INSIGHT: Swiss regulator scrutinises KYC processes being used by UBS, CDD to onboard risky wealthy Credit Suisse clients

Regulatory Watch News

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  nternational Day against Transnational Organized Crime – 15 November

  UNODC

  November 14, 2024

  On 15 November 2024, the world marks the first International Day for the Prevention of and Fight against All Forms of Transnational Organized Crime (TOC), established by General Assembly resolution 78/267. This day highlights the urgent need for global solidarity to counter the rising threat of organized crime, which undermines peace, security and progress toward the Sustainable Development Goals (SDGs). Criminal networks are exploiting global vulnerabilities on a vast scale—from human trafficking to environmental destruction and cybercrime. Organized crime operates across borders, posing serious challenges that no country can tackle alone.

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  Publication of the Mutual Evaluation Reports for Marshall Islands, Papua New Guinea and Timor-Leste

  APG

  November 14, 2024

  The 3rd Round APG Mutual Evaluation Reports (MERs) for the Marshall Islands, Papua New Guinea and Timor-Leste were adopted by the APG membership in September 2024. These MERs provide a snapshot of the Marshall Island’s system as at the date of the onsite visit in November/December 2023, Papua New Guinea’s system at the date of the onsite in October 2023 and Timor-Leste’s system as at the date of the onsite visit in September 2023. After completing the post adoption review process, the APG is pleased to be able to present the final the Marshall Islands, Papua New Guinea and Timor-Leste MERs. The reports are available for download via the Documents section of this website, under Members and Observers and under Mutual Evaluation Reports - 3rd Round.

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  Investigation ‘Moby Dick’: Mafia clans invest in €520 million VAT fraud

  European Public Prosecutor's Office

  November 14, 2024

    (Luxembourg, 14 November 2024) – In an investigation led by the European Public Prosecutor’s Office (EPPO) in Milan and Palermo (Italy), code-named 'Moby Dick', detention orders are being executed against 43 suspects. The EPPO is probing a €520 million VAT fraud, with heavy involvement of several mafia groups.  During today’s action, led by the EPPO, 160 searches are being carried out in more than 10 countries, involving hundreds of police officers. Investigative measures are ongoing in several EU countries, including Bulgaria, Croatia, Cyprus, Czechia, Italy, Luxembourg, the Netherlands, Slovakia and Spain, as well as in non-EU countries. A total of 195 individuals are being investigated, with more than 400 companies involved.