Global Investigations Review - The law and practice of international investigations

Money laundering

Behind Danske Bank’s recruitment drive to revamp its compliance

Behind Danske Bank’s recruitment drive to revamp its compliance

September 15, 2020, GIR

Philippe Vollot, Danske Bank’s chief compliance officer, spoke to GIR about his “obsession” with bringing in a new wave of experts to overhaul the bank’s compliance culture in the wake of a huge money laundering scandal.

Switzerland launches two PDVSA money laundering investigations

Switzerland launches two PDVSA money laundering investigations

September 09, 2020, GIR

The Swiss Attorney General’s Office is investigating individuals over allegations of money laundering tied to Venezuela’s state-owned oil and gas company.

US rebuffs Halkbank’s immunity claims in sanctions case

US rebuffs Halkbank’s immunity claims in sanctions case

September 01, 2020, JUST SANCTIONS

“Protecting Halkbank’s access to US markets and its property in the United States was not incidental to the offenses, but a principal purpose of Halkbank’s conduct,” prosecutors wrote in a court filing.

FinCEN commits to avoid piling on

FinCEN commits to avoid piling on

August 19, 2020, GIR

The US financial intelligence agency has outlined the factors it will take into account when making its enforcement decisions over anti-money laundering failures.

Swiss compliance officer convicted over 1MDB transaction

Swiss compliance officer convicted over 1MDB transaction

July 31, 2020, GIR

A Swiss court has ordered a former compliance officer at private bank Coutts to pay 50,000 francs for intentionally breaching anti-money laundering laws in a case linked to the 1MDB scandal.

US prosecutors target millions in North Korean funds

US prosecutors target millions in North Korean funds

July 24, 2020, JUST SANCTIONS

Washington, DC, federal prosecutors are attempting to seize $2.4 million linked to a scheme by North Korea’s state-owned trade bank to skirt US sanctions.

The lesser-known Australian regulator cranking up enforcement

The lesser-known Australian regulator cranking up enforcement

July 17, 2020, GIR

Australia’s anti-money laundering regulator has grown teeth in recent years and international financial institutions with operations in the country should be wary, lawyers say.

Latvia slaps Signet Bank over money laundering failures

Latvia slaps Signet Bank over money laundering failures

July 16, 2020, GIR

Latvia’s financial regulator has handed a €906,610 fine to a self-proclaimed “prosperity club for high-net-worth individuals” over breaches of the countries anti-money laundering and counter terrorism financing rules.

Dutch banks set up “world first” anti-money laundering collective

Dutch banks set up “world first” anti-money laundering collective

July 09, 2020, GIR

Five Dutch banks have agreed to share their transaction data with one another to better tackle money laundering and terrorist funding in the country’s financial system.

Spain fines ex-ICBC execs millions over money laundering scheme

Spain fines ex-ICBC execs millions over money laundering scheme

July 03, 2020, GIR

Spain’s National Court has handed a €22.7 million fine and prison sentences to four former employees of Chinese bank ICBC over allegations they laundered millions of euros on behalf of Asian criminal organisations.