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Articles on Money laundering

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Steve Bannon, second from right, was indicted and charged on Sept. 8, 2022, with alleged money laundering, fraud and conspiracy for deceiving donors and misusing their funds for a charity. David Dee Delgado/Getty Images

Donor beware: Pause before you give to any cause

While the overwhelming majority of charities are legitimate, looking into a charity before supporting it can help you avoid supporting scams and make better-informed decisions.
Ajay, right, and Atul Gupta are on the run from the law in South Africa. Their sibling Rajesh is wanted on fraud and money laundering along with Atul. Pic: Martin Rhodes. 02/03/2011. © Business Day

Interpol red notice: what it means and why South Africa requested it

A judicial commission has found that the Guptas orchestrated massive corruption and the capture of the South African state, with the help of their friend, former president Jacob Zuma.
Enforcing punishments on proven tax cheats could provide benefits beyond improving compliance to tax laws. Once offenders pay up, billions lost to offshore scandals could be recouped and the tax burden more fairly shared among taxpayers. (Shutterstock)

The Pandora Papers: How punishing tax cheats can serve as a deterrent

Research suggests punishing tax cheats can re-establish a sense of justice among the general public, so authorities should use their resources to ensure culpable offenders are held accountable.
The world’s wealthiest people wouldn’t be able to shield their riches from tax authorities without enablers. (Piqsels)

Paid millions to hide trillions: Pandora Papers expose financial crime enablers, too

Highly compensated ‘enablers’ such as financial experts, lawyers, accountants, notaries, estate agents and company service providers are assisting oligarchs, dictators and criminals around the world.
At first glance, these programs might seem attractive. But they suffer from fundamental flaws. (Shutterstock)

Bounty programs: Ineffective in the war on money laundering

There is a growing trend to import another Americanism into the Canadian anti-money laundering strategy: a whistleblower incentive program that would amount to bounty hunting for violations.
Vancouver has become a money-laundering haven. Can a public inquiry find solutions? Mike Benna/Unsplash

Why money laundering thrives on Canada’s West Coast

A public inquiry into money laundering underway in British Columbia holds out hope for reform, but the problems run deep.
The trouble with looking for transactions ‘consistent’ with ‘known’ patterns ‘indicative’ of child exploitation payments to countries with ‘known’ risks is that countless legitimate payments exhibit similar features. www.shutterstock.com

Westpac ticking every anti-money-laundering box wouldn’t make much difference to criminals

Anti-money laundering rules give the comfort of doing something, but prevent surprisingly little crime.
Westpac has its Annual General Meeting on December 12. “No doubt, there’ll be some very hard discussions between now and then,” Joshn Frydenberg said. JENNY EVANS/AAP

Josh Frydenberg turns up heat on Westpac chiefs as bank issues a ‘response plan’

The government at the weekend piled on more pressure for Westpac heads to roll over the bank’s money laundering scandal, with Treasurer Josh Frydenberg saying the affair had a long way to play out. “These…

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