Featured Money Laundering

Deloitte to Pay Malaysia $80 Million in 1MDB-Related Settlement

Deloitte PLT agreed to a 324-million ringgit ($80 million) settlement with the Malaysian government to resolve all claims related to the firm’s audit of 1MDB and its former unit SRC International between 2011-2014. The payout is the largest 1MDB-related settlement by an audit firm in Southeast Asia, the Finance… Read More

France’s Prudential Regulator Fines ING Bank €3 Million for AML Lapses

ING Group’s unit in France will pay €3 million to address anti-money laundering (AML) and counterterrorism financing compliance shortcomings identified by the country’s prudential regulator. The banking group, which acknowledged the fine in a statement Tuesday, said the enforcement action stemmed from a 2018 inspection by the Autorité de Contrôle… Read More

Cyprus to lift veil of secrecy with register of company owners

Cyprus plans to launch a register in coming months identifying the owners of thousands of companies on the island, lifting a veil of secrecy on opaque and complex corporate structures that campaigners say can help criminals seeking to hide their loot. Details of thousands of companies domiciled on the island,… Read More
4th March 2021
Malaysian police said on Wednesday it was investigating the husband of the country’s former central bank head for allegedly receiving funds linked to 1MDB, a state fund at the centre of a massive corruption scandal. Malaysian and U.S authorities have said around $4.5 billion was stolen from 1Malaysia Development Berhad… Read More
4th March 2021
More than 20 years ago, a group of former salesmen for Houston software entrepreneur Robert Brockman sued their old boss, claiming in court that he had deprived them of commissions by directing a portion of customer payments to a Cayman Islands entity. Mr. Brockman twice appealed to the Texas… Read More
4th March 2021
Singapore’s central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes. In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief… Read More
3rd March 2021
The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money laundering and terrorism financing. The violations relate to the activities… Read More
3rd March 2021
The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said. Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual… Read More
3rd March 2021
A 22-year-old man who was arrested today is suspected of storing over €120,000 in his bank account which was stolen by an organised crime gang in a €1.1m fraud. The suspect who has been described as a “money mule” is the second young man to be arrested as part of… Read More
3rd March 2021
B.C. casino investigators probed real estate lawyers whom they had connected to private mortgages, organized crime and an alleged transnational money-laundering scheme, the province’s inquiry has heard. In testimony Tuesday at the Cullen Commission, Brad Rudnicki, a BC Lottery Corporation anti-money laundering intelligence specialist, said his investigations suggested… Read More
3rd March 2021
In one of the biggest money laundering cases registered by it so far, the Enforcement Directorate has started attachment of assets of people associated with main accused Naresh Jain, a hawala dealer. Jain and his associates earned Rs 565 crore just through… Read More
3rd March 2021
By Julett Pineda Sleinan, OCCRP, 2 March 2021 OCCRP — German police arrested eight people aged between 24 and 55 and searched dozens of premises throughout the country as part of a mega operation that targeted right-wing groups allegedly involved in drug and arms trafficking and money… Read More
3rd March 2021
A money laundering trail totaling hundreds of millions of dollars that stretched from Latin America to South Florida has ended with corruption charges against a former Ecuadorian official and an investment manager once based in Miami. John Luzuriaga Aguinaga, 52, was arrested Monday on charges of accepting about $1.4 million… Read More