Thursday, January 21, 2021

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Vladimir Putin’s critic Alexei Navalny faces fraud charges

The Kremlin critic Alexei Navalny will face arrest if he returns to Russia after investigators charged him yesterday with large-scale fraud. Mr Navalny, 44, was accused of embezzling 588 million roubles (£5.8 million) in public donations to his FBK anti-corruption...

Brazilian construction giant Odebrecht fined $50 million for corruption

Brazilian construction giant Odebrecht, which recently changed its name to Novonor, must pay a $50 million fine over corruption related to construction of a highway in Colombia, authorities announced on Monday. The company was fined "for implementing a system restricting...

Nigerian corruption agency says lawyers gave $12.9m bribes to judges in three years

A survey by the Independent Corrupt Practices and Other Related Offences has found that an estimated N9.4bn bribe exchanged hands in the judicial sector between 2018 and 2020. The report said the level of corruption in the justice sector was...

Pope Francis strips Vatican secretariat of state of financial assets

Pope Francis has formally stripped the Vatican secretariat of state of its financial assets and real estate holdings following its bungled management of hundreds of millions of euros in donations and investments that are now the subject of a...

How will Brexit impact sanctions and money laundering rules?

As the UK prepares for a future outside of the EU, one of the areas financial services companies in particular have to consider is sanctions. As of 11pm on the 31st December 2020, the UK will no longer subject to...

Swiss to return $150 million from Allen Stanford Ponzi scheme to US

Switzerland will return $150 million from blocked Swiss bank accounts by the end of the year to the United States to be given to victims of convicted Ponzi scheme con artist Robert Allen Stanford, the Federal Ministry of Justice...

Turkish parliament approves oversight law for NGOs in fight against money laundering

Turkey’s parliament on Sunday approved a controversial law approving the oversight of associations and foundations, which critics say will stifle NGOs and damage civil society. It gives the state the power to replace the boards of NGOs with trustees, as...

New York health care provider faces allegation of fraudulently obtaining Covid-19 vaccines

The New York State Department of Health says an Orange County health provider is accused of fraudulently obtaining doses of the COVID-19 vaccine. In a statement released Saturday, health commissioner Dr. Howard Zucker says there have been reports that ParCare Community Health Network...

Iraq judicial council probe Central Bank of Iraq over money laundering allegations

Iraq's Supreme Judicial Council is investigating the country's central bank and 13 private banks over alleged involvement in money laundering and terrorist financing operations, lawmakers and officials have told Middle East Eye. In response to a parliamentary probe that ended last month, the...

Is COVID-19 a Detriment to Terrorist Financing Despite Regulator Claim?

Financial regulators and risk advisory firms have sounded the alarm on the COVID-19 pandemic and how it creates an environment rife with new terrorist financing vulnerabilities. Inter-governmental task forces, banks, and law firms alike claim that foreign terrorist organizations (FTOs)...

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