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Sep
22
2023
By Xinghui Kok
Assets seized in Singapore’s money laundering case swell to S$2.4 billion

Assets seized in Singapore’s money laundering case swell to S$2.4 billion

WORLD
The total value of assets seized in Singapore's biggest money laundering case has swelled to S$2.4 billion ($1.76 billion), police said on Wednesday. The assets now include cash amounting to more than S$76 million, 68 gold bars, cryptocurrencies of more than S$38 million, more than 110 properties and 62 vehicles worth more than S$1.2 million. Police did not give details of the fresh seizures and how they were found. Last month, 400 police officers ran simultaneous raids across Singapore and arrested 10 foreigners in an anti-money laundering swoop. Police have said the 10 suspects were allegedly "laundering the proceeds of…
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Jul
13
2023
By The African Mirror
“Tuna King” – Mozambique ex- Finance Minister – extradited to US to face trial

“Tuna King” – Mozambique ex- Finance Minister – extradited to US to face trial

NEWS
MOZAMBIQUE'S former finance minister, Manuel Chang, was extradited to the United States from South Africa to face charges for his alleged role in a $2 billion debt scandal, the South African justice ministry said. Chang, who has denied wrongdoing, had been detained in South Africa since 2018 when he was arrested at the request of the United States on charges including money laundering and conspiracy to commit fraud. Mozambique subsequently also requested his extradition, and the two countries fought over possession of Chang via both the courts and diplomatic channels. South Africa's constitutional court denied Mozambique leave to appeal in…
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Mar
02
2023
By The African Mirror
South Africa has been grey-listed for not stopping money laundering and terrorism funding. What it means

South Africa has been grey-listed for not stopping money laundering and terrorism funding. What it means

SPECIAL FEATURES: ANALYSIS
THE Financial Action Task Force has placed South Africa on a list of countries under increased monitoring, commonly known as the grey list, after it failed to address all of the shortcomings on money laundering and the financing of terrorism that the task force identified in its 2019 evaluation of the country. The decision has serious implications for the country, more specifically its financial services sector as well as its ability to attract investment. The Conversation Africa’s political editor Thabo Leshilo talks to Philippe Burger, an economics professor and the dean of the Faculty of Economic and Management Sciences at…
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Feb
25
2023
By The African Mirror
Financial crime watchdog adds South Africa to ‘grey list’

Financial crime watchdog adds South Africa to ‘grey list’

BUSINESS
TASSILO HUMMEL, BHARGAV ACHARYA AND ALEXANDER WINNING INTERNATIONAL financial crime watchdog the Financial Action Task Force (FATF) added South Africa to its "grey list" of countries under special scrutiny to implement standards to prevent money laundering and terrorism financing. Being added to the list is a reputational setback for Africa's most advanced economy, which has been trying to address shortcomings identified by the FATF. The rand extended losses against the dollar after the watchdog's decision, to trade down about 1.3% on the day. Analysts say increased FATF monitoring could mean South African clients at international financial institutions will be subject…
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Jan
12
2023
By The African Mirror
Exclusive: Myanmar junta chief family assets found in Thai drug raid

Exclusive: Myanmar junta chief family assets found in Thai drug raid

WORLD
PANU WONGCHA-UM and POPPY MCPHERSON THAI officials found assets belonging to adult children of Myanmar's junta leader during a raid on the Bangkok apartment of a Myanmar tycoon charged with drug trafficking and money laundering, according to an official record and two people with knowledge of the case. Title deeds and bankbooks belonging to Min Aung Hlaing’s daughter and son were found at the home of Tun Min Latt, 53, when he was arrested in the Thai capital last September along with three Thai nationals on charges of conspiracy to traffic narcotics and money laundering. Tun Min Latt, who has…
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Jul
09
2022
By The African Mirror
$40-million in Flutterwave’s accounts frozen in Kenya

$40-million in Flutterwave’s accounts frozen in Kenya

NEWS
A court in Kenya has frozen over $40 million in accounts belonging to Africa-focused payments giant Flutterwave under the country's anti-money laundering laws, court documents showed. Founded in 2016 in Nigeria, the San Francisco-headquartered firm specialises in individual and consumer transfers, one of several fintech firms facilitating and capitalising on Africa's booming payments market. Earlier this year, the firm raised $250 million, valuing the startup at more than $3 billion. Kenya's Assets Recovery Agency sought and was granted a High Court order to freeze several accounts with three banks belonging to Kenyan-registered Flutterwave Payment Technology Ltd. Flutterwave confirmed to Reuters…
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Jul
07
2022
By The African Mirror
Tunisian opposition leader faces money laundering allegations

Tunisian opposition leader faces money laundering allegations

NEWS
TUNISIA'S main opposition leader Rached Ghannouchi has been summoned by a judge over money laundering allegations, his Ennahda party said accusing the authorities of targeting him for political reasons. The July 19 summons is to answer questions about the allegations, which Ennahda say are untrue and a result of "distortion and fabrication". Reuters could not immediately reach a judiciary spokesperson. Ghannouchi has emerged as the loudest critic of Kais Saied since the president seized broad powers last year, moved to rule by decree and ousted the elected parliament in which the Ennahda leader is the speaker. Earlier this year, Saied…
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Jun
26
2021
By The African Mirror
Ghana off money laundering list

Ghana off money laundering list

NEWS
GLOBAL money laundering and terrorist financing watchdog FATF said yesterday that Ghana was no longer under its increased monitoring process but said other nations were now on that list. "The FATF congratulated Ghana for the significant progress it has made," the Financial Action Task Force said in a statement, adding that Haiti, Malta, the Philippines and South Sudan were "new jurisdictions subject to increased monitoring".
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Jun
15
2021
By The African Mirror
Gupta ally freed on R10 000 bail

Gupta ally freed on R10 000 bail

NEWS
AFRICAN MIRROR REPORTER DINESH Patel, an ally of the Gupta family, suspected of being at the centre of state capture in South Africa, has appeared in court and was granted bail of R10 000. Patel, a 5th accused, joined his brother-in-law Iqbal Sharma and 15 other accused in facing charges of fraud, money laundering in connection to the R25-million feasibility study that was to be conducted on the Estina Dairy Farm in Vrede, in the Free State. According to the charge sheet, Patel’s company, Nulane Investments, received the R25-million from the Free State government and because it had no capacity…
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May
27
2021
By The African Mirror
The CIA, politics behind my prosecution – Zuma

The CIA, politics behind my prosecution – Zuma

NEWS
AFRICAN MIRROR REPORTER FORMER president Jacob Zuma has alleged that Leonard McCarthy, the ex-director of special operations in the National Prosecuting Authority (NPA), was a spy working for the Central Intelligence Agency. The bombshell allegations are contained in an affidavit by Zuma in support of his application that Advocate Billy Downer, the prosecutor who has worked on the fraud and corruption case for 17 years, should recuse himself.  Zuma yesterday pleaded not guilty to charges of racketeering, money laundering, fraud and corruption. In the affidavit, read in court by Advocated Dali Mpofu and Thabani Masuku, Zuma alleged that the charges…
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