Panama Papers law firm bosses arrested and denied bail
The founders of Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, have been arrested and are facing money laundering charges.
AML
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UK to crackdown on managers responsible for corporate crime
The UK government is to toughen laws governing fraudulent or dishonest activity by financial services companies to make it easier to successfully prosecute criminal offences such as fraud, money laundering and false accounting.
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Two-week jail term and $7k fine for ex-BSI banker in 1MDB case
Former BSI Singapore director Yvonne Seah has been sentenced to two weeks in prison and fined S$10,000 (£5,553, $6,943, €6,632) as part of the investigation into 1Malaysia Development Bhd (1MDB).
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Former French budget minister jailed for tax evasion
Jerome Cahuzac, a cosmetic surgeon and former French budget minister tasked with cracking down on tax evasion, has been jailed for three years after he was found guilty of tax fraud and money laundering.
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BVI hands record fine to Panama papers law firm
Mossack Fonseca, the law firm at the centre of the Panama papers scandal, has been fined a record amount by the British Virgin Islands’ Financial Services Commission (FSC).
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US claims anti-money laundering policy is ‘not zero tolerance’
The US Treasury has sought to soften the perception of its enforcement of an anti-money laundering (AML) regime against international banks, by emphasising that its policy is not one of “zero tolerance”.
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Singapore’s financial regulator steps up enforcement
The Monetary Authority of Singapore (MAS) has announced plans to set up a new department to centralise and strengthen its enforcement capabilities.
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Singapore regulator orders BSI Bank shut down
In the “worst case of control lapses and gross misconduct seen in the Singapore financial sector” Switzerland-headquartered BSI Bank is to be shut down, with six former and current members of staff referred to the public prosecutor, the first such move by the Monetary Authority of Singapore (MAS) since 1984.
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Dubai regulator fines two directors for wilful AML breaches
The Dubai Financial Services Authority (DFSA) has fined two former bank directors for wilfully breaching the regulator’s anti-money laundering (AML) rules.
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Hong Kong urges greater AML and KYC effort after Panama leak
Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money.
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CISI launches two new qualifications in Middle East
The Chartered Institute for Securities & Investment (CISI) has launched two qualifications on financial crime prevention in the Middle East to tackle the increased threats of cyber crime and financial crime.
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UK offshore firms will be forced to reveal property owners
The British government’s plan to reveal the ultimate owners of offshore companies that have bought property in the UK is likely to be announced by the prime minister David Cameron next month.