Articles
Explainer: All both leaked FinCEN Files
Leaked documents involving about $2tn of transactions have revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world.
They also show how Russian oligarchs have used banks to avoid sanctions that were...
Articles
FinCen Files: Banking Winds of Change
Authors: Álvaro Ruiz Ostos, Gustavo Fideney
THE END OF AN ERA - IS IT?
Yet again, we are writing about Financial Crime. Four years ago, the world turned upside down after the INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS (“ICIJ”) uncovered more than...
Articles
FinCEN and US Federal Banking Agencies Clarify Risk-Based Obligations on Politically Exposed Persons
Authors
White & Case partner Michael Garcia, counsel Jeremy Kuester, associate Max Bonici and financial regulatory analyst Christen Boas Hayes
The US Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies (Agencies)1 issued a joint statement on August 21, 2020, regarding Bank Secrecy...
Articles
Similarities and Differences between US FCPA and UK Bribery Act
While more governments around the world are enacting new legislation to combat corruption, two laws still stand above the rest in familiarity and scope: The U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act 2010 (UKBA). While...
Articles
Explainer: How Nigerian Instagram celebrity Hushpuppi laundered U.S. unemployment benefits
Fresh evidence from the Federal Bureau of Investigations (FBI) has revealed how Ramon Abbas, popularly called Hushpuppi, a Nigerian Instagram sensation, was involved in laundering unemployment benefits meant for citizens of the United States.
The scheme is one of the...
Articles
Explainer: Why former ICICI Bank CEO’s husband was arrested
The Enforcement Directorate (ED) on Monday arrested businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, for alleged money laundering in a deal between the private lender and Videocon Group. The money-laundering case was registered in January...
Articles
Accounting Fraud Hall of Shame
A Timeline on Accounting Fraud Scandals, What Have We Learnt from the Past and Should Expect for the Future.
1. WIRECARD – ANOTHER STAIN IN OUR TIMELINE
Once again, accounting fraud is on the news. WIRECARD’s case surely made Germany’s financial...
Articles
Are German officials culprits in Wirecard’s fraud of century?
Germany's blame game over Wirecard AG's collapse is focusing in on the question of why authorities failed to take a harder look at the payments company before it became the country's biggest accounting scandal in living memory.
Lawmakers are questioning...
Articles
Explainer: Covid-19 fuelling global illicit trade & financial flows
"The danger is acute in developing countries, many of which are already characterised by poor governance, weak regulatory oversight and corruption."
WORLD ECONOMY|CRIME|ILLICIT TRADE
The world is coming to terms with the economic strife caused by the COVID-19 pandemic. However, taking...
Africa
South Africa – How estate agents can mitigate the risk of money laundering in the property sector
The property sector is an attractive, legitimate investment vehicle, but it is equally appealing to criminals for laundering illicit funds. Identified as being vulnerable to abuse by criminals for money laundering and terrorist financing, estate agents, as facilitators into the...
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Former Harris County deputy constable pleads guilty to transporting drug money and heroin
A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...
News
Former Columbus mayor Eisenga charged with bank fraud
A former Columbus mayor and businessman who was once at the center of a controversial bill aimed at reducing child support payments for wealthy...
News
Two U.S. Navy service members get prison for defrauding military insurance program
Two U.S. Navy service members were sentenced in San Diego federal court Friday for their roles in an insurance fraud scheme that involved making false medical claims to...
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Julius Baer to deny two former CEOs their bonuses over money laundering scandal
Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...