Compliance News and Information
In an attempt to protect Britain’s overseas territories from money laundering, the UK has introduced the Sanctions and Anti-Money Laundering Act (SAMLA) which requires the territories to establish public registries of beneficial corporate ownership by December 31, 2020. SAMLA was… Read more >
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 >
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 >
Zanzibar, which is known for being a haven for money launderers, has introduced a new anti-money laundering (AML) law that requires anyone moving more than USD $10,000 out of the country to first state their intentions with the Tanzanian Revenue… Read more >
David Owen, a resident of Largo, Florida, has been sentenced to 10 years in prison for conspiring to commit mail fraud, extortion, money laundering, and various other fraud schemes. In addition to his sentence, Owen must pay $697,500 in restitution to… Read more >
Former Spanish King, Juan Carlos has been accused by his ex-mistress, Corinna zu Sayn-Wittgenstein of money laundering and using her name to purchase property in Morocco. The scandal broke out after two websites published Sayn-Wittgenstein’s recordings where she claimed Carlos secretly… Read more >
Georgian resident, John Thomas Oiler, has been charged for helping ex-Pennsylvania narcotics officer, Timothy Riley, launder more than $800,000 worth of stolen funds from a marijuana drug trafficking ring in 2014. In March 2018, Riley pled guilty to the charges… Read more >
A condo unit at Porsche Design Tower in Sunny Isles Beach is being seized by federal officials for its alleged involvement in a $1 billion money laundering case. Prosecutors believe that the scheme originated from Venezuela’s state-run oil company, PDVSA,… Read more >
Bill Prew, INDOS Financial Limited founder and CEO, believes that the AIFMD depositary fulfils a utility function of benefit to the whole financial community, policing funds from many angles on a daily basis, and alerting administrators, managers, fund boards and… Read more >
The United States is investigating a money laundering scheme involving Venezuelan President, Nicolás Maduro, who allegedly laundered €160 million through a Maltese investment firm. According to the criminal complaint filed by Homeland Security, Maduro’s stepsons are also believed to have… Read more >