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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

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

Montenegrin Tycoon’s Lawsuit Against Media Highlights a Trail of Controversial Deals

By Dejan Milovac and Jared Ferrie, OCCRP, 11 June 2021 OCCRP — Zoran Bećirović says he’s an ordinary property developer, and he’s suing Montenegro’s two biggest newspapers and a civil society organization for years of reporting “baseless claims” against him in their coverage of his high-profile land… Read More

11th June 2021

China Passes Law to Counter Foreign Sanctions

China enacted a new law aimed at countering foreign sanctions, in response to U.S. and European efforts to pressure Beijing on issues spanning human rights, trade and technology. Senior members of China’s legislature approved the “anti-foreign-sanctions law” on Thursday, state media said, following an expedited process that skipped public consultation… Read More

9th June 2021

Lithuania Revokes License of FinTech Tied to Wirecard Scandal: Report

Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday. The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by… Read More

7th June 2021

Philippine investigators accuse ex-Wirecard COO of fraud, cybercrime

Philippine investigators have lodged criminal complaints against a former executive of collapsed German payments firm Wirecard and others for alleged bank fraud and cybercrime offences, the justice secretary said Monday. Wirecard was once a rising star in the fintech sector until it filed for bankruptcy last year after admitting that… Read More

7th June 2021

Canada: Wealthy KPMG clients continued to dodge taxes for years after CRA detected offshore ‘sham’

After amassing a fortune selling scrap metal in South Africa, Peter Cooper immigrated to Canada in the mid-1990s with his sons Marshall and Richard and their families. They settled in Victoria, purchased luxurious homes and became permanent residents — qualifying for Canadian health care and other social services. But that… Read More

7th June 2021

London couple in £14 million ‘dirty money’ case win temporary right to secrecy

The names of a London couple accused of bringing £14 million of illicit money into Britain via the “Azerbaijan laundromat” will be kept secret for at least another week after a High Court judge give them a final… Read More

4th June 2021

Qatar ‘funnelled millions of dollars to Nusra Front terrorists in Syria’, UK court hears

The Qatari state has been accused of playing a central role in a secret money laundering operation to send hundreds of millions of dollars to jihadists in Syria. A claim issued this week at the High Court in London alleges that a private office of the Gulf state’s monarch was… Read More

4th June 2021

The U.S. Midwest Is Foreign Oligarchs’ New Playground

For many in the West, the notion of kleptocracy—of transnational money laundering tied to oligarchs and authoritarians bent on washing billions of dollars in dirty money—remains a foreign concept. It conjures images of oligarchs purchasing penthouses in Manhattan or regime insiders floating aboard yachts along the French Riviera or maybe even the… Read More

3rd June 2021

How factoring fraud takes place

Cash-strapped businesses grappling with the cost of the pandemic are increasingly securing loans against the value of unpaid invoices, or ‘factoring’ as it is often referred to. However, such a trend is also proving irresistible to criminals keen to exploit the opportunities of this growing market. The recent announcement that the Serious… Read More

2nd June 2021

China ups fines and widens scope of draft money laundering law

China’s central bank on Tuesday issued a revised draft anti-money laundering law, under which fines for certain offences would rise to as much as 10 million yuan ($1.6 million) and a host of non-financial institutions would be brought within its scope. The draft, which updates proposals first made in 2006,… Read More

2nd June 2021

EDD Fraud: Federal Judge Issues Sweeping Injunction Against Bank of America in California

A federal judge issued a preliminary injunction against Bank of America Tuesday in the wake of widespread fraudulent Employment Development Department (EDD) claims totaling billions of dollars and the suspension of unemployment benefits to the hundreds of thousands of Californians affected. The injunction compels Bank of America to unfreeze accounts… Read More

Must Read

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

U.K. Cyber Chief Cameron Says Ransomware Is Key Online Threat

UK: Bid to use criminal cash to refund scam victims

Philippines: AMLC freezes bank accounts of red-tagged farmers’ group

U.K.’s Financial Conduct Authority Bans Lithuanian FinTech Linked to Wirecard Fraud