Reported by: swissinfo.ch The Swiss government has asked the finance ministry to draft a bill to increase transparency of beneficial owners of legal entities to help tackle financial crime. The bill should introduce a central register for identifying beneficial owners and new obligations when it comes to risks of financial crime, the government said on […]
Reported by: WILL KNIGHT LAST MONTH, THE Chinese ecommerce giant Alibaba revealed a powerful new cloud computing system designed for artificial intelligence projects. It is used by Alibaba’s cloud customers to train algorithms for tasks like chatbot dialogue and video analysis, and was built using hundreds of chips from US companies Intel and Nvidia. Last week, the US announced new export […]
Reported by: Thomas Brewster Verse, a European mobile payments provider owned by Jack Dorsey’s $50 billion fintech giant Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users. If it doesn’t, it risks a penalty, including a fine, Forbes has learned. Acquired by Block in 2021, […]
Reported by: Noele Illien, Dan McCrum, Victor Mallet and Leila Abboud Leonteq (LEON.S) on Wednesday dismissed a media report alleging suspicious trading at the Swiss fintech company potentially related to tax evasion or money laundering by clients. The company, which offers structured investment products, said internal and external investigations had found no evidence to support the allegations […]
Reported by: Martin Byers of Ogier To comply with applicable regulations in the Cayman Islands, anti-money laundering officers appointed by Cayman funds must understand and act in accordance with their duties and responsibilities. The Cayman Anti-Money Laundering Regulations (AMLRs), which apply to funds carrying on relevant financial business in the jurisdiction, set out certain duties […]
Reported by: Sebastian Rotella and Kirsten Berg In 2017, Drug Enforcement Administration agents following the money from cocaine deals in Memphis, Tennessee, identified a mysterious figure in Mexico entrusted by drug lords with their millions: a Chinese American gangster named Xizhi Li. As the agents tracked Li’s activity across the Americas and Asia, they realized […]
Reported by: ZDRAVKO LJUBAS The U.K. branch of the global anti-graft watchdog Transparency International warned on Monday that more than one in ten of all Limited Liability Partnerships (LLPs) ever registered in Britain bear the “hallmarks of shell companies used for serious financial crimes.” Around 14% of all LLPs formed between 2001 and 2021 have […]
Reported by: BRIAN QUARMBY Announced on Oct. 6, the latest set of EU sanctions on Russia stipulates a full ban on the provision of crypto-asset wallets, accounts and custody services, regardless of the total value of the assets. Following the sanction announcement, Dapper stated that accounts with connections to Russia will no longer be able to sell, purchase […]
Reported by: Daniel Van Boom The Lazarus Group, a hacking outfit associated with North Korea’s government, managed to drain over $600 million in crypto from a blockchain used by NFT game Axie Infinity. North Korean hackers stole $840 million in the first five months of 2022, according to Chainalysis data, over $200 million more than they’d plundered […]
Reported by: Department of Justice, U.S. Attorney’s Office, Southern District of California Juan Manuel Alvarez-Inzunza, a high-level money launderer for the Sinaloa Cartel, was sentenced to 188 months in prison today for his role in a conspiracy to transfer millions of dollars in drug proceeds out of the United States. According to court records, starting […]
Financial Crime News Briefs 