Author: gracechurchfcp

Peru’s Ex-President Sentenced Amid Sweeping Odebrecht Scandal

Money Laundering, Prosecutions
A Peruvian court on Wednesday handed former President Alejandro Toledo a second prison sentence for money laundering and corruption in a case tied to bribes he received from Brazilian construction giant Odebrecht. Toledo, who led Peru from 2001 to 2006, was sentenced to 13 years and four months for money laundering, the judiciary said on X. It was his second conviction in connection with the sprawling scandal. His latest sentence will not be added to his existing 20-year prison term but will run concurrently at Lima’s Barbadillo Prison, where three other ex-presidents are also jailed. The court found the 79-year-old…

Bolivia: Ex-Interior Minister Arrested Following U.S. Extradition

Money Laundering, Prosecutions
Bolivian authorities arrested former Interior Minister Arturo Murillo on Thursday after his extradition from the United States, where he had been serving a prison sentence for money laundering, the Interior Ministry said. The 61-year-old was taken into custody upon arrival in Santa Cruz. Murillo faces multiple charges in Bolivia, including an eight-year sentence in a 2019 case over the irregular purchase of tear gas from Ecuador, which allegedly cost the state more than $2.3 million. He was first detained in the U.S. in 2021 on accusations of taking bribes from a Florida-based company and was sentenced there to six years in prison in 2023. Article…

Disgraced former Sen. Bob Menendez’s wife gets 4½ years in prison for her role in a bribery scheme

Bribery, Prosecutions
Former U.S. Sen. Bob Menendez’s wife told a judge that her husband was “not the man I thought he was” before she was sentenced Thursday to 4½ years in prison for selling the powerful New Jersey politician’s influence in exchange for bribes of cash, gold bars and a luxury car. U.S. District Judge Sidney H. Stein sentenced Nadine Menendez, 58, after she was convicted in April of colluding from 2018 to 2023 with her husband, the former Democratic chairman of the Senate Foreign Relations Committee, in a variety of corrupt schemes, some involving assisting the Egyptian government. Sobbing as she…

China Launches Corruption Probe Into Former Securities Regulator

Corruption
China’s top anti-corruption watchdog has launched an investigation into Yi Huiman, the former head of the China Securities Regulatory Commission (CSRC) and a veteran of the country’s banking sector. The Central Commission for Discipline Inspection and the National Commission of Supervision claimed that Yi, 61, is suspected of “serious violations of discipline and law” and is under disciplinary and supervisory review. Yi is one of the most prominent financial officials to face scrutiny in recent years. He spent decades in China’s state-owned banking system, rising to chairman of the Industrial and Commercial Bank of China (ICBC), the world’s largest lender…

Eurojust coordinates action to halt cryptocurrency fraud of over 100 million euros across Europe

Fraud
At the request of the Spanish and Portuguese authorities, Eurojust has coordinated a major operation across Europe to halt an elaborate investment fraud with cryptocurrencies. During an action day, five suspects were arrested, including the alleged main perpetrator behind the scam. Via an online investment platform, he defrauded over a hundred victims in Germany, France, Italy and Spain, among others, of at least EUR 100 million. During the joint action day, five places were searched in both Spain and Portugal, as well as in Italy, Romania and Bulgaria, where bank accounts and other financial assets were also frozen. The alleged…

Azerbaijan Jails Ex-Oil Executive for $32M Embezzlement

Fraud, Money Laundering, Prosecutions
An Azerbaijani court has sentenced a former state oil firm executive to 14 years in jail for embezzling 54 million manats ($31.76 million). The Baku Court of Grave Crimes on Monday jailed Ramin Isayev—who served from 2008 to 2020 as the general director of SOCAR AQS, a joint venture of the state oil firm that operates drilling rigs in the Caspian Sea—after finding him guilty of embezzlement, money laundering, abuse of office, and fraud. The court also ordered the confiscation of real estate and large sums of cash belonging to him and his family, according to RFE/RL’s Azerbaijani service. The…

Swiss seek ways to bolster financial crime office

Financial Crime
The Swiss government has tasked the Federal Department of Justice and Police with presenting concrete options by the end of 2026. Under constant pressure, MROS (the Money Laundering Reporting Office) is in a critical situation, the Federal Council explained on Friday. This assessment was echoed by the Swiss Federal Audit Office in a report published this week. It warned that insufficient resources were preventing MROS from fully fulfilling its legal mandate. Overwhelmed with informationThis office receives reports of suspected money laundering and terrorist financing. These reports are sent to it by financial intermediaries, such as banks. However, MROS is overwhelmed…

