The Government published in the Gazette today (May 22) the following pieces of subsidiary legislation made by the Insurance Authority (IA) under the Insurance Ordinance (Cap. 41) to implement public disclosure requirements under Pillar 3 of the risk-based capital (RBC) regime and to introduce enhancements following the IA's review of the regime: (i) Insurance (Public Disclosure) Rules; (ii) Insurance (Valuation and Capital) (Amendment) Rules 2026; and (iii) Insurance (Mainte

The Securities and Futures Commission (SFC) urges the investing public to stay highly vigilant against sophisticated fraudulent schemes that exploit the name of the Investor Compensation Fund (ICF) to target investors who have already suffered losses, often defrauding them a second time (Note 1). In recent cases reported to the SFC, fraudsters targeted individuals who had previously suffered investment losses – often from schemes orchestrated by the same syndicates – and fals

A U.S. federal court has handed down a significant prison term to Charles Nnamdi Emesim, a 53-year-old Nigerian national residing in Newark, New Jersey, for his involvement in a prolonged money laundering operation tied to various scams. The sentencing occurred in the U.S. District Court for the Eastern District of Kentucky, highlighting ongoing U.S. efforts to combat transnational financial fraud. Judge Robert Wier imposed 115 months—nine years and seven months—in prison on

The United Arab Emirates (UAE) has intensified its efforts to combat money laundering in the gold trade through high-level inspections and new regulatory initiatives. This move underscores Dubai’s role as a global gold hub amid upcoming international reviews. Minister’s Inspection Tour Abdulla bin Touq Al Marri, UAE Minister of Economy and Tourism, conducted an inspection tour of Dubai’s Gold Souq on May 12, 2026, to evaluate compliance with anti-money laundering (AML), count

Abuja, Nigeria – May 13, 2026 – Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Dr. Mustapha Abdullahi, the Director-General of the Energy Commission of Nigeria (ECN), in connection with an alleged money laundering scheme involving N500 billion. The high-profile detention, which occurred in Abuja, marks a significant escalation in Nigeria’s ongoing battle against corruption in the energy sector. Abdullahi, appointed under President Bola Tinubu’

Low Taek Jho, known as Jho Low, the Malaysian financier accused of masterminding the $4.5 billion 1MDB scandal, has filed a pardon request with President Donald Trump. The petition, listed on the US Department of Justice (DOJ) clemency database under “Low Taek Jho,” seeks a “pardon after completion of sentence” and remains pending as of May 2026. This development, first reported by The Wall Street Journal, reignites global scrutiny on one of history’s largest financial frauds

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Alert to help financial institutions identify and stop funding streams and procurement networks supporting Iran’s Islamic Revolutionary Guard Corps (IRGC). The IRGC has engaged in terrorist activity since its inception with the full support of the Iranian regime. The Alert outlines how the IRGC facilitates and launders the proceeds of illicit oil sales by using networks of she

Hong Kong Customs yesterday (May 12) mounted an operation codenamed "Sabre" and successfully detected a suspected money laundering case involving about $11.3 million in illicit cigarette proceeds, subsequent to a follow-up investigation into a suspected illicit cigarette storage case identified earlier this year. Two men and one woman suspected to be connected with the case were arrested. In January this year, Customs raided a suspected illicit cigarette storage facility in