Reported by Ben Eisen and Ben Foldy Wells Fargo is struggling with its regulatory obligation to monitor financial crime, the latest challenge in the bank’s yearslong effort to recover from a series of scandals. Regulators have issued the bank formal orders to be better at catching criminals who may be using its accounts or products, […]
Reported by David Yaffe-Bellany, Emily Flitter, Matthew Goldstein and Glenn Thrush Changpeng Zhao, the founder of Binance, the largest cryptocurrency exchange in the world, pleaded guilty to money laundering violations, a stunning blow to the most powerful and influential figure in the global crypto industry. Binance itself also pleaded guilty and agreed to pay $4.3 […]
Reported by The Securities and Exchange Commission The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 “follow-on” […]
Reported by Dimitri Selibas On Nov. 8, an NGO coalition filed a complaint with the French National Financial Prosecutor’s Office (PNF) against French banks BNP Paribas, Crédit Agricole, BPCE and AXA, calling for a criminal investigation for money laundering and concealment, based on the banks’ financing of leading Brazilian meat companies JBS and Marfrig. Deforestation […]
Reported by Johnny Mitchell Click Link to Watch Video: https://www.tiktok.com/t/ZT8Uy63Jf/
Reported by JACQUES BILLEAUD Associated Press Michael Lacey, a founder of the lucrative classified site Backpage.com, was convicted Thursday on a single count of money laundering and acquitted on another. But an Arizona jury deadlocked on 84 other counts against him in a case that alleged he participated in a scheme to sell sex ads, leading […]
Reported by Helena Smith “Russian speakers love living here, they like to be in a community and ours is growing all the time,” says Ruslan Ibrayev, the salesman greeting customers at the head office of the Hub property investment firm in Iskele in Turkish-occupied northern Cyprus. The area, he beams, has become a magnet for […]
Reported by Kelly Phillips Erb Americans like to think of ourselves as open for business—suggesting transparency—other countries aren’t so sure. A 2014 Organization for Economic Cooperation and Development—or OECD—report noted that the Foreign Action Task Force, or FATF, scored the U.S. as “non-compliant” when focused on the “transparency of legal persons and arrangements.” And the Tax Justice […]
Reported by Simon Goodley For years, Cyprus has acted as a gateway for Russian fortunes into Europe, with the PwC partnership in Nicosia seeming to have profited from that flow of business. An analysis of the files from Cyprus Confidential project – a cache of 3.6m offshore records leaked to the International Consortium of Investigative […]
Reported by Maxwell Radwin The FACT Coalition, a group advocating for a fair tax system in the U.S., recently made the case that more attention needs to be paid to “financial secrecy” in conservation circles. It’s an often-overlooked part of fighting climate change, deforestation and pollution, its report said, not to mention an overlooked part of the […]
Financial Crime News Briefs 