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By Suitcase And By Wire: How Reza Zarrab Smuggled Russia’s Money

By Tom Stocks, Daniela Castro, Kelly Bloss and Adam Klasfeld, OCCRP, 20 September 2020 OCCRP — Best known for laundering billions of dollars for Iran, notorious gold smuggler Reza Zarrab’s ties to Russia received only passing mention when he was prosecuted in the U.S. in 2016. That was a huge… Read More

US moves to seize $330m of alleged 1MDB assets held by UK law firm

The US Department of Justice (DoJ) has moved to seize $330m (£256m) held in the bank account of a major London law firm which prosecutors allege is derived from the proceeds of one of the world’s largest financial frauds. The DoJ has filed civil forfeiture proceedings against funds… Read More

Former IAAF president Lamine Diack jailed for taking bribes to cover up Russian doping

The former president of international athletics has been jailed for two years by a French court after being found guilty of taking millions of pounds in bribes to cover up positive drugs tests by Russian athletes. Lamine Diack, 87, who ran athletics for 16 years until he was succeeded by… Read More

14th September 2020

FCA Dropped Half of Its Criminal Money Laundering Cases in 2020: FT

The UK’s Financial Conduct Authority (FCA) has dropped half of its criminal probes into alleged violations of money laundering rules since the beginning of the year and has yet to bring a single prosecution of the crime, the Financial Times reported Monday. Citing data obtained via a freedom of… Read More

11th September 2020

Over $4M in assets seized from convicted former SNC-Lavalin exec Sami Bebawi

A former SNC-Lavalin executive who was convicted on corruption and fraud charges last year has had over $4 million in assets seized by a Quebec Superior Court judge, including a million-dollar property in Florida. Sami Bebawi, who was sentenced in January to eight years and six months in prison… Read More

10th September 2020

Angola seizes AAA assets, hotel chains linked to de Sao Vicente, TV reports

Angola’s attorney general has seized buildings and hotels belonging to AAA, a company associated with Carlos Manuel de São Vicente whose $900 million fortune has been frozen by Swiss authorities, state broadcaster TPA reported on Tuesday. De São Vicente was a key figure in Angola’s oil industry, heading a group… Read More

4th September 2020

Malaysia Drops Goldman Sachs Criminal Charges Over 1MDB

Malaysia has dropped criminal charges against units of Goldman Sachs Group Inc. over the bank’s role in the alleged theft of billions of dollars from a government investment fund, a key step under the terms of a recent $3.9 billion settlement. Goldman was the main banker for 1Malaysia Development… Read More

4th September 2020

Stepson of ex-Malaysian PM to forfeit $60 million in 1MDB scandal

The stepson of Malaysia’s former prime minister will forfeit assets worth more than $60 million that he purchased using funds embezzled during the multibillion-dollar looting of a Malaysian state investment fund, the Justice Department announced Wednesday. The 1Malaysia Development Berhad fund, or 1MDB, was established in 2009 by then-Prime Minister… Read More

4th September 2020

Bank in Mauritius loses licence over 1MDB link

Mauritius’ first Islamic bank was reported to have had its license revoked by the country’s central bank after FBI investigations pointed to links to money laundering involving 1MDB funds. Local newspapers in Mauritius say the Century Banking Corporation (CBC) had its licence revoked by the Bank of Mauritius (BOM) because… Read More

31st August 2020

Essentra says it’s in the clear after sanction breaches

A FTSE 250 cigarette products supplier that has been under investigation by United States authorities over possible sanctions breaches is not expecting a second fine. Essentra agreed to pay a £530,000 fine for sanctions violations in North Korea last month but the US Treasury Department’s Office of Foreign Assets Control… Read More

31st August 2020

Herbalife Nutrition agrees to pay $123 million to settle China bribery allegations

Herbalife Nutrition Ltd. on Friday agreed to pay $123 million to settle charges that it provided corrupt payments to government officials in China and falsified its books and records. The Los Angeles-based multilevel-marketing company entered into a deferred prosecution agreement with federal prosecutors in Manhattan during a virtual court hearing… Read More

31st August 2020

Payroll handler pleads guilty in $100 million N.Y. fraud case

A New York man will be ordered to repay $100 million embezzled from client payroll accounts after he pleaded guilty to a massive money laundering scheme that put companies out of business and left workers without paychecks, the state’s top law enforcement officer said. Michael Mann, who owned payroll… Read More

26th August 2020

UK National Crime Agency seizes houses, flats and gym from gang

The National Crime Agency has seized 59 properties worth a total of £17 million from an organised crime group with links to the drug trade. The law enforcement agency spent more than eight years dismantling the network of properties, the majority of which are in Birmingham and were used for… Read More

Must Read

Inside scandal-rocked Danske Estonia and the shell-company ‘factories’ that served it

HSBC moved vast sums of dirty money after paying record laundering fine

European Regulators Failed to Spot Suspicious Money Flooding Through Latvia’s Banks

How banks helped Venezuela’s ‘boligarchs’ extract billions

ING Bank Worked for Russian Money Laundering Network