FinCEN Files: Investigation into Dirty Money Transfers from Major Global Banks

At least $ 2 trillion in suspicious transactions were carried out between 2000 and 2017 by several major global banks. This is what an investigation by the International Consortium of Investigative Journalists, made up of 400 journalists from the media in 88 countries, including the investigation units of Radio France and the newspaper Le Monde, reveals.
For their investigation, ICIJ journalists were able to obtain "suspicious activity reports". These are top-secret documents that US bank internal compliance officials send to US financial intelligence agencies when they detect questionable money transfers.

According to these documents, 2,000 billion dollars in suspicious transactions may have been carried out. It is dirty money linked to drugs, corruption, organized crime and terrorism.

Large banks are singled out like JP Morgan, Deutsche Bank, Bank of New York Mellon or HSBC. They ensure, however, that they make significant efforts to combat financial crime an…

Alexander Forbes sells its insurance subsidiary in Namibia

Alexander Forbes Namibia Holdings (AF Namibia Holdings), 75% owned by the South African financial services group Alexander Forbes, has undertaken to sell all of the shares of its subsidiary Alexander Forbes Insurance Company Namibia (AFI Namibia).
 
Alexander Forbes sells its insurance subsidiary in Namibia

The buyer is Momentum Short Term Insurance Namibia (MSTI Namibia), a short-term insurance company operating in the Namibian market belonging to the South African group Momentum Metropolitan. Listed on the Johannesburg Stock Exchange, it offered a financial compensation of 50 million rand ($ 2.6 million) for the acquisition of AFI Namibia shares.

The transaction is subject to the approval of the Namibian regulatory authorities, the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority. It could be finalized in the second half of 2020.




The sale of this unit is part of the group’s strategy to offload its insurance pole. Last February, Momentum Metropolitan finalized the acquisition of Alexander Forbes' short-term insurance business in South Africa.

As part of the new sale, part of the financial resources obtained will be redistributed to the shareholders of Alexander Forbes. The other part will be used to finance the group's liquidity and investment needs.