All Financial Crimes articles – Page 3
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NewsHong Kong breaks up money-smuggling gang
Customer officials in Hong Kong have arrested five men suspected of laundering about HK$170m (US$21.8m, €18.6m) in the first case customs has detected of an attempt to smuggle money out of the territory by driving over the border.
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NewsUS names three people for financial crimes in South America
The treasury department in the US has sanctioned three Paraguayans for money laundering and import-export offences based in the Tri-Border Area of Paraguay, Argentina and Brazil.
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NewsFootball authorities to receive $201m after corruption scandal
International soccer’s governing body Fifa and associated organisations are to receive $201m (€171m) seized by the United States’ justice department during a financial crime investigation into the way the sport was run.
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NewsDutch DPA conditionally allows data sharing in fight against fraud
The Netherlands’ data protection authority has granted more than 160 financial institutions a licence to share information about fraudsters to help fight financial crime.
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NewsHackers steal $97m from Japanese crypto exchange
Tokyo-based cryptocurrency exchange company, Liquid, has reportedly lost $97 million due to a cyber attack.
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NewsCompany owner jailed for Covid-relief fraud
Businessman Mukund Mohan of Clyde Hill, Washington state, has been imprisoned for two years after admitting fraud and money laundering to obtain $5.5m (€4.68m) from the US Paycheck Protection Program (PPP) and then hiding the proceeds.
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NewsNew Zealand share trading platform cautioned on AML breaches
The Financial Markets Authority (FMA) in New Zealand has gone public with a formal warning to Sharesies for having insufficient anti-money laundering measures in place.
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NewsUS financial firms tread carefully in Afghan dealings
With a designated terrorist group the Taliban now in charge of Afghanistan, US banks and other financial service companies are being extra cautious in business they have in the country to avoid breaching sanctions on the Islamic group.
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NewsUAE establishes specialised money laundering court
Authorities in the UAE have set up a court in Dubai to focus on combating money laundering.
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NewsGlobal AML fines fallen by 50% in 1H 2021
In the first half of 2021, global fines for anti-money laundering and data privacy compliance violations fell by over 50% year on year, but could swiftly rebound as financial crime continues, according to Fenergo.
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NewsForty jailed in UAE for money laundering and fraud
Abu Dhabi Criminal Court has imprisoned 40 men after they conned investors into putting money into a digital trading platform and converting their clients’ funds into a fake digital currency called Foin so the investors could not get their money back.
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NewsSendvalu fined for breaking money laundering rules
Malta’s financial regulator FIAU has ordered the island’s subsidiary of Swiss money transfer company Sendvalu to pay €502,000 ($591,000) for failing to comply with money laundering laws.
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NewsAllianz fined for money laundering breaches
The Bermuda Monetary Authority (BMA) has imposed civil penalties totalling US$1.7m (€1.45m) on Allianz Life Bermuda Limited for failing to comply with anti-money laundering, anti-terrorist financing and international sanctions legislation plus “longstanding and persistent breaches” of the Insurance Act. The company is being wound up.
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NewsMoney laundering gang jailed in Saudi Arabia
A Saudi Arabian court has imprisoned four people for 24 years and fined them SAR140m ($37.3m, €31.8m) for illegally transferring more than SAR140m abroad.
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NewsChinese fashion clothing director charged with money laundering
The director of a Chinese company which produces clothes for leading fashion chains has been accused of deceiving the Bank of China (Hong Kong) into issuing letters of credit (L/Cs) worth more than US$5.5m (€4.69m) to a supplier based on fraudulent business transactions.
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NewsUkraine shuts down money laundering cryptocurrency exchanges
The Security Service of Ukraine (SBU) has reportedly closed a network of cryptocurrency exchanges used by more than 1,000 ‘customers’ to launder funds received from Russian electronic payments processors, including Yandex.Money, Qiwi and Webmoney.
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NewsBusinessman charged with $784m Medicare fraud
The owner of telemedicine companies in the US has been indicted with orchestrating a health care fraud and illegal kickback scheme by submitting more than $784m (€668m) of false and fraudulent claims – one of the largest ever scams on the country’s Medicare programme, according to the justice department.
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NewsHackers steal $600m in cryptocurrency raid
Cyber-attackers have taken around $600m (€510m) of digital tokens from Poly Network in what is believed to be one the largest ever thefts of cryptocurrency.
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NewsNamibia moves to introduce unexplained wealth orders
The Financial Intelligence Centre (FIC) in Namibia is working on introducing unexplained wealth orders to help prevent financial crime.
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NewsSyrian ‘bribed to win lucrative Venezuelan contracts’
Naman Wakil of Syria conspired with others to bribe officials at Venezuela’s state-owned energy and food companies to obtain contracts worth at least $250m (€211m), a Miami court was told.