Varengold Bank AG: BaFin orders comprehensive remediation of shortcomings and imposes administrative fine

Regulation
The Federal Financial Supervisory Authority (BaFin) has identified serious shortcomings at Varengold Bank AG in the prevention of money laundering and terrorist financing. BaFin has therefore ordered the institution to take appropriate and suitable measures to remedy these shortcomings. In addition, BaFin has imposed on Varengold Bank AG an administrative fine of EUR 3.3 million and a coercive fine of EUR 500,000. In the special inspection conducted in 2022 and in the annual audits for 2022 and 2023, Varengold Bank AG was found to have serious shortcomings in the prevention of money laundering, in particular in the execution of transactions…

Fugitive Moldovan tycoon recruits top Russian bankers to run sanctions-busting crypto firm: leak

Sanctions
CITY OF LONDON–Senior executives from Russia’s mainstream banking sector have joined an avowedly sanctions-proof crypto and payments firm at the heart of the Kremlin’s strategy to disrupt the West, leaked documents show. The documents reveal, in granular detail, the emerging sanctions evasion tactics and election interference campaigns run by fugitive Moldovan businessman Ilan Shor, who is backed by the Kremlin – as well as the significant amount of financial and human resources the 38-year-old tycoon appears to have at his command. Those resources include ex-department chiefs from large banking institutions such as Russia’s Sberbank, state development bank Vnesheconombank (VEB) and…

Romanian Authorities Investigate HS Timber Employees in Alleged Tax Scheme

Tax Evasion
Romanian authorities are investigating employees of the local subsidiary of Austria’s HS Timber Group for allegedly failing to pay $8 million in taxes on sales of undeclared lumber, according to a prosecution document provided to OCCRP’s member center, Rise. HS Timber Production Romania said it was cooperating with the Directorate for Investigating Organized Crime and Terrorism (DIICOT). “The company has always been fully cooperating with the authorities to ensure comprehensive and transparent fact finding processes,” HS Timber Production Romania said in an emailed response to questions. The company added that it “has always operated in compliance with all applicable national…

Money Laundering and Sanctions Evasion: Select Committee on China Holds Roundtable Examining Hong Kong’s Role

Money Laundering, Sanctions
Today, House Select Committee on China held a roundtable discussion examining Hong Kong’s Role as a Safe Haven for PRC Money Laundering and Sanctions Evasion.“Hong Kong’s opaque financial system, coupled with the sheer volume of cross-border financial flows from the mainland, has made it a magnet for criminal activity. Reports have shown the city’s role in trade-based money laundering, shell companies, and fraudulent networks designed to move and obscure dirty money. Even more concerning, Hong Kong has become a staging ground for transactions that help sanctioned regimes—including North Korea, Russia, and Iran—gain access to the global financial system. This empowers…

Georgia Detains Exchange Owner in $660M Laundering Probe

Money Laundering
The Georgian Prosecutor’s Office  on Tuesday announced the arrest of a local currency exchange owner accused of laundering more than $660 million, calling it the country’s largest money-laundering scheme to date. A court ordered Kakha Kotorashvili, 49, head of the currency firm Fin, held in pre-trial detention on money-laundering charges. If convicted, he faces up to 12 years in prison. According to the Prosecutor’s Office, the investigation—conducted together with the State Security Service—found that between 2022 and 2024, Kotorashvili organized an “illegal network for collecting money of unsubstantiated origin, disguising its source through conversion, and placing it into legal circulation.” While the Prosecutor’s Office did not…

The Global Anti-Financial Crime System is Broken

Financial Crime, Financial Crime Controls
For over 35 years, global standards have required countries around the world to put in place laws, regulations and structures to prevent and detect money laundering (and, more recently, terrorist financing and proliferation financing). The internationals standard-setter, the Financial Action Task Force (FATF) provides a framework of measures for countries to implement; every ten years or so, countries are reviewed for both their technical compliance with the recommendations and the effectiveness of the measures that they have put in place. Since the establishment of the FATF in 1989, the global financial system has become infinitely more complex and fragmented; and…

