Guo Wengui, a Chinese business tycoon, has had his bank accounts frozen by Chinese authorities as part of an ongoing money laundering investigation involving his daughter and son. Guo, who is currently seeking asylum in the US, fled from China… Read more >
Credit Suisse Group AG settled with the Department of Justice (DOJ) on $76.7 million Foreign Corrupt Practices Act (FCPA) offenses. According to the DOJ, Credit Suisse was involved in a hiring scheme that favored friends and family of Chinese officials… Read more >
Due to ever changing technology and its effect on money laundering, a Hong Kong based non-government organization (NGO) recently announced plans to form an alliance to regulate the financial technology across Asia in an effort to combat money laundering. Representatives from… Read more >
Dun & Bradstreet Corporation (DnB) has agreed to pay a $9 million fine to settle Foreign Corrupt Practices Act (FCPA) charges in connection to two Chinese subsidiaries that, according to the US Securities and Exchange Commission (SEC), “used third-party agents… Read more >
The US Federal Reserve has ordered the Industrial and Commercial Bank of China (ICBC) to strengthen their anti-money laundering (AML) policies after discovering “significant deficiencies” in the AML systems at ICBC’s New York branch. It was discovered that ICBC, the… Read more >
China could be facing harsh consequences due to its lack of anti-money laundering (AML) compliance compared to international standards, warns Sven Stumbauer, Director of Financial Advisory Services at AlixPartners. In a survey conducted by AlixPartners, results showed 32% of financial… Read more >
Money laundering has been a reoccurring issue in China, with the infamous case of Gong Aiai, who purchased more than 20 Beijing prosperities with fake ID’s in 2013 and with China’s increasing real estate market, the Chinese government is prepared… Read more >
In 2007, China’s anti-money laundering (AML) law became effective, improving supervision. However, the system still had inefficiencies, leaving a gap between China’s international participation in this field and its international status. By 2020, the State Council, China’s cabinet, expects to… Read more >