Saturday, August 20, 2022

Articles

Pregnant women in Zimbabwe forced to pay bribes when giving birth

In agonising labour pain and turned away from a Harare health centre, Aurage Katume feared that, like many other Zimbabwean women, she could lose her unborn baby. She struggled to another clinic in the country’s capital. The midwives there were...

Philippines anti-money laundering body says real estate transactions use to launder dirty money

Criminals are using real estate transactions to launder dirty money in the Philippines, a top official of the Anti-Money Laundering Council revealed. AMLC Executive Director Atty. Mel Racela confirmed this during a Senate hearing on Wednesday after lawmakers asked him...

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...

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...

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...

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