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 — […]
Reported by Heidi Groover The FBI appears to have launched an investigation into a Bellevue-based real estate investment firm, the first indication that the company’s former executives could face criminal charges connected to allegations they ran a Ponzi scheme. For at least the last decade, iCap raised money from investors in Washington state and elsewhere, […]
Reported by Pravda As of July 2023, Russia had imported at least 3,600 luxury cars since the beginning of the full-scale invasion, even though the G7 countries imposed restrictions on exporting such goods to the Russian Federation in early March 2022. Ukrainska Pravdaʼs investigation has shown that Russian billionaires are overpaying for “logistical inconveniences”. However, […]
Reported by Abiodun Sanusi The Economic and Financial Crimes Commission will on Thursday arraign Binance Holdings Limited and two of its senior executives, Tigran Gambaryan and Nadeem Anjarwalla, who recently escaped from custody and fled Nigeria, over an alleged $35,400,000 money laundering case. The EFCC had on Thursday, March 28, charged Binance Holdings Limited, Gambaryan, […]
Reported by CHINEDU ASADU Associated Press An executive of cryptocurrency exchange Binance has escaped custody in Nigeria, where a criminal investigation has been launched against the platform accused of being used for money laundering, authorities said Monday. Nadeem Anjarwalla, the regional manager for Binance in Africa, “fled Nigeria using a smuggled passport,” the office of Nigeria’s […]
Financial Crime News Briefs 