Featured Money Laundering

KYC360 Exclusive: What Cryptocurrency, Drug Lords and Mafia Bosses Don’t Have in Common

Cryptocurrency is an emerging value transfer system with pluses and minuses for users with legal and illicit funds. No doubt it is growing every day, as evidenced by the facts provided on CoinMarketCap.com. But from a money launderer’s perspective, the greatest majority of cryptocurrencies have limitations for those servicing traditional… Read More

Australia: Dirty money spotlight on estate agents

Australia is set to receive another black mark for its lax anti-money laundering laws, putting renewed pressure on the federal government to force real estate agents to report suspicious sales. The Financial Action Taskforce, which sits under the G7 major world economies, is due to release its latest report… Read More

Malaysian ex-PM Najib ordered to enter defense in 1MDB case

AP — A Malaysian judge on Monday ordered former Prime Minister Najib Razak to enter a defense at his first corruption trial linked to the multibillion-dollar looting at the 1MDB state investment fund that helped spur his shocking election ouster last year. Defense lawyers said Najib was shocked he wasn’t… Read More
12th November 2019
With flames leaping from the stage, ear-splitting music pumping from loudspeakers and a screaming crowd, the sell-out event at London’s Wembley Arena seemed more like a rock concert than a financial sales conference. But as Alicia Key’s Girl On Fire began to fade, an electrified silence swept across the auditorium… Read More
12th November 2019
The former first deputy chairman of the central bank is among seven people who have been detained on suspicion of embezzling $49 million that was part of a loan the National Bank of Ukraine (NBU) gave to stabilize a struggling bank owned by one of the country’s biggest agricultural producers. Read More
12th November 2019
The revelation last week that fugitive Malaysian businessman Low Taek Jho, better known as Jho Low, holds a Cypriot passport has sparked a fresh flurry of speculation over his whereabouts, as authorities attempt to track him down for alleged financial crimes linked to defunct state fund 1Malaysia Development Berhad. The… Read More
12th November 2019
At the height of the Danske Bank A/S dirty-money scandal, the lender started offering gold bars to wealthy clients to help them keep their fortunes hidden, according to documents seen by Bloomberg. The bank’s Estonian branch, which was already wiring billions of client dollars to offshore accounts, told a select… Read More
11th November 2019
The European Union’s largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc’s banks. In a joint statement, Germany, France, Italy, Spain, the Netherlands and Latvia… Read More
11th November 2019
Twenty years after the controversial demise of one of Nigeria’s last military leaders, Sani Abacha, one sore thumb still aching local and international financial crime investigators is the full extent of his legacy of corruption. In the years since 2002, when the first insight into the depth of corruption during… Read More
11th November 2019
It has been a year since a joint investigation by Times of Malta and Reuters revealed that power station investor Yorgen Fenech owned the mystery company 17 Black. On Monday, Keith Schembri is expected to testify for the first time about the 17 Black connection in a libel case. Jacob… Read More
11th November 2019
Four members of a family have turned over more than a dozen properties across the United Kingdom and Spain worth US$10.3 million after British authorities accused them of buying them with dirty money. The National Crime Agency says Shane Davies, 47, his wife Rhianna, 34, mother Sheila, 66, and… Read More
11th November 2019
Brazil’s former president Luiz Inácio Lula da Silva has been released from prison after a supreme court ruling that delighted his supporters and infuriated followers of the far-right president Jair Bolsonaro. Lula, who was serving a 12-year corruption sentence, was greeted by hundreds of supporters wearing red vests emblazoned… Read More
11th November 2019
The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries. Officials from the U.S., U.K., Australia, Canada and the Netherlands — known as the Joint Chiefs of Global Tax Enforcement — shared data, tools and… Read More