CYPRUS FILES FIRST PROSECUTION IN PASSPORTS-FOR-INVESTMENT SCHEME

On 14 May, Al Jazeera reported that Cyprus has filed its first criminal prosecution in a controversial passport-for-investment scheme abolished last year after Al Jazeera’s exposé.  It is said that the action involves 5 individuals and 4 legal entities, who are facing a total of 37 charges. 

https://www.aljazeera.com/news/2021/5/14/cyprus-files-first-prosecution-in-passports-for-investment-scheme

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US: DOJ CHARGES SWITZERLAND’S LARGEST INSURANCE COMPANY AND 3 SUBSIDIARIES WITH CONSPIRING TO CONCEAL FROM THE IRS MORE THAN $1.4 BILLION IN OFFSHORE INSURANCE POLICIES

A release on Mondo Visione on 14 May said that the DoJ has filed a criminal information charging Swiss Life Holding AG (Swiss Life Holding), Swiss Life (Liechtenstein) AG (Swiss Life Liechtenstein), Swiss Life (Singapore) Pte. Ltd. (Swiss Life Singapore), and Swiss Life (Luxembourg) S.A. (Swiss Life Luxembourg) with conspiring with US taxpayers and others to conceal from the IRS more than $1.452 billion in offshore insurance policies, including more than 1,600 insurance wrapper policies, and related policy investment accounts in banks around the world and the income generated in these accounts.  The DoJ also announced a deferred prosecution agreement with the entities under which they agreed to accept responsibility for their criminal conduct by stipulating to the accuracy of the Statement of Facts attached to the agreement.

https://mondovisione.com/media-and-resources/news/us-department-of-justice-switzerlands-largest-insurance-company-and-three-subs/

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CRYPTOCURRENCY CRIME AND ANTI-MONEY LAUNDERING REPORT

Ciphertrace has published its May 2021 report which provides a review of crime involving cryptocurrencies, including the substantial use of cryptocurrency in sanctioned countries — most notably, Iran.  It says that OFAC has ramped up its enforcement actions against virtual asset service providers (VASP) for sanctions violations related to sanctioned countries, and that it is vital that institutions screen IP data to ensure they aren’t transacting with sanctioned entities and addresses.  In addition, the report identifies major trends and developments.

https://ciphertrace.com/wp-content/uploads/2021/05/CipherTrace-Cryptocurrency-Crime-and-Anti-Money-Laundering-Report-May-2021-051221b.pdf

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