By Davide Barbuscia DUBAI (Reuters) - Kuwait's prosecutors have asked Dubai to release $500 million (£385.2 million) in funds belonging to a Kuwaiti private equity fund that were frozen as part of a money laundering investigation, according to a letter seen by Reuters. The funds, held at a Dubai-based bank, were frozen at the behest of the United Arab Emirates (UAE) central bank in November 2017, according to a source with direct knowledge of the matter and legal documents and correspondence between parties involved in the case reviewed by Reuters. According to a senior UAE official, the probe, which has not been previously reported, was undertaken by Dubai authorities to determine if funds sent from a bank in the Philippines to the Kuwaiti private equity fund's account in Dubai constituted money laundering. The probe comes as the UAE tightens financial regulations to fight a perception among some foreign investors that it is a hot spot for illicit money flows owing to its … [Read more...] about Exclusive: Kuwait asks Dubai to release funds frozen in money laundering probe
Predicate offence money laundering
KUALA LUMPUR (Reuters) - Malaysia's former deputy prime minister, Ahmad Zahid Hamidi, was charged on Friday with 45 criminal offences including money laundering and graft, the state news agency reported, amid a widening crackdown on corruption. Ahmad Zahid leads the opposition as president of the United Malays National Organisation (UMNO), the once-powerful party that ruled Malaysia for 60 years before being ousted in a shock general election defeat in May. He is the latest former high-ranking official to be charged for suspected graft, as authorities ramp up investigations into how billions of dollars allegedly went missing from state coffers. Ahmad Zahid was brought to a Kuala Lumpur court and charged with 10 counts of criminal breach of trust and eight counts of abuse of power involving sums totalling 42 million ringgit (7.8 million pounds), the Bernama news agency reported. He was also charged with 27 counts of laundering about 72 million ringgit (13.3 million pounds). Each … [Read more...] about Malaysian ex-deputy PM charged with money laundering, graft
MONEY laundering can land you serious jail time - but what is it? Here we reveal what it is, what the penalties are, and whether Roman Abramovich was accused of it. What is money laundering? Money laundering is the process where criminals hide the proceeds of crime by disguising it as legitimate income from another business. Cash can be laundered on a small scale with just one business or a large scale through financial institutions. Money laundering is illegal because cops want crime to be unprofitable. Hundreds of billions of pounds are thought to be knowingly and unknowingly laundered through banks. What is the penalty for it in the UK Money laundering under the Proceeds of Crime Act can lead to a sentence of up to 14 years in jail, or a large fine. The sentence depends on the amount of money involved - the seriousness of the offence increases with the amount of laundered cash. Laundering drug money will typically lead to a higher sentence. The money itself will also be subject to a … [Read more...] about What is money laundering, what is the penalty for it in the UK and what has Roman Abramovich been accused of?
Parliamentary committee members presented the anti-money laundering measures on Wednesday. Photo: Nils Meilvang/Scanpix 2018 A parliamentary majority supports making fines on financial institutions found guilty of money laundering eight times larger. The measure means Denmark will likely have the strictest punishments in Europe for the offence, businesses minister Rasmus Jarlov said. The agreement came after the release on Wednesday by Danske Bank, the country’s largest lender, of details of an internal investigation into money laundering at its Estonian branch. “We have been working on this agreement for a while, but have been waiting for the outcome of Danske Bank’s investigation today, but of course there has been a lot of background work on this,” Jarlov said Wednesday. A bank that earns 1.5 billion kroner from money laundering would face fines of between 24 and 30 billion kroner, a significant increase on a fine of around three billion kroner, which … [Read more...] about Denmark to make money laundering fines eight times larger
Sep 20, 1:32 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury World By Reuters 09/20/18 AT 1:02 AM A total of 21 money laundering charges will be laid against former Malaysian prime minister Najib Razak over a $681 million transfer into his bank account, police said on Thursday, money that allegedly came from scandal-linked state fund 1MDB.The money-laundering charges include nine counts of receiving illegal proceeds, five counts of using illegal proceeds and seven counts of transferring the proceeds to other entities, Deputy Inspector-General of Police Noor Rashid Ibrahim said in a statement.Najib, who denies any wrongdoing, was expected to be charged in court later on Thursday over the transfer of funds into his personal bank account. The case is linked to the disappearance of billions of dollars from heavily indebted state fund 1Malaysia Development Berhad (1MDB).Najib, who founded 1MDB in 2009, has faced intense scrutiny … [Read more...] about Former Malaysia PM To Face 21 More Money Laundering Charges: Police