corruption and crime enabled by anonymous companies. The Corporate Transparency Act is the first of its kind to see a floor vote in Congress. House members passed the bill with a vote of…

Fifth of law firms ‘fail on money laundering compliance’

The Solicitors Regulation Authority (SRA) has pledged to increase checks on law firms after it found that too many were not complying with anti-money laundering regulations, and it warned of strong action against those who continue to fall short. In March, the SRA wrote to 400 firms asking them to…

Tackling the money laundering risks from ‘stablecoins’

In June 2019, the Financial Action Task Force (FATF) introduced the first global standards to address the money laundering and terrorist financing risks of virtual assets. And this week the FATF agreed how to assess countries’ implementation of these new requirements. In a statement it said: “Given the global nature…

Netflix’s lawyers take fight to Mossack Fonseca over The Laundromat lawsuit

Netflix has moved to shut down a lawsuit from Mossack Fonseca lawyers over the film about the Panama Papers scandal that led to the closure of their firm and criminal charges, arguing the partners’ reputations were “long sullied” before the film’s release. The film, The Laundromat, stars Gary Oldman and…

Trusts and Fifth Money Laundering Directive

Croner Taxwise author Kiya Jacobs examines the potential pitfalls accountants could experience when registering trusts to comply with the Fifth Money Laundering Directive (5MLD) The Fifth EU Money Laundering Directive (5MLD) is to be implemented by January 2020 into UK law. Although the UK has committed to leaving the EU…

London letting agents guilty of money laundering

A trio of London estate agents have received suspended jail sentences after pleading guilty to fraud and money laundering following an investigation by the National Trading Standards eCrime Team. It found that online property letting business Oliver Knights had been used for fraud and had led to at least a…

Reliance on banks ‘hindering money laundering investigations’

Governments are failing to tackle international money laundering and tax fraud because police don’t have the tools to track down the owners of companies suspected of criminal activity, a new report from Transparency International claims. Analysis of country evaluations issued by global anti-money laundering regulator, the Financial Action Task Force…

Chinese national guilty of fraud and money laundering

A Chinese national who was responsible for operating a network of properties used by organised crime groups for prostitution or cannabis farms has pleaded guilty to 22 fraud, false ID and money laundering offences. National Crime Agency officers arrested 43-year-old Feng Xu at his home address in Holliday Street, Birmingham…
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