Reported by Bloomberg Singapore charged two former bank relationship managers who it accused of being involved in the country’s biggest money-laundering case, marking its first criminal actions against finance professionals in the S$3 billion (US$2.3 billion) scandal. Wang Qiming, a 26-year-old Chinese national, was charged with 10 counts including forging documents for the purpose of cheating […]
Reported by Joe Mille A former finance minister of Mozambique has been found guilty of accepting $7mn in bribes as part of what became known as the “tuna bonds” scandal, and underwriting a series of bogus investments that ultimately imploded and wrecked the country’s economy. A Brooklyn jury on Thursday convicted Manuel Chang of conspiracies […]
Reported by ELEANOR MYERS In July 2020, Andrew Fahie, premier of the British Virgin Islands, wrote to the U.K. government boasting of transparency in its financial services industry that “competitors may envy.” A publication detailing the letter shows a smiling Fahie alongside the proud message that the BVI “continues to meet and adhere to the highest international […]
Nonfiction: ALL THAT GLITTERS: A Tale of Friendship, Fraud, and Fine Art, by Orlando Whitfield Reported by Jennifer Szalai Nobody enjoys being taken for a fool, but a lot of us enjoy stories about confidence artists who do the fooling: fraudsters and scammers who connive their way into fantastic riches — especially if they provide […]
Reported by Pete Schroeder The U.S. Federal Reserve announced on Thursday it had imposed an enforcement action against Customers Bancorp (CUBI.N) for “significant deficiencies” around the bank’s risk-management and anti money-laundering practices. The enforcement action against the Pennsylvania-based bank, which provides digital asset services and a tokenized instant payments platform, stemmed from a recent examination by the […]
Reported by Tara Siegel Bernard Cybercrime is on the rise, but even the best antivirus software can’t thwart scammers who target the human psyche. Here are tips on how to avoid some of the most devastating schemes and what to do if you or someone you care about becomes ensnared. If You Become a Victim […]
Reported by Ernest Hoffman The government of the United Arab Emirates (UAE) has suspended the operations of 32 gold refineries – representing 5% of the total market – in a crackdown on money laundering and terrorist financing activities in the precious metals sector, according to an announcement from the Economy Ministry. “The Ministry of Economy has affirmed […]
Reported by Gavin Newsham In “Rinsed: From Cartels to Crypto: How the Tech Industry Washes Money for the World’s Deadliest Crooks” (Penguin Business), Geoff White asks: what would you do with sudden wealth if it came from a source you couldn’t admit to. “You’re faced with an excruciating dilemma,” he writes. “How do you enjoy your […]
Reported by Christian Terry Multiple arrests have been made in connection to a bank fraud investigation led by the Mont Belvieu Police Department. The department said the investigation into a series of seemingly unrelated financial fraud cases started in June 2024, where victims reported funds stolen from their bank accounts via unauthorized wire transactions. The […]
Reported by AFP The Vienna leg of a tour by American mega-star Taylor Swift has been cancelled after Austria arrested an Islamic State sympathiser in connection with an attack plot, the organisers said Wednesday. Authorities had earlier confirmed the arrest of a 19-year-old sympathiser of the armed group for allegedly planning an attack in the […]
Financial Crime News Briefs 