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27th July 2020

Germany to toughen financial regulation after Wirecard scandal

The German finance ministry has unveiled a sweeping reform of financial regulation in the wake of the Wirecard scandal, as pressure mounts on the authorities over their failure to properly police the disgraced payments company. BaFin, the financial regulator, is to be equipped with “sovereign powers” to intervene “directly… Read More

27th July 2020

Privatbank, in amended complaint, claims Kolomoyskiy, partner laundered nearly $800 million

Privatbank, the Ukrainian lender nationalized by the state in 2016, now claims its former owners laundered nearly $800 million through the United States. After analyzing additional bank records, Privatbank filed an amended complaint in a Delaware court on July 21 against tycoons Ihor Kolomoyskiy and Hennadiy Boholyubov, claiming the men… Read More

27th July 2020

Wirecard probe in Philippines focuses on two bankers who may have forged documents

Philippine investigators say they have identified dozens of people and entities of interest in their probe into Wirecard AG, and are focusing on two bank employees who may have facilitated a multinational accounting scandal at the insolvent German payments company. Wirecard had claimed some $2.1 billion in cash… Read More

27th July 2020

The Master Identity Thief: How Dartanyon Williams Stole Millions by the Age of 23

By the time Dartanyon Williams was 15-years-old, he was already an identity thief. At 19, he had begun to recruit accomplices twice his age to help build a criminal enterprise that ultimately netted him $3.1 million before his eventual arrest. What had begun as rudimentary payment card fraud using his father’s… Read More

24th July 2020

EY drafted unqualified audit opinion for Wirecard weeks before firm’s collapse: FT

EY drafted an unqualified audit opinion of Wirecard’s accounts in early June despite public concerns that the fintech firm had not been forthcoming about its assets, the Financial Times reported Thursday. The Big Four auditor sent the draft opinion to Wirecard executives just weeks before the Germany company collapsed in… Read More

24th July 2020

Fake businesses are fooling real banks into processing online drug purchases

One website advertised dog products. Another advertised flowers; another, home decorations. All of them were really fronts to process payments for marijuana or designer drugs, prosecutors said. The Justice Department and the Federal Trade Commission have recently brought a string of criminal and civil cases accusing individuals and companies of… Read More

24th July 2020

Argentina confronts its multi-billion dollar offshore wealth problem

By Eli Moskowitz, OCCRP, 23 July 2020 OCCRP – As Argentina has been renegotiating its US$65 billion debt with foreign creditors, it is also grappling with the fact that up to six times that amount is believed to be held by its citizens and companies offshore. Repatriating a portion… Read More

24th July 2020

Lockstitch to Lockdown: Labour exploitation and financial crime in the textile industry

When the rest of England emerged from it’s Coronavirus-related lockdown on 4th July 2020, one city that remained locked down was Leicester and it was the only one to do so. The city was said to be experiencing an unexpectedly higher number of infections, purportedly originating from workers in… Read More

23rd July 2020

2 more ex-Wirecard managers arrested, ex-CEO back in custody

AP — Two more former executives at bankrupt German payment company Wirecard were arrested on Wednesday in the fraud scandal that brought down the one-time tech star and its former CEO was taken back into custody after the case against him was expanded, prosecutors said. The former Wirecard managers are… Read More

23rd July 2020

Police raid Swiss arm of ’NDrangheta mafia clan

Italian and Swiss police have rounded up 74 suspected members of the ’NDrangheta mafia, lifting the lid on the international reach of the secretive criminal organisation. More than 700 officers took part in raids in Calabria, the crime syndicate’s home in the toe of Italy, and in Switzerland, seizing assets… Read More

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