- Managers of Wealth - Legal - Wealth, private banking and asset management news and opinion

Deutsche Bank whistleblower paid record $267m for evidence

“Manipulation of financial benchmarks enriches manipulators at the expense of market participants,” Mr Kovel

Founders of Crypto ICO Plead Guilty to Tax Evasion After Raising $24 Million from Investors

Instead of fulfilling their promises to these investors, the defendants used Bitqyck funds on personal expenses, including casino trips, cars, luxury home furnishings, art, and rent.

NatWest pleads guilty in criminal proceedings

These regulations require certain firms, including those regulated by the FCA, to ensure they have adequate anti-money laundering systems and controls to prevent money laundering.

When Latin America’s elite wanted to hide their wealth, they turned to this Panama firm

Alcogal set up offshore companies for 160 politicians and public officials, leaked records show – including some accused of looting their countries.

Tony and Cherie Blair bought property via offshore firm and saved £300,000 in tax

Former PM and his wife became owners of £6.5m office building by acquiring offshore company partially owned by Bahraini minister

Massive Leak Exposes the Hidden Fortunes of World’s Elite and Crooks

This news should have been surprising.

FinCEN advance notice of proposed rulemaking regarding the antiquities trade

Congress’ move to make the BSA applicable to the antiquities trade stemmed from the concern that the trade may be exploited by money launderers and terrorist financiers to evade detection by law enforcement.

What Does the Future Hold for the UK’s Money Laundering Regulations?

Since July 2019, the UK government and private sector partners have been on a mission to upgrade the UK’s response to economic crime.

New EU AML package – an in-depth look at the role of the Anti-Money Laundering Authority

The AMLA is intended to be operational by 2024, with work on direct supervision beginning in 2026.

Legal Compass: Anti-money laundering law reform in the United States: Swiss banks caught between a rock and a hard place

US authorities may send a subpoena to a Swiss bank or its US representative, if any, and can impose heavy sanctions if the Swiss bank refuses to co-operate.

The new EU Commission AML/CFT legislative package revealed

If adopted as such, it will trigger substantial amendments to the current AML/CFT framework.

China Development Bank vice-president detained in corruption probe

He Xingxiang is the third senior CDB executive to face a corruption probe during President Xi Jinping’s anti-corruption drive

Ex-manager of HKDC charged as graft probe reveals $390,000 contract fraud

The ICAC investigation arose from a corruption complaint.

Ex-adviser jailed after laundering money for organised crime group

The FCA will now pursue confiscation proceedings against him in order to try and seize his illegal gains.

France fines U.S. bank JP Morgan $29.6 mln in tax fraud settlement

The settlement follows a probe opened in 2012.

Global watchdog urges Japan to boost fight against money-laundering

Authorities in Japan have a good understanding of the money laundering and terrorist financing risks they face and have been at the forefront of AML/CFT measures in areas that present major risks for the country.

Italian Mafia Exploits Cryptocurrency and the Deep Web

The anonymity offered by the online markets is particularly valuable to the criminals amids the pandemic

Danske Bank defeats appeal in U.S. over money laundering scandal

Their lawyers did not immediately respond to requests for comment.

PFS to pay €500,000 to clean up laundering

Tom Cregan, the EML managing director, said last week that new directors and an independent chairman have been appointed at its Irish subsidiary, although PFS was unable to confirm their identities on Friday.

Ogier Global expands Asia presence

The new Singapore office is an exciting milestone for Ogier Global and represents our commitment to the Asia market.

Money Laundering and AML