Axis Fiduciary Ltd in collaboration with BLC Robert & Associates has addressed some of the critical features of the legislative amendments following the National Budget 2019/2020 delivered by the Honourable Prime Minister and Minister of Finance Pravind K. Jugnauth before the Mauritian National Assembly on 16 June 2019. The amendments have been passed in The […]

Banks operating in the Baltic nation of Estonia may have laundered considerably larger sums than first thought. Estonian police now estimate that bankers in their country were involved in suspicious transfers of money and securities, mainly from Russia, totaling more than $13 billion from 2011 to 2016. Danske Bank Rebuked by Government as Laundering Scandal […]

The Estonian branch of Denmark’s biggest bank was a conduit for far bigger suspicious money flows than what has been reported so far, a fresh leak of bank data reveals. The total now runs to 53 billion Danish kroner (GBP 6,268,510,522.85) more than twice the previous estimate. That makes the Danske Bank scandal one of […]

BNP Paribas (BNPP.PA) plans to move 45 internal finance jobs from Paris to Lisbon as banks facing growing workloads to deal with changes in regulations and accounting rules try and improve their efficiency. The French lender confirmed the move on Tuesday, which was first announced by the Force Ouvriere (FO) union. “Like all banks, we […]

The Bank of England will allow European banks to continue operating without creating expensive subsidiaries after Brexit, the BBC reported, the opening gambit in a tussle with the EU over London’s position as a top global financial hub. The BoE’s decision, if confirmed, would mean European banks offering wholesale services would not face new hurdles […]

Complaint numbers for July – September 2017 have been published on CIFO’s website. Brief headlines are given here, for further information, please see the report. In this third quarter of 2017, 119 complaints were received and 29 new case files were opened – these are complaints that are within CIFO’s mandate as set by law. Most […]

A local banker admitted in San Diego federal court Thursday that he caused Citibank to fail to report suspicious transactions and fail to maintain an effective anti-money laundering compliance program. Raymundo Navarrette, 51, pleaded guilty to bank bribery and will be sentenced Nov. 13. In his plea agreement, Navarrette admitted that he used his position within […]

Bankers hope that a new review of anti-money laundering rules could result in the authorities being more lenient with cases of dirty money slipping through the net, as long as the banks can prove they took tough action to try to stop it happening. The industry is under huge pressure to make sure it does […]