Reported by PYMTS Each year, money launders funnel $2 trillion in ill-gotten gains into the financial system. And as The Wall Street Journal (WSJ) reported Sunday (April 21), a lot of that money travels by air, in cash. The report cited figures from the United Nations Office on Drugs and Crime and the Financial Action Task Force (FATF) showing that international […]
Reported by Mostafa Aslani A recent investigative report by French weekly Le Point, titled “Iran, Colombia, Lebanon, France… Hezbollah’s Billions,” exposes the expansion of the Iranian-backed militia’s financial resources. The report details Hezbollah’s involvement in drug trafficking and money laundering across several countries. Drug Trade as a Funding Source Le Point alleges that Hezbollah’s drug trafficking […]
Repored by NewsNation We all know about illegal entries via the U.S. southwest border. But are you aware of illegal crossings via California beaches? Do you know they do this using speedboats in broad daylight? See short video from NewsNation.
Reported by Dylan Tokar Instances where private funds and real-estate purchases were used to launder illicit funds have garnered attention in recent years, but many industry participants feel the problem isn’t a systemic one. In letters to FinCEN, industry proponents questioned whether the threat warranted costly new processes and paperwork. Andreessen Horowitz, one of the […]
Reported by Shannon Thaler Taylor Swift’s loyal legion of Swifties in the United Kingdom have reportedly been scammed out of $1.2 million in their quest to see the pop star’s coveted “Eras Tour.” Some 90% of the cons have targeted 25 to 34-year-olds seeking tickets to Swift’s record-breaking international tour on Facebook, including Facebook Marketplace, […]
Reported by Crystal Kim, author of Axios Crypto A jury found Avraham “Avi” Eisenberg guilty on all three counts of fraud and manipulation in a $110 million crypto trade scheme using the Mango Markets platform. Why it matters: The case was the first known test for a jury to decide whether existing U.S. laws governing fraud and […]
Reported by Chris Prentice The U.S. Securities and Exchange Commission is scrutinizing whether investment advisers and other firms have strong enough policies to ensure nonpublic information is not misused to gain an illegal edge in trading, a top official told Reuters. The SEC is looking to crack down on ineffective policies and procedures as part […]
Reported by Adam Liptak The Supreme Court seemed ready on Monday to limit the reach of a federal statute that makes it a crime for state and local officials, along with institutions that receive federal money, to accept gifts and payments meant to influence or reward their actions. In a lively argument studded with hypothetical questions about […]
Reported by ASSOCIATED PRESS A former shoemaker pleaded guilty Tuesday to allegations that he ran an illegal gambling operation for the Mafia out of his shop in Brooklyn. Salvatore Rubino, also known as “Sal the Shoemaker,” admitted in court to running card games and operating illegal gambling machines inside his former shoe repair business and […]
Reported by William Bredderman The six-figure gig Sen. Bob Menendez’s wife landed with an Egypt-linked COVID-19 lab, and the millions of dollars of testing business it did in their home state of New Jersey, were “a direct outgrowth” of the sprawling international bribery scheme engulfing the pair, according to court filings by the Department of Justice—filings that […]
Financial Crime News Briefs 