Money Laundering

Anti-Corruption
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EU
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Money Laundering

Nordea Further In With Money Laundering Scandal

March 5, 2019:  As we wrote back in October of 2018, the largest Nordic bank was accused of money laundering in connection with the Magnitsky scandal.  Now, Bloomberg is reporting that Nordea is pulled into the scandal even further, with the latest information appearing to come from a leak.  Finnish broadcaster YLE on Monday cited […]

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Money Laundering
OFAC
SDN

OFAC Lists 3 Under Foreign Narcotics Kingpin Designation Act

Earlier today (February 20, 2019), the Treasury Department’s OFAC designated three Indian nationals and four foreign entities for drug trafficking and money laundering under the Foreign Narcotics Kingpin Designation Act. Per the Treasury release, the head of the operation, Jasmeet Hakimzada, runs a global drug trafficking and money laundering network, together with his father and […]

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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
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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
Cases
DOJ
Fraud
Global Trade
Money Laundering
OFAC
Sanctions
SDN

DOJ: Lebanese Businessman Guilty of Money Laundering For Terrorist Groups

On December 6, 2018 the DOJ issued a Release noting that Kassim Tajideen, a Specially Designated Terrorist, of Beirut, Lebanon, pleaded guilty to conspiracy to launder monetary instruments.  According to the Release, Tajideen was designated in May 2009 as a result of his provision of significant financial support to the terrorist organization Hezbollah.  This designation prohibited […]

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Anti-Corruption
Cases
DOJ
Financial Fraud
Fraud
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Money Laundering
UBO

DOJ: Four Charged in Panama Papers Matter

DOJ issued a Release on December 4 noting that it charged four individuals with wire fraud, tax fraud, money laundering and other offenses in connection with their alleged roles in a decades-long criminal scheme perpetrated by Mossack Fonseca & Co. (“MF”).  The four defendants are Ramses Owens, 50, a Panamanian citizen; Dirk Brauer, 54, a […]

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Cases
DOJ
Fraud
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Iran
Money Laundering
Sanctions

DOJ: Government Contractor Fraud Charges

December 5, 2018:  Last Thursday the DOJ announced that it charged three individuals in a scheme to defraud the US government in connection with two multi million dollar government defense contracts for support of the US military in Afghanistan. The DOJ alleges that the defendants engaged in illegal commerce in Iran and laundered money.  The defendants are Abul […]

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Anti-Corruption
Cases
DOJ
Fraud
Freshly Brewed
Money Laundering
Venezuela

TV Mogul from Venezuela Charged for FCPA Violation and Money Laundering

Raúl Gorrín Belisario, a Venezuelan TV network owner was charged with conspiracy to bribe Venezuelan officials and to launder money.  The DOJ unsealed its indictment outlining the conspiracy and the alleged bribes ($160M over a decade or so) paid by the defendant in order to, among other things, win contracts, embezzle state funds and evade […]

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Freshly Brewed
Money Laundering

UK’s Sanctions and Anti-Money Laundering Act of 2018 Now In Effect

On November 22, 2018, the UK government adopted the Sanctions and Anti-Money Laundering Act of 2018 (Commencement No. 1) Regulations 2018 (copy available here), bringing into effect the majority of the sections of the Act itself.  A pdf copy of the Act is available here.

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