Money Laundering

August 31, 2026 3:09 PM

UAE to probe Banque Misr branches after US flags money laundering risks

UAE’s Central Bank has decided to conduct a special and urgent examination of Banque Misr branches in the Emirates, after the US Treasury flagged that they processed transactions potentially part of Iranian shadow banking networks. Under Operation Economic Outcast, the U.S. Department of the Treasury had proposed to revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. This would effectively block US Dollar transactions for UAE Branches of Egypt’s second-...

July 16, 2025 4:30 PM

India reiterates zero tolerance for money laundering, terror funding

India has reaffirmed its commitment to combat money laundering and terror financing, aligning its domestic frameworks with global standards set by the Financial Action Task Force (FATF). Established in 1989 during the G7 Summit in Paris, FATF plays a crucial role in protecting the integrity of the global financial system. With 40 members today, the body’s recommendations have shaped anti-money laundering and counter-terrorist financing (AML/CFT) regimes worldwide, with over 200 countries pled...

February 17, 2025 12:26 PM

Mauritius’ former Prime Minister gets bail on money laundering charges

A court in Mauritius has released former Prime Minister Pravind Jugnauth on bail following his arrest on charges of money laundering, a magistrate at the court said. Last month, the country's former central bank governor was detained and released on bail after being charged with conspiracy to commit fraud. An Indian Ocean archipelago, Mauritius is an offshore financial centre that markets itself as a link between Africa and Asia. "He (Jugnauth) shall not interfere directly or indirectly with ...

February 16, 2025 1:45 PM

Former Mauritius Prime Minister arrested, says Financial Crimes Commission

Former Mauritius Prime Minister Pravind Jugnauth has been arrested and is facing money laundering charges, the state-run Financial Crimes Commission said early on Sunday. Jugnauth "is under arrest", FCC spokesperson Ibrahim Rossaye told reporters, adding that he will be detained in Moka detention centre in Moka district in central Mauritius. The arrest followed searches by FCC detectives of different locations, including Jugnauth's residence, during which they found and seized 114 million Maur...