Topic: Money laundering

US moves towards transparent beneficial ownership

A White House legislative proposal will help law enforcers investigate shell companies by requiring the US Internal Revenue Service (IRS) to collect information on the beneficial owner of all US corporate entities, and allowing law enforcement agencies to use the information.

14 April 2014

Brazil's federal police raid Petrobras offices

Brazil’s federal police have raided state-owned oil company Petrobras’s headquarters in connection with an investigation of money laundering, according to Reuters. The company was asked to provide documents linked to a particular contract.

14 April 2014

US to seize Iran-owned NYC real estate

A midtown New York office tower built by the late Shah of Iran is to be forfeited as the building’s co-owners, Assa and the not-for-profit Iranian Alavi Foundation, acted as a front for Iran’s Bank Melli, a US judge has ruled.

01 April 2014

Citigroup announces AML chief retirement

Citigroup global anti-money laundering head Sagheer Mufti will retire in late May after spending 33 years at the bank, according to an internal memo confirmed by a spokesperson. New York-based Mufti will continue in his role until a successor, who has not yet been found, is announced.

18 March 2014

Singapore to issue KYC regulations for Bitcoin transactions

The Monetary Authority of Singapore (MAS) will introduce checks on crypto currency traders in a bid to prevent digital currencies like Bitcoin from being used for illegal purposes.

17 March 2014

Anti-money laundering laws don’t cover Bitcoins, court hears in test case

In a case that could have repercussions across the US, a defence lawyer has argued that his client, who is charged with money laundering, has not broken the law because state rules do not cover the use of Bitcoins.

05 March 2014

Citigroup discloses two money laundering investigations

According to an SEC filing, Citigroup is facing a subpoena from the Federal Deposit Insurance Corporation and a grand jury subpoena from the US Attorney’s Office for the District of Massachusetts, which has also subpoenaed Mexican subsidiary Banamex and other unnamed related parties.

04 March 2014

Nigeria to investigate US$20 billion worth of missing oil money

The chairman of the Economic and Financial Crimes Commission (EFCC) in Nigeria told the country’s government last Thursday that it will launch a criminal investigation into US$20 billion in missing oil revenue, according to a local news report.

03 March 2014

Switzerland probes Yanukovych money-laundering allegations

The Swiss prosecutor’s office in Geneva announced on Friday it has opened a criminal investigation into alleged aggravated money laundering by ousted Ukrainian president Viktor Yanukovych and his son Oleksandr.

03 March 2014

Ukraine unrest heightens bribery risk

As corruption and money laundering risk alerts are sent out in the US and UK in response to political unrest in Ukraine, observers tell GIR that companies are likely to face increased bribery risks too.

28 February 2014

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