7th July 2020
The coronavirus pandemic has already seen one major accounting fraud. There could be more to come. The implosion of digital payments company Wirecard has set off a huge scandal in Germany, where financial regulators, auditors and the firm’s supervisory board are being asked how they missed a $2 billion… Read More
7th July 2020
‘Money laundering is modern-day alchemy. You take cash earned from criminal activity, put it through a system designed to obliterate any trail of its origins, and then bring it out the other end as legitimate income,” said Jeffrey Robinson, author of The Laundrymen, a seminal book on the subject. Money… Read More
6th July 2020
Estonia said on Friday that it wanted to receive a share of any fines imposed by the United States if banks are found guilty of money laundering in the Baltic nation in ongoing inquiries. U.S. authorities are investigating Denmark’s largest bank Danske (DANSKE.CO), which was forced out of Estonia… Read More
6th July 2020
A Nigerian social-media celebrity was extradited to the U.S. from Dubai to face fraud charges. Ramon Olorunwa Abbas was flown to Chicago on July 2 and appeared in court the following day, the U.S. Department of Justice said in a statement. Abbas, widely known as “Hushpuppi,” has 2.4 million followers… Read More
3rd July 2020
The United States should impose sanctions on Russia’s intelligence and defense sectors, House of Representatives Speaker Nancy Pelosi said on Thursday after a briefing on reported Russian payments to Taliban militants to kill U.S. soldiers in Afghanistan. While not disclosing what she and other top lawmakers were told about the… Read More
3rd July 2020
The B.C. Lottery Corporation has finally given up a decade-long fight to keep a secret. In 2010, BCLC was hit with a $700,000 fine by FINTRAC, the country’s money laundering watchdog, for undisclosed violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It was the largest penalty… Read More
2nd July 2020
On March 9, a German businessman named Ruben Weigand was arrested at Los Angeles International Airport, during a layover on his way to Costa Rica. In an indictment unsealed later that week, federal prosecutors in Manhattan charged Mr. Weigand with a single count of conspiracy to commit bank fraud, stemming… Read More
1st July 2020
The Moldovan Prosecutor’s Office for Combating Organised Crime and Special Cases and investigators from the Police General Inspectorate closed a clandestine factory in the Criuleni area near the Dniester river in the east of the country on Tuesday that was producing copies of Kamov KA-26 Soviet-type helicopters. “Over the past… Read More
1st July 2020
Several members of the Senate Banking Committee have reached a bipartisan agreement on anti-money laundering legislation that would introduce new transparency into the ownership of anonymous shell companies. Senate Banking Chairman Mike Crapo (R-Idaho), ranking member Sherrod Brown (D-Ohio), and seven other committee members plan to offer the compromise text… Read More
1st July 2020
Over the past 12 months, under its Chinese presidency, the Financial Action Task Force (FATF) has made a welcome effort to engage with and promote the importance of financial investigation as a tool to combat the illegal wildlife trade (IWT). As per his objectives, Xiangmin Liu has used his… Read More