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Huawei CFO seeks publication ban on HSBC documents in U.S. extradition case

Huawei Chief Financial Officer Meng Wanzhou on Monday will seek to bar publication of documents her legal team received from HSBC, a request opposed by Canadian prosecutors in her U.S. extradition case who say it violates the principles of open court. Meng’s legal team will present arguments in support of… Read More

UK’s financial watchdog goes real-time to catch online criminals

Britain’s financial regulator has to make daily sweeps of the internet to warn about online scams in real time and keep pace with fraudsters who are often based outside the country, one of its officials said on Monday. Mark Steward, the Financial Conduct Authority’s (FCA) director for enforcement, said the… Read More

UK: Bid to use criminal cash to refund scam victims

The government is considering a proposal from banks that criminally-obtained funds are used to pay back other victims. Three-quarters of those asked in the survey said they supported the idea. But the amount frozen in these accounts would be vastly insufficient to cover the bill. Pandemic scams Last month, the… Read More

14th June 2021

The new breed of criminals: Dublin bank staff probed over links to cyber fraud

Employees at three major financial institutions are under investigation over suspected links to crime gangs involved in cyber frauds and money laundering. The three young adults — a woman and two men — separately came to the attention of gardaí investigating the rising phenomenon of online frauds and scams. The… Read More

14th June 2021

Buying luxury flats with bitcoin opens door to criminals, warns director of UK’s National Crime Agency

A senior cybercrime officer has warned that luxury flats being sold for bitcoin could be exploited by criminal gangs. Nigel Leary, a director at the National Crime Agency, said that he had significant concerns about bitcoin or other cryptocurrencies being used for large purchases such as property or private jets. Read More

14th June 2021

HK bankers and lawyers win right to apply for access to corporate registry

Hong Kong bankers and lawyers will be able to search the city’s companies registry under proposed exemptions to plans to tighten public access to the database, Secretary for Financial Services Christopher Hui said on Saturday. Business and governance experts have criticised a government plan to restrict access to the personal… Read More

14th June 2021

New body created to tackle financial crime in Guernsey

A new body has been set up by in Guernsey to investigate money laundering, financial crime and to recover proceeds of unlawful conduct. The Economic Financial Crime Bureau (EFCB), which has been created by the the Committee for Home Affairs, plans to use a range methods – including the law… Read More

14th June 2021

India: Hawala scheme linked to shell companies, bank accounts and Chinese nationals

Cybercrime officials with the Criminal Investigation Department on Saturday busted a ₹290 crore money-laundering scam linked to a hawala racket. Ten people — including two from China and two from Tibet — have been arrested. However, the kingpin and prime accused, Anas Ahmed, who hails from Kerala but resides in… Read More

11th June 2021

Judge Dismisses Anti-Money-Laundering Charges Against MoneyGram

Anti-money-laundering charges against MoneyGram International Inc. were dismissed after prosecutors said the money-transfer company had complied with the terms of a long-running settlement agreement. The order by Judge Christopher Conner of the U.S. District Court in Harrisburg, Pa., on Thursday brought to a close MoneyGram’s more than eight-year effort… Read More

10th June 2021

47 people questioned in relation to Dutch WhatsApp scam

The police in the Oost-Brabant district have questioned 47 suspects over potential involvement in pulling “friend-in-need” WhatsApp scams. With this type of fraud, scammers approach their victims via messaging services or social media claiming to be the victim’s family members or friends in an emergency. They then request money to… Read More

10th June 2021

Toronto-Dominion Found Not Liable in Allen Stanford Fraud Trial

Toronto-Dominion Bank was found not liable for losses related to convicted fraudster Allen Stanford’s Ponzi scheme, with an Ontario judge rejecting a $4.5 billion negligence claim against the firm. The lender doesn’t need to pay the claim filed by trustees trying to recover losses from Stanford… Read More

10th June 2021

Switzerland: Burkinabe businessman denied compensation for frozen accounts

Inoussa Kanazoé, a businessman with close links to the brother of Burkina Faso’s former president Blaise Compaoré, made his fortune through the import and export of foodstuffs, petrol, and cement. He is notably the owner of CimFaso (Cimenterie du Faso), which is a partner of Swiss company Holcim via its… Read More

9th June 2021

‘Wolf of Wall Street’ Producer Named in $250 Million 1MDB Suit

Riza Aziz, one of the producers of hit movie “The Wolf of Wall Street” and stepson to former Malaysian Prime Minister Najib Razak, has been named by 1MDB in a $250 million suit over his alleged misuse of public assets. The case, filed at the Kuala Lumpur High Court… Read More

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UK’s financial watchdog goes real-time to catch online criminals