Featured Money Transfer

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 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
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
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 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
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
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
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
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
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
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