Police Arrest 5 in €100M Cross-Border Cryptocurrency Fraud Case

Fraud, Prosecutions
Police across Europe have arrested five suspects in a cross-border operation coordinated by Eurojust that targeted an online cryptocurrency investment scam that defrauded victims of at least €100 million. The arrests, which included the alleged main organizer, took place during a joint action day that also saw searches carried out and bank accounts and other assets frozen in Spain, Portugal, Italy, Romania and Bulgaria, Eurojust said Wednesday. The suspected organizer is under investigation for large-scale fraud and money laundering. Authorities said the scheme lured investors onto professionally designed platforms that promised high returns from cryptocurrencies. Instead, much of the money…

Criminals stripped of money in record year for compensation

Proceeds of Crime, Prosecutions
Victims of crime have received record compensation from criminal funds as new figures show results of a yearlong crackdown on dirty money.   Asset recovery gives law enforcement the tools to track down and take back assets gained through criminal activity, ensuring offenders cannot benefit from the proceeds of their crimes.  New figures released today (Thursday 11 September) show that almost £50 million taken from criminals was returned to victims, an 165% increase on the previous year and the highest amount in over half a decade.   This comes as law enforcement recovered almost £300 million in criminal assets. It highlights…

Showing financial crime the red card

Regulation
Speech by Steve Smart, joint executive director of enforcement and market oversight, at the 1LoD Financial Crime Summit. It’s great to be here to help kick off this year’s Financial Crime Summit. This is actually my second ‘kick off’ of the week – I was lucky enough to be at the Serbia-England game on Tuesday. On the terraces rather than on the pitch – I’m still waiting patiently for my call-up to the squad – but in the meantime, I take every chance I get to catch a match. There’s nothing like being in the stands – the high stakes,…

High Court: Solicitor “turned blind eye” to money laundering concerns

Money Laundering
A partner at a London law firm “dishonestly assisted” in misappropriating a company’s funds by turning a blind eye to money laundering issues raised by three property transactions, the High Court has ruled. Deputy High Court Judge Saira Salimi ruled that Daniel Broughton “repeatedly failed to obtain documentary evidence of funds and their source, and to follow up on inquiries he had made”. As a result, £2.4m of funds misappropriated from the claimant, Grosvenor Property Developers Ltd, passed through Portner & Co’s client account. She continued: “The repeated explanation for these lapses is an acknowledgement that he was ‘sloppy’ or…

Luhansk Ex-Governor Detained in Ukrainian Graft Probe

Corruption, Prosecutions
A Ukrainian anti-corruption court has ordered former Luhansk governor Serhiy Haidai into pre-trial detention over a suspected corruption scheme in military procurement. He may be released on bail of 10 million UAH (about $250,000). The case centers on alleged kickbacks and inflated contracts for drones and electronic warfare systems purchased in 2024 and 2025. Investigators say Haidai conspired with political and business allies to rig the tender process and manipulate forensic reports. The National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAPO) are leading the investigation. Prosecutors may appeal the court’s ruling. Article Credit: https://www.occrp.org/en/news/luhansk-ex-governor-detained-in-ukrainian-graft-probe

Singapore Tycoon Pleads Guilty in Graft Probe

Corruption, Prosecutions
Singaporean billionaire Ong Beng Seng pleaded guilty Monday to abetting obstruction of justice in a corruption case involving former Transport Minister S. Iswaran. Prosecutors said Ong instructed the Singapore Grand Prix director in May 2023 to retroactively bill Iswaran for a business-class flight from Doha amid an investigation into illicit gifts. The charge is part of a broader probe into Ong’s alleged offer of private jet travel and luxury accommodation to the minister during his time in office. Ong, 79, founder of Hotel Properties Ltd. and a key figure behind Singapore’s Formula 1 night race, was also charged with offering…

U.S. Sanctions Chinese Oil Terminal Operator Tied to Iranian Sanctions Evasion Scheme

Sanctions
The U.S. has sanctioned a Chinese oil terminal operator that played a central role in an Iranian sanctions evasion network first exposed by investigative journalists in 2020. The sanctions, announced by the Treasury Department’s Office of Foreign Assets Control (OFAC), targeted multiple individuals and entities accused of helping Iran’s oil and energy sector finance alleged terrorist activities. Among the most prominent is Zhoushan Jinrun Petroleum Transfer Co., Ltd., a private terminal operator based in eastern China’s Zhejiang province. The company is controlled by Herun Group, a conglomerate led by Yu Songbo, once ranked among China’s wealthiest businessmen. The State Department…

