Reported by Wong Shiying & Nadine Chu Two men convicted in Singapore’s largest money laundering case surrendered more than $170 million worth of assets in total to the state, after they pleaded guilty earlier this week. Cambodian national Su Wenqiang forfeited assets worth over $5.9 million. He was sentenced to 13 months’ jail after admitting to two […]
Reported by SAFAALHARATHY An investigative report broadcast on the Estonian television program “Eyewitness” revealed that millions of euros belonging to the Libyan state, which were held in the Central Bank of Libya branch in Benghazi, ended up being laundered and used in Estonia. The report indicated that approximately 80 million euros of the bank’s funds […]
Spotify thinks some musical artists are using “streaming farms” aka the black market of the music industry to artificially increase plays and earn more money. It’s definitely fraud. Watch video and learn more.
Reported by Rachel Graf The US Securities and Exchange Commission won a jury verdict in its ground-breaking insider-trading case that sought to bar employees from using non-public information about their own company to place bets on rival stocks. The closely watched San Francisco civil trial was the regulator’s first enforcement action targeting so-called shadow trading, a widespread […]
Reported by Max Ramsay Over a third of the most-threatening criminal networks in the European Union are laundering their profits through real estate, according to a report on organized crime across the region. Europol, the EU agency for law enforcement cooperation, found that among the criminal groups that pose the most serious threat, 41% used […]
Reported by Camillus Eboh One of the two executives from Binance, the world’s largest cryptocurrency exchange, detained in Nigeria appeared in an Abuja court on Thursday [April 4] to face tax evasion and money laundering charges. Binance and two of its executives Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, and […]
Reported by Maria Evstropova and Tammy Li Market abuse and insider trading may often be associated with nefarious TV hedge funds, slick-haired Hollywood characters or, simply, bad actors making opportunistic decisions. However, recent publications and notices from the UK Financial Conduct Authority (FCA) may point to the increasingly treacherous and shrouded world of criminal enterprises […]
Reported by Caroline E. Brown, Nicole Sayegh Succar, Carlton Greene, and Anand Sithian On March 29, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”), issued a “notice and request for information and comment” (“RFI”) seeking comments on the Bank Secrecy Act’s (“BSA”) customer identification program (“CIP”) rule. The CIP rule requires […]
Reported by Chris Miller (American Enterprise Institute) After Russia again invaded Ukraine in February 2022, the US and its allies restricted Russia’s access to semiconductors, aiming to cause disruption to the Kremlin’s defense industrial supply chains. Have these controls on semiconductors worked? The secrecy of the Russian defense industrial base makes it difficult to answer […]
Reported by Jamey Keaten Two managers of a Saudi oil exploration company went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the U.S. Justice Department once described as the “biggest kleptocracy case” ever. The defendants from PetroSaudi — […]
Financial Crime News Briefs 