Raymond Odigie Uadiale, a former employee at Microsoft, was sentenced to 18 months in prison and three years of supervised release after pleading guilty to conspiracy to commit money laundering in connection to Reveton, a type of ransomware. A factual… Read more >
On June 19, 2018, the Official Journal of the European Union (EU) published the Fifth Anti-Money Laundering Directive (5MLD) that includes amendments to resolve issues within the existing Fourth Anti-Money Laundering Directive (4MLD), including terrorist financing, tax leaks and the… Read more >
Last month, a BBC investigation run by journalists Simon Maybin and Tim Whewell discovered 100 suspicious companies potentially connected to international money laundering all located in a single office block in Potters Bar, UK. The investigation suggests that approximately £1.2 billion… Read more >
In order to crack down on money laundering and corruption in the UK real estate market, the British government announced its plans for new laws to be drafted this summer that, if violated, could lead to anonymous investors jailed and… Read more >
A review of 50 law firms based in the UK resulted in six firms now facing further investigations for money laundering as a result of the demands imposed by the Anti-Money Laundering (AML) Regulations introduced in June 2017. These regulations… Read more >
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS), which is based within the Financial Conduct Authority (FCA) was created recently with the purpose of working with all of the UK’s anti-money laundering supervisors in order to improve AML standards… Read more >
The Department of Justice (DOJ) recently closed the investigation on UK-based financial institution, HSBC Holdings Plc., and held them accountable for their participation in a multi-million dollar fraud scheme known as “front-running” involving a client named Cairn Energy in 2011… Read more >
A new discovery of documents coined “The Paradise Papers” reveals the secrets of two offshore firms, 19 secrecy jurisdictions, and 13.4 million files. These files were obtained by the German newspaper, Süddeutsche Zeitung, and were released by the International Consortium… Read more >
Professionals across all industries and sectors must familiarize themselves with the Money Laundering Regulations 2017 (MLR2017) which has introduced a variety of new provisions to replace and expand the requirements of the existing Money Laundering Regulations 2007 (MLR2007). This newest… Read more >
The International Anti-Corruption Coordination Centre (IACCC) will be launching a multinational effort to combat grand corruption which can include bribery of public officials, embezzlement, abuse of power and money laundering of profit from illegal activity. At the time of the… Read more >