Bangladesh Opens Corruption Trial for Sheikh Hasina

Corruption, Prosecutions
Testimony began Monday in three separate corruption trials against Bangladesh’s ousted Prime Minister Sheikh Hasina, her son Sajeeb Wazed Joy, and daughter Saima Wazed Putul, proceedings that prosecutors say could permanently bar the once-dominant political family from public office. The cases, heard at Dhaka’s Special Judge’s Court-5 under Judge Mohammad Abdullah Al Mamun, accuse the defendants of unlawfully allocating government land and other abuses of power. Bangladesh’s state news agency, BSS, reported that the trials are proceeding in absentia, with all 48 defendants—including Hasina and her children—considered fugitives after failing to appear in court. The Anti-Corruption Commission alleges Hasina illegally…

Former CEO of Dutch ‘Jumbo’ Supermarkets Requests Appeal for Bribery Conviction

Bribery, Prosecutions
Frits van Eerd, former CEO of the Dutch supermarket chain Jumbo, has filed an appeal against his two-year prison sentence on charges including money laundering and accepting bribes, according to his lawyer. The Northern Netherlands District Court in the city of Groningen sentenced van Eerd on August 7, noting that authorities had found 427,607 euros ($498,004) of “criminal money” in his home. Van Eerd also took bribes from a co-defendant in the case, the court ruled. “Look, he has always said, ‘I didn’t do this, I wasn’t bribed.’ And, by the way, the co-defendant says he didn’t bribe anyone. So…

Global Bank Fraud Risks Set to Escalate

Fraud
Fraud losses in the global banking sector are expected to soar to $58.3 billion by 2030, according to a new report by U.K.-based consultancy Juniper Research. The study, Fraud Detection & Prevention in Banking Market 2025–2030, projects a 153 percent jump from an estimated $23 billion in 2025, underscoring the growing risks financial institutions face from evolving fraud schemes. One of the biggest threats identified is synthetic identity fraud—when criminals create fake personas by blending stolen, real and fabricated details. These identities can pass standard checks because they include partial authentic data, making them difficult to detect. The report said…

Ex-Directors of Abramovich-Linked Firm Indicted in €25M Cyprus Tax Evasion Case

Prosecutions, Tax Evasion
Former directors of a company linked to Roman Abramovich’s superyachts will end up in Cyprus court for criminal offenses related to VAT, officials say. Congo’s Ex-Justice Minister Convicted of Diverting War Victim FundsFormer Justice Minister Constant Mutamba has been convicted of diverting $19 million meant to compensate war crime victims in Kisangani. Druze Families Blame Syrian Forces for Suwayda ExecutionsAmnesty International urges accountability after Druze civilians were executed “in cold blood” in Suwayda, accusing Syrian forces of sectarian crimes that reflect the deadly cost of impunity. Cyprus’ tax commissioner on Friday filed a criminal indictment against former directors of a…

Sri Lanka’s Former President Arrested on Corruption Charges

Corruption, Prosecutions
Former Sri Lankan President Ranil Wickremesinghe has been arrested and remanded on corruption charges, becoming the first head of state in the country’s history to face such a trial. The 76-year-old leader was taken into custody by the Criminal Investigation Department over allegations of misusing public funds during a 2023 trip to the U.K. Authorities say state money covered his travel and security expenses for what they describe as a private visit. Wickremesinghe, who maintains that his wife paid her own way and no public funds were misused, was initially admitted to the Prison Hospital and later transferred to the…

HSBC’s Swiss Bank Said to Exit 1,000 Mideast Clients Amid Revamp

Money Laundering
HSBC Holdings Plc’s Swiss private bank is ending relationships with wealthy Middle Eastern clients, including many with assets exceeding $100 million, as the bank seeks to lower its exposure to individuals it deems high-risk, according to people familiar with the matter.More than 1,000 clients from Saudi Arabia, Lebanon, Qatar and Egypt are among those being told they can no longer bank with HSBC’s Swiss wealth management business, the people said, asking not to be identified discussing an ongoing process. Some clients have already started to be informed and over the next few months will receive closing letters advising them they…

