Featured Money Transfer

Italian crime group linked to laundered EU agricultural funds

Italian police and the European Anti-Fraud Office (OLAF) have uncovered an elaborate fraud scheme run by a criminal group with links to the mafia. The scheme spanned across seven different EU countries, including Ireland, with the group having committed fraud against EU rural development funds worth some €9.5m. It involved… Read More

Cuba says U.S. sanctions to end remittances, Western Union says not so fast

Cuba said late on Tuesday Western Union would have to shut down its operations on the island due to new U.S. sanctions, thereby cutting off key remittances, but the money transfer firm said it was still exploring ways to comply with the new rules. President Donald Trump’s administration said last… Read More

US PayPal users can soon use crypto in lieu of fiat currency

PayPal has announced its foray into the crypto market, launching a new service that will allow users to buy, hold, and sell digital currency. After receiving a conditional Bitlicence from the New York State Department of Financial Services (NYDFS), through a partnership with Paxos Trust Company, PayPal users in the… Read More
22nd October 2020
Altaf Khanani was considered one of the world’s most-wanted money launderers. The Pakistani fraudster was involved in the illicit international movement of money between countries like Pakistan, the United Arab Emirates, the US, the UK, Canada and Australia. His organization also moved money for drug cartels and terrorist groups such as Hezbollah and al-Qaida. After a massive hunt… Read More
21st October 2020
Sudanese people and their government officials are celebrating the news that after 27 years the United States plans to remove the country from its list of state sponsors of terrorism — a move that could help Sudan revive its ailing economy and bolster its transition to democratic rule. President… Read More
21st October 2020
An Iranian businessman was sentenced to 23 months in prison for his role operating a company that prosecutors said helped Iranians circumvent U.S. sanctions. Seyed Sajjad Shahidian, founder and former chief executive of Iranian online financial services company Payment24, pleaded guilty in June to conspiring to defraud the U.S. Read More
20th October 2020
Consider the current state of anti-money laundering efforts across the globe. Around 2% of global GDP is laundered annually, amounting to between $800B – $2T. Banks spend around $8B annually fighting it but affect only 0.1% of criminal finance. What we know then is that the ROI of the… Read More
20th October 2020
A bureau of the U.S. Treasury Department Monday imposed a $60 million penalty on Larry Dean Harmon, operator of the bitcoin “mixers” Helix and Coin Ninja, for allegedly violating anti-money-laundering laws, the agency said. The civil penalty against Mr. Harmon, who already faces charges from the U.S. Justice Department, is… Read More
15th October 2020
The U.S. State Department on Wednesday warned international financial institutions doing business with individuals deemed responsible for China’s crackdown in Hong Kong that they could soon face tough sanctions. In a report to Congress, the State Department named 10 people, including Hong Kong’s chief executive Carrie Lam, all of whom… Read More
15th October 2020
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
12th October 2020
The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars in tariffs and payoffs but moving the money through local banks and even investing it in real estate and businesses, according to a new United Nations Security Council… Read More
12th October 2020
AUSTRAC has released a new financial crime guide to help regulated entities in identifying, targeting and reporting suspicious financial activity related to Australia’s illegal wildlife trafficking trade. The financial crime guide was developed by AUSTRAC’s public-private partnership, the Fintel Alliance, with the Department of Agriculture, Water and Environment, drawing on… Read More
9th October 2020
Five cases of suspected money laundering using remittance agents were referred to the police for investigation by the Financial Intelligence Analysis Unit over the past four years. An FIAU analysis released recently shows that between January 2017 and May 2020, remittance agents submitted 98 suspicious transaction reports. Just over a… Read More