Topic: Money laundering

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

Oman jails state oil company CEO

The CEO of government-owned Oman Oil Company (OOC) has been sentenced to 23 years in jail for bribery, money laundering and abuse of office. A Muscat court determined that a Caribbean-registered company owned by OOC chief executive Ahmad al-Wahaibi received US$8 million from his counterpart at South Korean company LGI, Myung Jao Yoo, after LGI won a bid for a billion rial petrochemical project.

28 February 2014

Canada’s new anti-money laundering laws put compliance teams on alert

Canada has tightened anti-money laundering regulations by requiring financial organisations to carry out customer due diligence on what it describes as “business relationships”.

26 February 2014

Manatt Phelps adds third white-collar partner this month

A former US Department of Justice (DoJ) prosecutor has joined Manatt Phelps & Phillips as a partner in its New York litigation practice, the firm has said. Arunabha Bhoumik was a prosecutor in the DoJ’s fraud section of the criminal division and worked on cases involving money laundering, fraud and false claims.

26 February 2014

Deutsche Bank settles Brazilian embezzlement charges

Deutsche Bank has paid US$20 million in Brazil to settle charges over its alleged role in embezzlement by public officials in the 1990s. Former São Paulo mayor Paulo Maluf is alleged to have been at the centre of the embezzlement scheme but has denied any wrongdoing.

25 February 2014

Transparency International warns of Ukrainian money laundering

Anti-corruption organisation Transparency International has sent a letter to the UK chancellor George Osborne highlighting the risk of money being laundered from Ukraine into the UK. The non-government organisation warned Osborne that companies such as financial services providers and luxury estate agents should be prepared to carry out investigations of customers if necessary.

24 February 2014

EU committees push for mandatory corporate ownership disclosure

Two European Parliament committees have voted to amend draft money laundering rules to force corporate entities to reveal their ultimate owners.

24 February 2014

Manatt builds anti-money laundering team in DC

Manatt Phelps & Phillips has added two former Patton Boggs partners with anti-money laundering experience to its Washington, DC litigation and financial services practices.

21 February 2014

Standard Bank fined over money laundering controls

The UK’s Financial Conduct Authority (FCA) has fined Standard Bank £7.6 million (€9.2 million) for its politically exposed persons (PEP) policies.

24 January 2014

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