Companies in Russia may avoid liability in domestic bribery cases if they assist in identifying the offence (e.g. by disclosing information), assist in investigation of the bribe, or if the bribe has been extorted, according to a new law which goes into force on August 14, 2018 (the “Law”).1 The Law also allows courts to […]
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Standard Bank reports strong half-year results
THE Jersey-headquartered Standard Bank Wealth International has issued its half-year results, reporting a 31% increase in headline earnings at £25.5m. The division reported full-year headline earnings in 2017 of £36.8 million, up 32% on 2016. Standard Bank Wealth International also has offices in the Isle of Man, Mauritius, London and South Africa and is 100% […]
Read MoreFATCA the First Conviction and associated Money laundering charge against Mauritian TCSB manager
Introduction 1. Former Executive of Loyal Bank Ltd Pleads Guilty to Conspiring to Defraud the United States by Failing to Comply with Foreign Account Tax Compliance Act (FATCA) 2. Adrian Baron, the former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd, an off-shore bank with offices in Budapest, Hungary and Saint […]
Read MoreING money laundering settlement agreement and statement of facts
ING Bank N.V. (ING) in Amsterdam has accepted and paid a settlement of EUR 775,000,000 offered by the Netherlands Public Prosecution Service ([NPPS]). The NPPS has accused ING in the Netherlands of having violated the Anti-Money Laundering and Counter-Terrorism Financing Act for many years and on a structural basis; AND failed to prevent bank accounts […]
Read MoreING pays 775 million due to serious shortcomings in money laundering prevention
The following was posted by the Netherlands Public Prosecution Service on 4 September 2018 ING Bank N.V. (ING) in Amsterdam has accepted and paid a settlement of EUR 775,000,000 offered by the Netherlands Public Prosecution Service (Openbaar Ministerie, hereinafter referred to as NPPS). The NPPS has accused ING in the Netherlands of having violated the […]
Read MoreFormer Virtual Currency CEO Involved in $9 Million Fraud Scheme Sentenced to Prison
Department of Justice U.S. Attorney’s Office District of Connecticut John H. Durham, United States Attorney for the District of Connecticut, announced that HOMERO JOSHUA GARZA, 33, of Texas, formerly of Somers, Connecticut, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 21 months of imprisonment, followed by three years of supervised […]
Read MoreUK TAX – One rule for one (us, those trying to make ends meet) and another rule for another (them, the rich and powerful)
The UK Times has reported that HM Revenue & Customs (HMRC) has admitted for the first time that it allows the most powerful members of society to escape prosecution for financial crimes. At an economic crime conference in Cambridge last week, a senior government official admitted that the tax authorities accommodated celebrities’ concerns and settled […]
Read MoreBritish Airways Hacked – 380,000 Payment Cards Compromised
British Airways, who describes itself as “The World’s Favorite Airline,” has confirmed a data breach that exposed personal details and credit-card numbers of up to 380,000 customers and lasted for more than two weeks. So who exactly are victims? In a statement released by British Airways on Thursday, customers booking flights on its website (ba.com) […]
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