Financial Fraud

EU
Financial Fraud
Freshly Brewed

EU Set to Screen Foreign Direct Investments

3/5/2019:  The Council of the EU approved a new framework to screen foreign direct investments coming into the European Union.  The new framework will be effective in April of 2019 and it will help safeguard Europe’s security, public order and strategic interests when it comes to foreign investments into the EU.  According to the Council’s […]

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Cases
DOJ
Financial Fraud

DOJ Repatriates Insider Trading Proceeds to Kyrgyz Republic

Earlier this week, the U.S. DOJ issued a release of repatriation of stolen funds to the Government of the Kyrgyz Republic arising from the corruption and theft of government funds by the prior regime of Kurmanbek Bakiyev and his son Maxim Bakiyev.   This action was conducted under the Kleptocracy Asset Recovery Initiative. The funds (USD […]

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Anti-Corruption
Cases
DOJ
Financial Fraud
Freshly Brewed

Cognizant SEC FCPA Settlement; DOJ Indictments

February 15, 2019: According to an SEC release, Cognizant Technology Solutions Corporation agreed to pay $25M to the SEC to settle charges of FCPA violations. Two of its executives were charged and indicted, according to another release from the DOJ. The SEC complaint alleged that “in 2014, a senior government official of the Indian state of […]

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EU
Financial Fraud
Freshly Brewed

EU: Further Measures to Counter Terrorism Financing

The EU is stepping up measures to facilitate cross-border access by law enforcement into information that helps uncover financing for terrorism. Terrorists are increasingly operating across borders with their assets located both within and beyond EU territory. The current EU rules do not set out the precise conditions under which national authorities can use financial […]

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Anti-Corruption
Cases
China
DOJ
Financial Fraud
Fraud
Freshly Brewed
Iran

DOJ Charges: Huawei and its CFO

January 27, 2019: The DOJ charged Huawei and its CFO, Wanzhou Meng, with financial fraud. More specifically, in a 13-count indictment, the DOJ charged 4 defendants, including Huawei Technologies Co. Ltd. (Huawei) of China, 2 Huawei affiliates — Huawei Device USA Inc. (Huawei USA) and Skycom Tech Co. Ltd. (Skycom) and Huawei’s CFO Wanzhou Meng (Meng), […]

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Anti-Corruption
Financial Fraud
Freshly Brewed

Deloitte, KPMG Questioned Over #1MDB #Fraud Involvement

January 25, 2019: The South China Morning Post reported that Deloitte and KPMG are being questioned by Malaysian authorities in connection with their engagement with the 1Malaysia Development Berhad and the ensuing global financial fraud. The Malaysian Securities Commission is looking into the firms in effort to determine whether they aided and abetted the fraud […]

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Anti-Corruption
Financial Fraud
Freshly Brewed
Money Laundering

Ex-UBS Employee Guilty of Money Laundering; Data Theft

A Swiss court found that an ex-UBS Group AG employee, who remains at large, was guilty of money laundering.  The employee, identified by Bloomberg only as Rene S., was accused of stealing details on more than 200 clients that he allegedly sold to German officials, pocketing 1.15 million euros ($1.15 million).  It appears the defendant fled […]

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Anti-Corruption
Cases
Financial Fraud
Fraud
Freshly Brewed
Money Laundering

Goldman Apologizes to Malaysians for Role in 1MDB Scandal

January 16, 2019: David Solomon, Goldman’s chief executive apologized to the people of Malaysia for their former employee’s role in the 1MDB scandal. Mr. Solomon joined the company’s Q4 earnings call and gave an update on investigations into the 1MDB corruption matter. “It’s very clear that the people of Malaysia were defrauded by many individuals […]

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Anti-Corruption
Financial Fraud
Fraud
Freshly Brewed
Money Laundering
UK

UK’s New Economic Crimes Taskforce

January 14, 2019: The UK government published a release of its new taskforce that will focus on tackling economic crimes.  The taskforce will be chaired by the Home Secretary and Chancellor and will work closely with senior figures from the UK financial sector.  According to the release, economic crimes (inclusive of bribery, corruption, money laundering, etc.) cost some […]

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Anti-Corruption
Financial Fraud
Freshly Brewed
Global Trade
OFAC
SDN
Venezuela

OFAC SDN Designations: Venezuela

January 8, 2019:  OFAC added  seven individuals, one private aircraft and  23 entities to its SDN list. The designations were made in connection with their involvement in a “significant corruption scheme designed to take advantage of the Government of Venezuela’s currency exchange practices, generating more than $2.4 billion in corrupt proceeds”. For the complete list of […]

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