Friday, September 17, 2021

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...

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...

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...

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...

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...

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...

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...

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...

Nigeria’s Presidential Amnesty Programme failed to deliver mandate, blames corruption

A new report by Nextier Security, Peace and Development (SPD) has described the Presidential Amnesty Programme (PAP) as too expensive to maintain and marred by corruption and patrimonial sentiment. The report, which was released in Abuja yesterday, noted that the...

The Religious Leaders Using Churches to Launder Illicit Cash Across the Americas

When Erik Súñiga died in U.S. custody in April, he left a rich religious and political legacy in the Guatemalan town where he founded an evangelical church and served as mayor for over a decade. He also left behind a...

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