The Wan Chai connection: The Washington-accused drug lords, gun runners and dictators’ financiers tied to one Hong Kong district
11th December 2020
The Wan Chai connection: The Washington-accused drug lords, gun runners and dictators’ financiers tied to one Hong Kong district
The Hong Kong neighborhood of Wan Chai may be home to the most eclectic and densest concentration of US-sanctioned enterprises anywhere on the planet. In less space than a square mile, you’ve got offices tied to: an alleged financier for Hezbollah, the Lebanese militant group; an individual accused… Read More
EU budget deadlock will hamper crime fight, EPPO warns
4th December 2020
EU budget deadlock will hamper crime fight, EPPO warns
Europe’s newly established body to fight financial crime warned that the deadlock in approving the European Union’s next budget was threatening its ability to investigate crimes in the way EU funds are spent. The European Public Prosecutor’s Office (EPPO) will have to work with just its actual 65 staff –… Read More
Absa bank embroiled in data leak, rogue employee accused of theft
4th December 2020
Absa bank embroiled in data leak, rogue employee accused of theft
Absa has notified customers of a data breach potentially compromising their personal information. The Johannesburg, South Africa-based financial services group, which provides personal and business banking as well as wealth management services, has pointed the finger at an employee for the security incident. Absa maintains a presence in 12 countries… Read More
Cash Converters in AUSTRAC’s gunsights, as regulator sizes up next enforcement targets
3rd December 2020
Cash Converters in AUSTRAC’s gunsights, as regulator sizes up next enforcement targets
Pawnbrokers, payday lenders and other non-bank reporting entities have been urged to review their financial crime controls, as the Australian Transaction Reports and Analysis Centre (AUSTRAC) broadens its supervision and enforcement crackdown. The country’s largest payday lender, listed pawnbroker Cash Converters, is the latest reporting entity to be referred to AUSTRAC’s enforcement… Read More
The public knew he was crooked in 2009. Big banks helped him stash millions until 2017.
1st December 2020
The public knew he was crooked in 2009. Big banks helped him stash millions until 2017.
By Will Fitzgibbon, ICIJ, 30 November 2020 ICIJ — JPMorgan Chase, America’s largest bank, helped move millions of dollars for a New Jersey con man long after he was first accused of ripping off customers looking for good deals on the used cars of their dreams. Many borrowed from… Read More
Shehbaz’s family members declared absconders in money laundering case
27th November 2020
Shehbaz’s family members declared absconders in money laundering case
An accountability court in Lahore on Thursday declared family members of Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif absconders in a money laundering reference. The accused include the PML-N’s president’s wife Nusrat Shehbaz, son Salman Shehbaz, daughter Rabia Imran and son-in-law. They did not appear before the court despite repeat… Read More
NSW Police, AUSTRAC Disrupt Money Laundering Operation
26th November 2020
NSW Police, AUSTRAC Disrupt Money Laundering Operation
Two men have been arrested and charged over illegal transfers of currency into offshore accounts as part of an investigation that began in June. Australian police have charged two men in NSW as part of ongoing investigations into an international money laundering operation. The two were arrested last week and… Read More
Synthetic identity fraud worrying U.S. regulators
25th November 2020
Synthetic identity fraud worrying U.S. regulators
Synthetic identity fraud, one of the fastest-growing financial crimes in the United States, has become an increasing concern for regulators, as banks struggle to find common ways of tackling the innovative theft technique that combines real and fictitious data about individuals. Estimates over the scale of the fraud vary, but nearly… Read More
Privacy coins no more? CipherTrace files patents for tracing Monero transactions
24th November 2020
Privacy coins no more? CipherTrace files patents for tracing Monero transactions
Crypto analytics firm CipherTrace announced on Friday that it had filed two patents for technology capable of tracing transactions for privacy coin Monero. In a Nov. 20 blog from CipherTrace, the firm stated that the patents would include forensic tools to explore Monero (XMR) transaction flows to assist in financial… Read More
Philippines: AMLC urges vigilance as suspicious money transactions surge
24th November 2020
Philippines: AMLC urges vigilance as suspicious money transactions surge
The Anti-Money Laundering Council (AMLC) urged financial industry stakeholders to remain cautious and vigilant amid rising evidence that criminal elements may be abusing digital platforms that are now seeing greater adoption due to the pandemic. AMLC Chair and Bangko Sentral ng Pilipinas Gov. Benjamin Diokno said proper know-your-customer and customer… Read More
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