OFAC has reached a settlement of $4m with British Arab Commercial Bank (BACB), a commercial bank based in London, UK, with “no offices, business or presence under the US jurisdiction”. BACB processed 72 bulk funding payments totalling approximately $190m on behalf of 7 Sudanese financial institutions, including the Central Bank of Sudan, between September 2010 […]

London is the global leader for raising capital; Its infrastructure, people, breadth of financial services and even the GMT zone itself ensures companies and investors from around the world can intersect. It’s stock exchanges enable companies of all shapes and sizes to float and raise capital, and investors to buy shares. However, with its diverse […]

A London student who pre-paid 390,000 pounds ($500,000) in rent for a Knightsbridge penthouse must hand over nearly half a million pounds, following an investigation by the U.K.’s National Crime Agency. Three bank accounts for Vlad Luca Filat, 22, were frozen in May 2018 after NCA financial investigators suspected the funds derived from illegal activity […]

A new state-of-the-art court to tackle cyber crime and fraud in the financial sector is to open in the City of London. Ministers say the court will enhance Britain’s reputation as a country where banking and finance is underpinned by the rule of law, and help the authorities tackle the growing menace of computer crime. […]

Dirty secrets of the laundromat: That’s the name of a scam used by Russian gangsters aided by greedy British banks to launder billions of illicit roubles through London Mail special investigation reveals scandal involving Russian dirty cash in London Centred around picture of a woman sitting cross-legged on a brand new Bentley British banks are […]

Three men convicted of defrauding investors out of almost £80m ($116.4m, €104m) in a London-based Ponzi scheme to fund their lavish lifestyles have been sentenced to nearly 20 years in prison. Forty-year-old Jolan Marc Saunders, Michael Dean Strubel, 54 and Spencer Mitchell Steinberg, 46, were all convicted in February of conspiracy to defraud following an investigation […]

Gomorrah author Roberto Saviano says ‘the British treat it as not their problem’ The City of London is the money-laundering centre of the world’s drug trade, according to an internationally acclaimed crime expert. UK banks and financial services have ignored so-called “know your customer” rules designed to curb criminals’ abilities to launder the proceeds of […]

London is a global haven for criminal financial activity – with billions of pounds laundered through British banks each day, according to the head of the UK’s National Crime Agency. “Many hundreds of billions of pounds of criminal money is almost certainly laundered through UK banks and their subsidiaries each year,” Keith Bristow the head […]