JPMorgan pays $330M to settle Malaysian 1MDB fund scandal claims

Money Laundering
Banking giant JPMorgan Chase has agreed to hand over $330 million to resolve allegations it enabled the theft of billions from Malaysia’s government investment fund in a historic financial fraud case. Malaysian officials filed suit against the bank’s Swiss division in 2021, accusing it of processing $800 million in suspicious transfers from the 1MDB state fund to a bogus business partnership. Friday’s settlement announcement puts an end to all legal disputes stemming from JPMorgan’s involvement in the massive embezzlement scheme that drained over $4.5 billion from Malaysian coffers during a six-year period. Hacker uncovers ‘missing’ Tesla Autopilot data in deadly…

Fine for bunq B.V. for insufficient customer due diligence

Money Laundering, Regulatory Fines
ackling money laundering is a priority for the government because it is key to effectively fighting all manner of serious crime. Concealing the origin of criminal proceeds enables perpetrators to steer clear of the investigative authorities and enjoy their ill-gotten gains undisturbed. The Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en terrorismefinanciering – Wwft) aims to ensure that our financial system is not abused for money laundering and terrorist financing. Under this legislation, banks act as gatekeepers and are obliged to carry out anti-money laundering controls. This means that banks must know who their customers are,…

Lithuanian customs uncovers ‘particularly audacious’ scheme to circumvent sanctions against Russia

Sanctions
According to the investigation, the water treatment equipment was received by Russian oil industry enterprises.The criminal service of the Lithuanian Customs Department reported the detention of 11 people on suspicion of violating the regime of international sanctions against Russia. The agency said in a statement that it had uncovered “a particularly audacious scheme to circumvent international sanctions against Russia”. The operation was carried out in co-operation with law enforcement agencies in Portugal and Bulgaria and in co-ordination with Eurojust and Europol. According to the investigation, the company developed a complex shadow scheme to supply Russia with water treatment equipment intended…

FinCEN Issues Advisory and Financial Trend Analysis on Chinese Money Laundering Networks

Money Laundering
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is raising the alarm on Chinese money laundering networks (CMLNs), which pose a significant threat to the U.S. financial system. FinCEN is issuing: (1) an Advisory to urge financial institutions to be vigilant in detecting the use of CMLNs by Mexico-based drug cartels, including several designated as Foreign Terrorist Organizations; and (2) a Financial Trend Analysis (FTA) highlighting the scope and breadth of CMLN activity in the United States. “Money laundering networks linked to individual passport holders from the People’s Republic of China enable cartels to poison Americans…

An approach to anti-money laundering compliance for cryptoassets

Digital Currencies, Money Laundering
Key takeawaysExisting anti-money laundering (AML) approaches relying on trusted intermediaries have limited effectiveness with decentralised record-keeping in permissionless public blockchains.The public transaction history on blockchains can enable AML and other compliance efforts, such as FX regulations, by leveraging the provenance and history of any particular unit or balance of a cryptoasset, including stablecoins.An AML compliance score based on the likelihood that a particular cryptoasset unit or balance is linked with illicit activity may be referenced at points of contact with the banking system (“off-ramps”), preventing inflows of the proceeds of illicit activity and supporting a culture of “duty of care”…

Solicitor who handled £8.8m in unverified funds struck off

Money Laundering
A solicitor who failed to carry out money-laundering checks on £8.8 million has been struck off for ‘widespread and fundamental non-compliance’ with AML rules. William Joseph Harris, admitted in April 1980, operated as a sole practitioner and worked mostly in residential conveyancing, the Solicitors Disciplinary Tribunal heard. The Solicitors Regulation Authority had been raising concerns across the profession about firm-wide risk assessments (FWRA). Harris responded in December 2019 to a notice asking whether his firm had one in place, to which he incorrectly said he did. However during a 2023 interview with an SRA investigator – after the true position…

Transparency International Urges Stronger EU Anti-Corruption Directive

Corruption
As Denmark takes over the rotating presidency of the Council of the European Union on Tuesday, Transparency International is calling on Copenhagen to break a deadlock in stalled negotiations over the EU Anti-Corruption Directive. Talks between EU member states and the European Parliament collapsed last week after negotiators failed to reach agreement on key provisions of the directive, which aims to standardize definitions of corruption offenses and establish common penalties across the bloc. While the European Parliament has pushed for stronger measures, Transparency International says a handful of member states are blocking progress. Italy has reportedly demanded the removal of…

