Featured Fraud

1MBD scandal: Kuwait royal family member arrested for money laundering

Sheikh Sabah Jaber Al Mubarak Al Sabah, son of the former prime minister, and his business partner Hamad Al Wazzan, were arrested on Wednesday night for money laundering related to the Malaysian fund case, known as the 1MBD scandal, Al Qabas reported. Attorney General Dharar Al Asousi issued a warrant… Read More

The Cycle of Kleptocracy: A Congolese State Affair

Last month, more allegations emerged surrounding the Congolese presidential family’s ill-gotten gains. In Florida, US federal prosecutors took steps to seize a Miami penthouse of Denis Christel Sassou-Nguesso, son of Republic of Congo’s president, a sitting member of parliament and former powerful figure in the national oil company, SNPC. Read More

Philippines: Bank secrecy lifting pushed to avoid financial fraud

To avoid a repeat of cross-border financial fraud that implicated local financial institutions, it’s time for Congress to ease the antiquated bank secrecy law while the government tightens enforcement against such crimes, Finance Secretary Carlos Dominguez III said. Stephen Cutler, a security analyst and antimoney laundering consultant, noted that the… Read More
13th July 2020
President Donald Trump’s refusal to release his tax returns has long fed a belief among his critics that they must contain politically damaging financial information or even evidence of criminal conduct. The U.S. Supreme Court on Thursday cleared the way for Manhattan District Attorney Cyrus Vance to get his hands… Read More
10th July 2020
Growth in cryptocurrency adoption in recent years has attracted public interest, investment opportunities and regulatory attention. While cryptocurrency-related headlines are now commonplace, cryptocurrency mining remains an obscure topic to most. Anti-financial crime professionals familiarizing themselves with cryptocurrency risks should be certain to focus on what may appear to be a… Read More
10th July 2020
German prosecutors are looking into possible money laundering by executives at Wirecard AG, adding to ongoing probes related to potential fraud and fake accounting at the insolvent payments firm. A spokeswoman for the Munich public prosecutor said it was conducting several legal cases related to possible money laundering… Read More
10th July 2020
The Kremlin has said it will impose retaliatory sanctions on the UK after Dominic Raab announced Magnitsky Act-style measures against individuals in Russia, Saudi Arabia, Myanmar and North Korea. Britain’s post-Brexit sanctions, which are designed to stop the laundering of “blood money”, targeted 20 Saudis and 25… Read More
9th July 2020
A Monaco court on Wednesday upheld an earlier ruling dismissing a case against a prominent art dealer accused by a Russian oligarch of fraud and money laundering, lawyers for the art dealer said. Monaco’s appeals court in December ordered the closure of a preliminary investigation opened by local authorities into… Read More
9th July 2020
Police in Miami on Wednesday arrested the former governor of the Mexican state of Chihuahua, Cesar Duarte, who is wanted on corruption charges in his homeland, U.S. and Mexican officials said. Duarte, who governed the northern border state from 2010 to 2016, has been accused by Mexican authorities of misappropriating… Read More
9th July 2020
The Justice Department is examining whether scandal-plagued German payment company Wirecard AG played a critical role in an alleged $100 million bank-fraud conspiracy connected to an online marijuana marketplace, according to people familiar with the investigation. Two businessmen have already been charged in the alleged fraud, accused of… Read More
9th July 2020
The United States government has gained custody of a Nigerian man who could have been behind the multi-million cyberattack on Bank of Valletta in February 2019. The FBI’s criminal complaint says that Ramoni Igbalode Abbas aka “Hushpuppi”, who amassed 2.4 million followers on Instagram flaunting luxury cars, designer clothing,… Read More
9th July 2020
Global Witness and the Platform to Protect Whistleblowers in Africa (PPLAAF) said they condemn a criminal complaint filed against them in France by Afriland First Bank, a Cameroonian financial institution named in the Undermining Sanctions investigation. “For two of the principal subjects of our report to threaten or file… Read More
8th July 2020
With three decades in construction under his belt and his family almost reared, Philip Doyle dared to dream a little during the lockdown period. A recreational diver in his spare time and already part-owner of a small boat, he decided he would invest in a larger vessel of his own. Read More