Month: July 2020

Global Witness exposes international Syrian – Russian money laundering network financing brutal Al-Assad regime (Global Witness)

Money Laundering
New report shows how Syrian-Russian money laundering network uses anonymous companies in the EU and UK Overseas Territories Read the full report, Assad’s Money Men in Moscow, here. Global Witness reveals today the workings of a Syrian-Russian money laundering network that has helped prop up President Bashar al-Assad’s regime during the ongoing armed conflict. This assistance ranged from helping the regime purchase fuel and banknotes to providing front companies possibly used by its chemical weapons and ballistic missiles programme. Close associates of the network also appear to have helped embargoed North Korean firms evade UN sanctions.  The report, Assad’s Money Men…

How Germany’s SEC failed to act on warnings about Wirecard’s financial practices (Financial Crime Compliance Education)

Investigation
Germany’s top financial supervisor received detailed warnings about deceptive financial practices at Wirecard AG starting in 2008 but repeatedly declined to investigate the allegations, turning instead against the accusers. Over more than a decade, investors, U.S. authorities, journalists and people close to the company warned of possible fraudulent accounting or money laundering, practices that are now at the heart of a criminal investigation into the disgraced fintech giant. But as the red flags piled up, Germany’s equivalent of the U.S. Securities and Exchange Commission played down the allegations, kicked the ball to other agencies and delayed examining the company’s accounts, according to previously unpublished documents,…

NCA statement on modern slavery allegations in Leicester (National Economic Crime Agency)

Exploitation, Slavery
NCA statement on modern slavery allegations in Leicester  Modern slavery The National Crime Agency can confirm that it has received information regarding allegations of modern slavery and exploitation in the textile industry in Leicester. We are now in the process of assessing that information, alongside our partners, which include Leicestershire Police, HMRC, GLAA, the Health and Safety Executive, Leicester City Council, Leicestershire Fire and Rescue and Home Office Immigration Enforcement. Our primary focus is on the protection of vulnerable people and safeguarding them from harm. As part of that, in recent days NCA officers have joined partners in attending a…

NCA and police smash thousands of criminal conspiracies after infiltration of encrypted communication platform in UK’s biggest ever law enforcement operation (National Economic Crime Agency)

Investigation
NCA and police smash thousands of criminal conspiracies after infiltration of encrypted communication platform in UK’s biggest ever law enforcement operation  Operation Venetic Entire organised crime groups dismantled during Operation Venetic with 746 arrests, and £54m criminal cash, 77 firearms and over two tonnes of drugs seized so far. UK law enforcement has made a massive breakthrough in the fight against serious and organised crime after the takedown of a bespoke encrypted global communication service used exclusively by criminals. EncroChat was one of the largest providers of encrypted communications and offered a secure mobile phone instant messaging service, but an…

Economic Crime Levy consultation (UK Treasury)

Consultation
Consultation description At Budget 2020 the government announced its intention to introduce an economic crime levy. This consultation invites views on the design principles of the levy, and how this levy could operate in practice, to ensure that it is proportionate and effective. It has been developed to help realise the public and private sectors’ shared ambition to improve the UK’s response to economic crime. The consultation seeks views on what the levy will pay for, how it should be calculated and distributed across the anti-money laundering (AML) regulated sector, and how the levy should be collected. The consultation also…

Superintendent Lacewell announced DFS imposes $150 million penalty of Deutsche Bank

Investigation
In connection with Bank’s relationship with Jeffery Epstein and correspondent relationships with Danske Estonia and FBME Bank (Department of Financial Services) First Enforcement Action by a Regulator Against a Financial Institution for Dealings with Jeffrey Epstein  Superintendent of Financial Services Linda A. Lacewell announced today that Deutsche Bank AG, its New York branch, and Deutsche Bank Trust Company America (collectively “Deutsche Bank” or the “Bank”) have agreed to pay $150 million in penalties as part of a Consent Order entered into with the New York State Department of Financial Services (“DFS” or the “Department”) for significant compliance failures in connection…

Federal Reserve Board announces termination of enforcement action with State Street Corporation and State Street Bank and Trust Company

Uncategorized
The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below: State Street Corporation and State Street Bank and Trust Company, both of Boston, MassachusettsWritten Agreement, dated May 28, 2015 (PDF) on https://www.federalreserve.gov/newsevents/pressreleases/enforcement20200604a.htm Terminated May 29, 2020 Additional enforcement actions can be searched for. For media inquiries, call 202-452-2955. Article Credit: https://www.federalreserve.gov/newsevents/pressreleases/enforcement20200604a.htm