Belarusian Fertilizer Company Dodging EU Sanctions, Leaked Documents Show

Sanctions
A Belarusian state fertilizer company under European Union sanctions has found a way around the export ban by leasing its production lines to intermediary firms that pose as manufacturers, according to an investigation by the Belarusian Investigative Center (BIC). Some fertilizer produced by the sanctioned enterprise is shipped into the EU through Latvia using documentation that obscures its true origin. A leaked government document obtained by BIC confirms the government’s role in setting up the scheme to help the fertilizer company in “overcoming sanctions.” According to the leaked document, the government-backed scheme involves “special exporters,” which lease production facilities from…

Monzo Fined £21 Million Over Financial Crime Control Failings as FCA Flags ‘Systemic’ Lapses

Regulatory Fines
The UK’s Financial Conduct Authority (FCA) has fined Monzo Bank £21,091,300 for serious and repeated failures in its financial crime controls, citing deficiencies in the digital bank’s customer onboarding, risk assessment, and transaction monitoring systems between 2018 and 2022. According to a statement issued Monday, the regulator found that Monzo’s financial crime framework failed to keep pace with its explosive growth, expanding from 600,000 customers in 2018 to over 5.8 million by 2022. The FCA said Monzo’s controls were not only inadequate but “obviously implausible” at times, such as when it onboarded customers listing famous London landmarks as their residential…

Spanish Police Arrest Son of Russian Defense Executive in Money Laundering Probe

Money Laundering
Spanish police have arrested Dmitry Artyakov, the son of a top Russian defense official, on suspicion of laundering millions of euros through real estate deals in northeastern Spain. Artyakov, who is under U.S. sanctions, was detained on Saturday at his home in Girona as part of a probe led by Spain’s Anti-Corruption Prosecutor’s Office and coordinated by the Audiencia Nacional, Spain’s top criminal court, judicial sources confirmed to OCCRP. Authorities allege Artyakov acquired eight properties, including two adjacent luxury villas, in the coastal town of Castell-Platja d’Aro between 2005 and 2008 through funds linked to the “Troika Laundromat,” a massive…

Top Andorran Bankers Jailed over €70M Laundering Plot

Money Laundering
Andorra’s top court on Tuesday sentenced 18 executives of Banca Privada d’Andorra (BPA) to prison terms ranging from three and a half to seven years for laundering money in favor of a single client. The ruling also bars them from working in the banking sector and, in some cases, includes expulsion from the country. The case was unusually complex. The court’s ruling runs 6,180 pages and took 20 months to complete. Legal proceedings began in 2018, spanned 195 days, with each session lasting six hours—and this is just the first of several cases tied to the bank’s collapse. The investigation…

UAE Off EU Watchlist, Critics Say Reforms Fall Short

Law, Regulation & Guidance, Money Laundering
Transparency International has criticized the European Parliament’s decision to approve the removal of the United Arab Emirates from the EU’s high-risk list for money laundering and terrorist financing, warning that the move undermines efforts to protect the bloc’s financial system. “While the UAE has introduced a series of welcome reforms, it’s still too soon to judge whether these have significantly strengthened the country’s defences against dirty money,” Eka Rostomashvili, campaigner at Transparency International, told OCCRP. She pointed to persistent gaps in enforcement, especially in the real estate sector, where suspicious transactions exposed by journalists remain uninvestigated. An investigation Dubai Unlocked,…

UK Strikes Off 11,500 Companies in Crackdown on Fraud and Shell Entities

Fraud
British authorities have struck off 11,500 firms from the Companies House register following a coordinated campaign to dismantle corporate entities used to enable fraud and money laundering in the U.K. and abroad. The crackdown, led by the National Economic Crime Centre (NECC), is part of a broader government effort to prevent the abuse of U.K. corporate structures, which officials estimate are involved in laundering more than £100 billion ($134 billion) annually. The removed companies failed to meet Registered Office requirements under the Companies Act 2006. Many were linked to high-risk incorporation addresses and corporate formation agents suspected of facilitating criminal…

Barclays Fined £42 Million by FCA Over Financial Crime Control Failures

Regulatory Fines
The UK’s Financial Conduct Authority (FCA) has fined Barclays Bank UK and Barclays Bank a combined £42 million for separate and serious failures in their financial crime risk management, marking the latest in a series of enforcement actions against the bank over weak anti-money laundering (AML) controls. The fines stem from two unrelated cases involving WealthTek LLP and Stunt & Co, both of which exposed significant lapses in Barclays’ due diligence and monitoring practices, according to the FCA’s Final Notices issued on July 16, 2025. Failure to Flag WealthTek’s Client Money Activities Barclays Bank UK PLC was fined £3.1 million…