News and commentary about white-collar crime, enforcement, and compliance
Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
The European Court of Justice (ECJ) has ruled that a provision of the EU’s Money Laundering Directive, which requires member states to establish open public registers of ultimate beneficial owners (UBOs) of companies, is invalid.… Continue Reading
James Cohen of Transparency International recently published a post on the FCPA Blog extolling the virtues of an open public register of ultimate beneficial ownership (UBO) in my home country of Canada.… Continue Reading
As somebody who has argued that open public corporate registers of Ultimate Beneficial Ownership (UBO) information are a flawed concept, I was somewhat surprised when one of the UK overseas territories suddenly decided to go it alone, after many arguments that the territories offered more robust company register systems than the UK.… Continue Reading
Repetition is to be avoided in most walks of life. But where the offshore world is concerned, it appears to be the fulcrum around which the ill-informed are led by the unknowing.… Continue Reading
I was bemused when I read that the head of the UK’s National Crime Agency (NCA), Donald Toon, had bitterly complained about the tardiness of the Cayman Islands authorities in responding to information requests about the identities of ultimate beneficial owners (UBO) of Cayman companies.… Continue Reading
The CEO of Denmark’s biggest bank resigned last week after an internal investigation found $235 billion in suspicious transactions at the bank’s branch in Estonia.
Thomas Borgen had led Danske Bank since 2013.… Continue Reading
Predictably, the NGO “transparency” brigade has once again raised its guns and placed its cross-hairs over its preferred target: the offshore service providers in the British Overseas Territories, particularly those in the Caribbean.… Continue Reading
One of the more interesting developments I discovered during the holiday period was a proposal from the Barbadian Chief Justice Minister, Sir Marston Gibson, to set up a regional asset recovery group in the Caribbean.… Continue Reading
Transparency International’s Max Heywood recently posted an article on TI’s website asking if the British Virgin Islands — from where I operate a cross-border fraud and asset recovery law firm — has “cleaned up” since the publication of the so-called Panama Papers.… Continue Reading
Massachusetts-based medical technology company Analogic Corporation and a foreign subsidiary and that unit’s former CFO settled FCPA violations related to $20 million in improper payments in Russia and other countries.
Analogic’s Danish subsidiary, BK Medical ApS, entered into a non-prosecution agreement with the DOJ Tuesday.… Continue Reading
Martin Kenney appears on CBC NewsIn the wake of the Panama Papers revelations, the U.S. has (belatedly) announced that it will tighten checks on anonymous companies. The rules, which include requiring financial institutions to find out and keep records on the real owners behind the companies that use their services, aim to help U.S.… Continue Reading
Documents leaked Sunday from a Panama law firm showed alleged use of anonymous shell companies by world leaders, politicians and others to shield billions of dollars from public view.
The Washington, DC-based International Consortium of Investigative Journalists (ICIJ) published more than 10 million records from the Mossack Fonseca law firm.… Continue Reading