Topic: Money laundering

New Zealand prepares money laundering and bribery overhaul

New Zealand’s justice minister, Judith Collins, yesterday submitted to parliament the Organised Crime and Anti-Corruption Legislation Bill which, if passed, will bring the country’s corporate crime laws in line with international expectations.

26 June 2014

Canada introduces Bitcoin regulations

Canada’s new anti-money laundering and counter-terrorist financing laws regulating digital currencies – like Bitcoin – have come into force. From now on digital currency exchanges will be subject to the same laws as other money service providers.

24 June 2014

HSBC adds European compliance head

HSBC has strengthened its compliance department with the hiring of Alison Hewitt, a former retail business risk director at Lloyds Banking Group, to be HSBC’s head of regulatory compliance in Europe.

24 June 2014

Tough AML rules harming banks, says ICC

Banks are terminating correspondent banking relationships when they lead to "outsized" risk brought on by strict anti-money laundering enforcement, according to an International Chamber of Commerce (ICC) report.

19 June 2014

Banks drop US customers over FATCA

FATCA regulations are negatively affecting US expats, according to a Reuters report: banks have resorted to dropping US customers before the complex financial reporting regulations will be fully enforced.

17 June 2014

Swiss prosecutors seize assets to assist Dutch fraud investigation

Prosecutors in Switzerland have seized millions of euros belonging to a Dutch national at the request of authorities in the Netherlands, as they investigate an alleged fraud scheme that nearly led to the bankruptcy of affordable housing group Vestia in 2012.

17 June 2014

HKMA carrying out anti-money laundering checks

The Hong Kong Monetary Authority is checking a number of financial institutions, including at least one bank, to identify potential money-laundering violations, Bloomberg reported, following a South China Morning Post report stating the banking regulator was investigating the institutions.

17 June 2014

Arbitration halts Laos criminal investigation

An arbitral tribunal has stopped Laos from carrying out a criminal investigation of alleged bribery, money laundering and embezzlement while an arbitration is pending. Report by Douglas Thomson

12 June 2014

HSBC faces French and Belgian joint tax investigations

Prosecutors from France and Belgium are investigating Switzerland-based HSBC Private Bank for allegedly assisting tax evasion and laundering the proceeds of tax fraud, according to court documents.

11 June 2014

Belgium investigating UBS over money laundering allegations

Brussels prosecutors are investigating allegations that Swiss bank UBS encouraged Belgian citizens to open undeclared bank accounts in Switzerland, according to reports. It is alleged UBS employees, over a period of 10 years, approached wealthy Belgians about helping them transfer large sums of money to Switzerland to avoid paying tax.

02 June 2014

Get unlimited access to all Global Investigations Review content