Reported by Low De Wei and Alfred Cang Deutsche Bank AG is a creditor to a Singapore company whose two directors were arrested for their roles in an alleged money laundering and forgery ring. The bank has a charge that was registered on May 22 against Golden Eagle Assets Pte. The firm’s directors Zhang Ruijin […]
Reported by Julie Manganis State Street Bank and Trust Co. willfully ignored red flags and violated anti-money laundering requirements to allow the transfer of $8.3 million worth of securities into an account controlled by a man later charged in an alleged $155 million Ponzi scheme, a lawsuit filed in Massachusetts state court alleges. The complaint, […]
Reported by Mark Galeotti When personal sanctions on Russian oligarchs and officials were imposed by the UK, US and EU after Putin’s invasion, the rationale was that this would undermine the Kremlin. In the main, this has failed – and there is still no coherent strategy to encourage those Russians willing to turn against the regime. Wider economic sanctions are slowly […]
Reported by Nabila Ahmed, Adam Haigh, Ainsley Thomson, and Ellie Harmsworth Computer-generated children’s voices so realistic they fool their own parents. Masks created with photos from social media that can penetrate a system protected by face ID. They sound like the stuff of science fiction, but these techniques are already available to criminals preying on everyday […]
Reported by Rocio Fabbro Goldman Sachs agreed to pay Malaysia $3.9 billion in July 2020 to settle a money laundering scheme involving its bankers, Malaysia’s new Prime Minister Anwar Ibrahim says it wasn’t enough. In 2018, Malaysian prosecutors sued the investment bank, accusing bankers of helping to raise billions of dollars for 1Malaysia Development Berhad, […]
Reported by Jared Malsin Istanbul — In a gray four-story office building above a nightclub with a black door here, a company founded by a Turkish sock and underwear magnate has transformed into one of the world’s largest shipowners transporting Russian oil. The firm, Beks Ship Management, has bought 37 ships since 2021, many of […]
Reported by Shawkat Hossain Singapore is dubbed ‘Asia’s business district’. It has also earned the dubious epithet of a ‘tax haven’. Singapore tops the choice list of many money launderers to stash their illegal money. That Singapore, for many of these launderers, is behaving a bit strangely. Many feel Singapore is no more a place […]
Reported by Saabira Chaudhuri The owner of Peet’s Coffee is making a series of changes to its business to keep selling in Russia, offering a rare example of how some companies are charting a new normal as the Ukraine war rages on. JDE Peet’s is renaming a major coffee brand in an effort to protect […]
Reported by GABRIELLE HERZIG According to a new excerpt of Billy Walters’s autobiography, Gambler: Secrets From a Life at Risk, Walters writes that Phil Mickelson not only escaped the insider trading investigations that ultimately put Walters in prison, but also a separate money-laundering probe that originated in the spring of 2010. In an excerpt released last week, Walters […]
Reported by Dylan Tokar Allianz last year agreed to pay about $6 billion to resolved its own liability for the market meltdown. PHOTO: BENJAMIN GIRETTE/BLOOMBERG NEWS A federal judge in New York declined to throw out fraud charges against a former Allianzfund manager who claimed he was double-crossed by his lawyers, citing the terms of a joint […]
Financial Crime News Briefs 