Amid the coming post-Covid-19 resizing wave, when chief compliance officers request bigger budgets, don’t laugh, and don’t blame them. This time, it’s OFAC’s fault.… Continue Reading
Posts Tagged: shell companies
When browsing websites of transparency groups and organizations that regularly publish leaks, you’ll find that many of them strongly encourage potential leakers and informants to use hyper-secure messaging apps like Signal or Telegram.… Continue Reading
After several delays, the first trial of Najib Razak, the former Prime Minister of Malaysia, began on April 3rd. He is accused of plundering the Malaysian Sovereign Wealth fund, 1Malaysia Development Berhad (1MDB), which he set up to drive the development efforts in Malaysia.… Continue Reading
I have written several times in the past about how anonymous/shell companies facilitate corruption and limit the ability of investigators to hold corrupt officials accountable. I have also been critical of the limited progress in the United States on this front. … Continue Reading
When was the last time you did a third-party program check-up? Not a full review of all your third parties but something you can perform on a quarterly, semi-annual or annual basis with desktop tools available to you or your compliance team.… 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 .… Continue Reading
The Financial Crimes Enforcement Network (FinCEN) is expanding required reporting of beneficial owners for cash real estate purchases beyond Manhattan and Miami to six new areas in California and Texas.
The Geographic Targeting Orders (GTOs) require title insurance companies to identify the natural persons behind domestic and foreign companies used to pay all cash for luxury residential real estate in six major metropolitan areas.… Continue Reading
The law firm at the center of the Panama Papers leak may have helped facilitate an alleged multi-million corruption scheme tied to Sonatrach contracts won by Saipem.
The International Consortium of Investigative Journalists said Mossack Fonesca helped Farid Bedjaoui create a Swiss bank account that was used to purchase “shelf” companies in the Caribbean. … Continue Reading
The Obama Administration Thursday announced a series of actions to end the use of anonymous corporations in the United States and require disclosure of beneficial owners when foreigners deposit money or buy assets in this country.… Continue Reading
Shruti Shah, a contributing editor of the FCPA Blog and the vice president for programs and operations at Transparency International-USA, appeared Monday evening on the PBS News Hour.
The host was Gwen Ifill. … Continue Reading
Last month the UK Privy Council delivered an important decision on the extent to which a bank is obliged to make inquiries into the underlying commercial purpose of offshore financial arrangements.… Continue Reading