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.
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.
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.
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'.
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.
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.
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.
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.
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.
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.