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Online games could be the next trend in money laundering, Canadian inquiry hears

A public inquiry into money laundering in British Columbia has heard that cash is still king but cryptocurrencies and other virtual trade could rise as a trend. Criminology professor Stephen Schneider of St. Mary’s University in Halifax says games and other online platforms with many players are creating their own… Read More

‘Evil mastermind of $24 million cyberscam was Ellis Pinsky, 15’

The “evil mastermind” and his crew “struck hard and quickly” to steal $24 million and launder it on currency exchanges. But the alleged ringleader did not look particularly like Tony Soprano. Ellis Pinsky was 15 years old, in high school and living at his mother’s house in a respectable area… Read More

Payment Companies Increase Efforts to Combat Coronavirus-Related Frauds

Payment companies are ramping up their processes to combat fraud and scams as regulators warn financial institutions of illicit activities related to the coronavirus pandemic. Compliance teams at companies such as PayPal Holdings Inc. and Western Union Co. have been closely monitoring early indicators of fraudulent activities and… Read More

25th May 2020

Papua New Guinea police arrest former PM Peter O’Neill over alleged corruption

Papua New Guinea police have arrested former prime minister Peter O’Neill over the alleged purchase of generators from Israel without parliamentary approval. O’Neill was arrested on Saturday at the main airport of Port Moresby, PNG’s capital, after returning from Australia, and brought in for questioning, assistant crimes commissioner Hodges… Read More

25th May 2020

The world’s dirty money by the numbers

Thanks for the effort, but you really need to do better. Some EU countries are among the best in the world at implementing technical recommendations to combat money laundering, but this doesn’t necessarily lead to impressive results: In the bloc, only 1.1 percent of estimated illicit proceeds are seized by… Read More

22nd May 2020

Not So Green On The Other Side: How A Russian Tycoon’s Big U.S. Cannabis Bet Went Up In Smoke

When the authorities in Plumas County, California, inspected a new commercial hemp plantation in April 2019, they were so alarmed by what they found that they sought to impose a temporary moratorium on the emerging industry in unincorporated local towns. Greeted at the property by two armed guards with… Read More

20th May 2020

First Data Will Pay $40 Million in FTC Deal Over Consumer Scams

First Data Merchant Services LLC and a former executive agreed to pay more than $40 million to settle a claim by the Federal Trade Commission that the company processed payments and laundered credit card transactions for scams targeting hundreds of thousands of consumers. The agency alleged that ex-vice… Read More

20th May 2020

The Nigerian Fraudsters Ripping Off the Unemployment System

As millions of people around the United States scrambled in recent weeks to collect unemployment benefits and disbursements through the federal Cares Act, officials warned about the looming threat of Covid-19-related scams online. Now they’re here. On Thursday, the Secret Service issued an alert about a… Read More

20th May 2020

Impoverished Jordan holds $3bn of foreign aid in offshore accounts

Jordan has come first in a list of countries that appear to have siphoned huge amounts of foreign aid into offshore bank accounts. The resource-poor Middle Eastern country, which is hosting about two million Syrian refugees, received £2.13 billion in foreign aid in 2018-19 including £110 million from Britain,… Read More

19th May 2020

Fraud Factory Firms Traced to Penniless Proxies

By Mattias Carlsson, Holger Roonemaa, Oliver Kund and Hannes Munzinger, OCCRP, 18 May 2020 OCCRP — Rita is almost 13,000 euros in debt and was convicted of shoplifting a bottle of gin. Ricardo is unemployed and has been arrested several times for drug possession and driving without a license. His mother,… Read More

19th May 2020

Lebanese Central Bank official charged in currency probe

AP — A Lebanese prosecutor on Monday charged a senior central bank official with manipulation of the exchange rate and money laundering as part of an ongoing probe amid the country’s financial turmoil. The move reflects a growing clash between the central bank and the government at a critical time,… Read More

19th May 2020

U.S. Charges Iranian Company and Executives With Sanctions Violations

The U.S. charged an Iranian online financial services company and two of its senior executives with violating U.S. sanctions on Iran, U.S. prosecutors said. Seyed Sajjad Shahidian, Vahid Vali and the company, Payment24, were criminally charged with conspiracy to commit offenses against the U.S., money laundering, identity theft and wire… Read More

18th May 2020

Money laundering on the high street

The money remittance and foreign exchange shops that dot most British high streets are the lifeblood of immigrant communities who send funds home. But in London, they are also playing a key role in a vicious drugs trade and fueling a surge in violent crime. Sweeping changes to the U.K.’s… Read More

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Mercenaries channeled funds through Malta, UAE for planned Libya attack

Online games could be the next trend in money laundering, Canadian inquiry hears

Malta: Pilatus Bank fined for failing to give information to FIAU

Swiss investigation launched into alleged ‘Covid credit’ fraud