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NEWS: Singapore charges Citi and Julius Baer ex-bankers for aiding $2.2BN money laundering ring

Premium August 15, 2024

CHARGED: Both Wang Qiming and Liu Kai were relationship managers and Chinese nationals employed by Citibank and Swiss private bank Julius Baer, according to a Singapore Police Force statement and the court documents. FILE PHOTO: Singapore skyline.

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NEWS: UK warns there are ‘no legal crypto ATMs’ as it confirms landmark criminal case

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ANALYSIS: Long shadow of Danske ensnared Bonnesen – guilty but hardly most culpable in Nordic rush to enable oligarchs

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LATEST: Australia targets lawyers and accountants in sweeping AML reforms

By Xinghui Kok

A Singapore court on Thursday charged two former bankers for helping a group of foreigners who were convicted of laundering $2.2 billion last year in the biggest such financial crime in the Asian financial hub.

Both Wang Qiming and Liu Kai were relationship managers and Chinese nationals employed by Citibank and Swiss private bank Julius Baer, according to a Singapore Police Force statement and the court documents.

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Premium

NEWS: UK warns there are ‘no legal crypto ATMs’ as it confirms landmark criminal case

 Premium

ANALYSIS: Long shadow of Danske ensnared Bonnesen – guilty but hardly most culpable in Nordic rush to enable oligarchs

 Premium

LATEST: Australia targets lawyers and accountants in sweeping AML reforms

Regulatory Watch News

  • Announcement about Dr. Hönle AG

    BaFin

    On 7 August 2024, the Federal Financial Supervisory Authority (BaFin) imposed administrative fines totaling 200,000 euros on Dr. Hönle AG.
    The sanction related to a breach of the first subparagraph of Article 17 (1) of the Market Abuse Regulation (MAR) and a breach of section 114 (1) sentence 2 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). Dr. Hönle AG failed to publish inside information.

  • Instant Message Alert – Phishing instant messages related to The Hongkong and Shanghai Banking Corporation Limited

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by The Hongkong and Shanghai Banking Corporation Limited relating to phishing instant messages, which have been reported to the HKMA.  A hyperlink to the press release is available on the HKMA website.

  • Treasury Targets Key Funding Source of Deadly Fentanyl- Trafficking Cartel CJNG

    OFAC

    CJNG Fuel Theft Network Deprives Mexico of Revenue while Strengthening Cartel

    WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nine Mexican nationals and 26 Mexico-based entities linked to a fuel theft network that generates tens of millions of dollars benefiting the Cartel Jalisco Nueva Generacion (CJNG), a violent Mexico-based drug trafficking organization responsible for a significant proportion of fentanyl and other deadly drugs trafficked into the United States. Mexico-based drug trafficking cartels such as CJNG have turned to fuel theft in recent years, resulting in billions of dollars in lost revenue to the Mexican government. Today’s action was coordinated closely with the Drug Enforcement Administration and the Government of Mexico, including La Unidad de Inteligencia Financiera (UIF), Mexico’s Financial Intelligence Unit.

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