U.S. Treasury unit warns banks of unemployment fraud
15th October 2020
U.S. Treasury unit warns banks of unemployment fraud
U.S. unemployment claims, which have surged during the coronavirus pandemic, are amplifying a compliance risk for financial institutions: unemployment insurance fraud. The Treasury Department’s Financial Crimes Enforcement Network issued an advisory Tuesday, alerting banks to red flags that could indicate illicit activity, including emerging schemes exploiting vulnerabilities created by the… Read More
Crown Resorts executive admits serious failings but denies turning ‘blind eye’ to laundering
15th October 2020
Crown Resorts executive admits serious failings but denies turning ‘blind eye’ to laundering
A senior Crown Resorts executive has conceded a litany of serious failures by the casino operator relating to alleged criminal activities, but insists it wasn’t deliberately turning a blind eye. Deputy chairman John Horvath, previously a personal physician to the late Kerry Packer and chief medical officer of Australia, made… Read More
Woman close to Vatican cardinal arrested in corruption probe
15th October 2020
Woman close to Vatican cardinal arrested in corruption probe
AP — The Vatican’s latest corruption scandal already had all the elements of a spy thriller: One cardinal who was fired during a “surreal” nighttime audience with the pope. Another cardinal, the nemesis of the first, who returned triumphantly to Rome after being acquitted of sexual abuse in Australia. And… Read More
Swiss authorities return seized $37 million to CONMEBOL
15th October 2020
Swiss authorities return seized $37 million to CONMEBOL
AP — Swiss authorities said Wednesday they are returning about $37 million in seized funds to South American soccer confederation CONMEBOL. The money is linked to a Swiss corruption investigation into CONMEBOL’S former president Nicolás Leoz of Paraguay and former secretary-general Eduardo Deluca of Argentina. Leoz and Deluca were among… Read More
Afterpay escapes further AUSTRAC action but regulatory clouds linger
15th October 2020
Afterpay escapes further AUSTRAC action but regulatory clouds linger
Afterpay has received an all-clear from the Australian financial crimes watchdog AUSTRAC over its breaches of anti-money laundering laws, but the buy now, pay later (BNPL) heavyweight isn’t entirely out of the woods when it comes to regulatory scrutiny. The $27 billion listed fintech said on Wednesday that AUSTRAC would… Read More
Auckland gang members arrested for alleged money laundering linked to China
15th October 2020
Auckland gang members arrested for alleged money laundering linked to China
Police seized a Lamborghini worth nearly half a million dollars during a raid on an alleged money laundering service in Auckland. The Lamborghini Huracan, worth $450,000, was seized alongside a Mercedes G Wagon worth $280,000 and five other luxury cars. A Rayglass boat and high-end motorcycles were also seized. During… Read More
The fastest way to send criminal cash: money transmitters
15th October 2020
The fastest way to send criminal cash: money transmitters
By Will Fitzgibbon and Mago Torres, ICIJ, 13 October 2020 ICIJ — No, this former vice president cannot have his seven planes back. In May, the International Criminal Court ruled that Jean-Pierre Bemba Gombo, former vice president of the Democratic Republic of Congo, will not be compensated for spending… Read More
Chinese government continues to support the sale of pangolin parts for use in traditional medicine, says report
14th October 2020
Chinese government continues to support the sale of pangolin parts for use in traditional medicine, says report
Despite a high profile crackdown the Chinese government continues to support the sale of pangolin parts for use in traditional medicine, according to a new report. The Environmental Investigation Agency (EIA) found that 221 companies remain licensed to sell pangolin scale products, including global pharmaceutical company China Beijing Tong… Read More
Deutsche Bank Fined $16 Million by German Prosecutors in Danske Probe
14th October 2020
Deutsche Bank Fined $16 Million by German Prosecutors in Danske Probe
Deutsche Bank AG was fined 13.5 million euros ($16 million) by Frankfurt prosecutors over money-laundering violations related to work with Danske Bank A/S. The bank failed on more than 600 occasions to file timely alerts to authorities about suspicious transactions, Frankfurt prosecutors said in a statement Tuesday. A related criminal… Read More
US, UK fight foreign bribery but most nations do very little
14th October 2020
US, UK fight foreign bribery but most nations do very little
AP – An anti-corruption watchdog on Tuesday ranked the United States and United Kingdom as the largest exporters most active at enforcing rules meant to prohibit companies from paying bribes in foreign markets, but said many others are doing next to nothing. Berlin-based Transparency International said only four of… Read More
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