Daily News Brief
May 31st, 2016

New York
Los Angeles

VAT scam: ED seeks details of dealers, bogus firms

The Enforcement Directorate is preparing to proceed against dealers involved in VAT scam in the state under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and has sought copies of the FIRs lodged by the Excise and Taxation Department against persons identified to be indulging in tax evasions like fraudulent tax refunds.


UK Economic Crime Group: Mid-year Roundup in Economic Crime

News from the Serious Fraud Office (the SFO) – Sweett Group Plc was sentenced on 19 February 2016 and ordered to pay £2.25 million following its conviction after an SFO investigation into its activities in the United Arab Emirates.


Bitcoin Due to Get a Watchdog, via the European Union

The European Parliament has voted in a non-binding resolution today which approved a proposal for a taskforce looking into virtual currencies like bitcoin and blockchain technology.


Son of Equatorial Guinea leader may face French corruption trial

French prosecutors have requested that the son of Equatorial Guinea's president be tried for suspected money laundering, an official at the financial prosecutor's office said on Thursday.


Malaysia 1MDB Scandal: Central Bank Files Police Report Against Wall Street Journal Over Leaked Document

Malaysia’s central bank has lodged a police report against the Wall Street Journal to probe the leak of a confidential document detailing the investigation linked to a Malaysian state-run fund, Prime Minister Najib Razak said Friday.


Hackers behind $81 MILLION cyber heist – one of the world's biggest ever – from Bangladesh bank will NEVER be caught as they are 'untraceable'

Three months after an $81million (£55million) cyber heist much of the money has not been recovered and a source has told the Mail Online the 'masterminds' will never be found because they are 'untraceable'.


Two Related Broker-Dealers To Pay US $17 Million for Widespread AML Compliance Failures; Former AML Compliance Officer Also Sanctioned

Raymond James & Associates, Inc. (RJA), Raymond James Financial Services, Inc. (RJFS) and Linda Busby, the anti-money laundering compliance officer for RJA agreed to settle charges by the Financial Industry Regulatory Authority that, from at least November 2011 through June 2014, both firms failed to implement and maintain an adequate AML program and that through February 2013, Ms. Busby was responsible, at least in part, for RJA’s violations.


Swiss to ease seizure, repatriation of dictators' funds

Switzerland will implement a new law in July to help seize and repatriate illicit wealth parked in its banks by foreign dictators, the government said on Wednesday.


Why Banks Are Ditching FinTech SMEs — Without Warning

Post-financial crisis regulations have forced banks to become more diligent and aggressive against financial fraud, including money laundering. In response to new rules, financial institutions in the U.K. have heightened their practice of de-risking — that is, withdrawing bank accounts or other financial services from customers deemed to be high-risk.


Lawyer Alan Koslow charged with money laundering

Alan Koslow, a longtime politically connected lawyer in Broward, was charged with money laundering by federal law enforcement Thursday related to an FBI sting that involved counterfeit Viagra and narcotics.


Justice to consolidate three laundering cases

All three complaints filed by the Anti-Money Laundering Council arising from the $80.9 million stolen by hackers from the Bangladesh Bank and laundered to the country will be consolidated, a Justice official said on Wednesday.


Banks dump small businesses, charities and fintech firms to save on red tape costs

British banks are increasingly willing to scrap the accounts of charities, small businesses and fintech firms in a bid to cut the cost of regulatory compliance and anti-money laundering controls, according to a report commissioned by the Financial Conduct Authority.


Switzerland Launches Money-Laundering Probe of Bank Linked to Malaysia’s 1MDB

The office of Switzerland’s attorney general said Tuesday it had opened criminal proceedings into potential money laundering by BSI AG, a Swiss bank linked to Malaysian state fund 1MDB, and Swiss financial regulators announced a takeover of the bank.

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