Cryptocurrency exchanges could be forced to collect the details of people sending and receiving crypto under new rules proposed by the European Commission. Photo by Olya Kobruseva on Pexels.com The EU's executive branch announced the potential change on Tuesday as part of a package of reforms aimed at tackling financial crime within the bloc. "The aim … Continue reading EU anti-money laundering measures include making crypto wallets traceable
Tax evasion may be America’s biggest game of hide-and-seek, especially when it comes to people who park their money in offshore tax havens. In 2010, President Obama signed one of the toughest laws ever on the issue. The Foreign Account Tax Compliance Act, or FATCA, required all foreign financial institutions to automatically provide the Internal … Continue reading New tax policy, a hard nut for tax evaders in the US
Money laundering is an offense in which people try to “clean” money obtained from illegal activities so that law enforcement cannot trace the illegal money to them. The similar offense of money structuring involves breaking large financial transactions in many smaller transactions to avoid federal reporting requirements. In both cases, the act at issue attempts … Continue reading How to defend yourself against money laundering and structuring charges
GOLDMAN SACHS has issued an apology to the Malaysian people for one of its former banker’s role in the 1Malaysia Development Berhad (1MDB) sovereign state fund scandal. The banks Chief Executive Officer David Solomon, however, said the bank had conducted due diligence before every transaction which amounted to billions of dollars. Malaysian authorities and … Continue reading How Goldman Sachs ‘duped’ the Malaysian government
In a bid to reduce its foreign tax bill, the world's largest search engine giant Google is revealed to have moved billions to a tax haven in 2017. Documents filed at the Dutch Chamber of Commerce have revealed that the Alphabet-owned company moved $22.7 billion through a Dutch shell company to Bermuda during the … Continue reading Google Inc. accused of tax evasion and money laundering in 2017
Nigeria's Economic and Financial Crimes Commission (EFCC) has asked the Federal High Court in Enugu State to grant an order of interim forfeiture of the $2.8 million seized by its officers in the eastern state. The motion was filed at the Federal High Court sitting in Enugu State. Information from the EFCC show that … Continue reading EFFC demands forfeiture of $2.8m seized at Enugu airport
A day after Rosmah Mansor was arrested by Malaysia's anti-graft authorities as part of what has become the world's biggest scandal, the country's former first lady has been charged on 17 counts of financial misappropriation. Image shows Najib Razak and Rosmah Mansor After spending a night in detention following her arrest by the Malaysian Anti-Corruption … Continue reading Malaysian first lady accused of money laundering
Apple, Bono and Queen Elizabeth II are just a few of the big names and companies revealed in the Paradise Papers leak to have shifted money across the globe to cut tax. The spotlight on the tax affairs of the rich and powerful comes after a trove of documents was released by the US-based International … Continue reading Paradise Papers: A list of the rich and famous you never knew were mentioned
On April 3, the South African Presidency strongly rejected allegations that President Jacob Zuma laundered 6 billion rand (about 400 million U.S. dollars) to Dubai, the United Arab Emirates (UAE) for a wealthy family in India known as the "Gupta family". Bogani Majola the Presidential spokesperson is quoted as saying that Malema's allegation "has no basis in fact". Majola … Continue reading Jacob Zuma In Money-Laundering Drama.
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