Reported by Tracey Tully and Benjamin Weiser Senator Robert Menendez’s sister testified on Monday about their parents’ journey from Cuba and the family’s practice of storing cash at home, offering justification for a habit he has said explains at least some of the roughly $480,000 F.B.I. agents seized during a search of his New Jersey home. The […]
Reported by Jodi Vittori and Lakshmi Kumar Summary Sovereign wealth funds (SWFs) have existed for more than a century, typically as state-sponsored financial institutions to manage a country’s budgetary surplus, accrue profit, and protect a country’s wealth for future generations. Yet, for economies of the Organisation of Economic Co-operation and Development (OECD), SWFs only burst into public […]
Reported by Associated Press reporters Mark Scolforo in Harrisburg, Pennsylvania; Maryclaire Dale in Philadelphia; and Wayne Parry in Pleasantville, New Jersey. New Jersey Democratic power broker George E. Norcross III was charged Monday with racketeering and other crimes in connection with a waterfront redevelopment and the use of government-issued tax credits. At a news conferenced […]
Reported by Finews The Federal Department of Finance (EFD) fined UBS for failing to report suspected money laundering. The long-standing cases all revolve around the former president of Yemen. The number of unreported cases to the Financial Department is alarmingly high. Internally, UBS recorded 5,438 warning notices in connection with its relationships with former Yemeni […]
Reported by James J. Fredricks, Maria Cruz Melendez, Alessio D. Evangelista, Andrew M. Good, Ryan D. Junck, Bradley A. Klein, David Meister, and Bora P. Rawcliffe On April 15, 2024, the Department of Justice’s (DOJ’s) Criminal Division unveiled a new Pilot Program on Voluntary Self-Disclosures for Individuals that offers non-prosecution agreements (NPAs) to individuals who voluntarily disclose […]
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 — […]
Reported by Rebecca R. Ruiz and Tariq Panja Nearly a decade after police officers marched world soccer officials out of a luxury hotel in Zurich at dawn, revealing a corruption scandalthat shook the world’s most popular sport, the case is at risk of falling apart. The dramatic turnabout comes over questions of whether American prosecutors […]
Reported by Scilla Alecci and Brenda Medina The United States has become a destination for the proceeds of environmental crimes, undermining global moves to stem illicit financial flows and combat the climate crisis, according to a new report by a prominent anti-corruption advocacy group. The report by the Financial Accountability and Corporate Transparency (FACT) Coalition, […]
Reported by Nicole Hong, Tracey Tully and William K. Rashbaum Just five years ago, Wael Hana was reeling from a string of bad business deals in New Jersey, having tried to launch a truck stop, an Italian restaurant, a limousine service and other companies without ever hitting it big. Then, his friend started dating Senator […]
Financial Crime News Briefs 