Reported by Kelly Phillips Erb IRS-Criminal Investigation (CI) has investigated 1,644 COVID-related tax and money laundering cases potentially totaling $8.9 billion, with well over half that amount coming from cases opened in the last year. Fraud As of February 29, 2024, 795 people have been indicted for their alleged COVID-related crimes, and 373 individuals have been sentenced […]
Reported by U.S. Department of the Treasury Today, the Financial Action Task Force (FATF)—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF)—announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons. The FATF […]
Reported by Reuters Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said. Payment delays reduce revenue to the Kremlin and make them […]
Reported by Kyle Jaeger The Internal Revenue Service (IRS) has issued a new memo clarifying the rules for reporting large cash payments between marijuana businesses, which the agency says should not automatically be considered “suspicious” just because of the federally prohibited nature of the industry. In the memo, IRS says it is responding to a […]
Reported by Sam Jones in Berlin and Raya Jalabi in Beirut Swiss authorities have censured Lebanon’s largest bank for serious money laundering violations, after uncovering millions of francs in unexplained payments to senior political figures routed through the wealthy alpine country. The investigation into Bank Audi by Finma, Switzerland’s market regulator, was triggered by a […]
Reported by RICHARD WINTON Homeland Security agents conducted searches of Holmby Hills and Miami mansions owned by Sean “Diddy” Combs on Monday as part of a federal inquiry into sex trafficking allegations involving the hip-hop and liquor mogul, law enforcement sources said. The 17,000-square-foot mansion where Combs debuted his last album a year ago was […]
Reported by Simon Sharwood If you dine out at an Asian restaurant on your next holiday, the United Nations thinks your meal could help North Korea to launder money. That bitter tidbit is detailed by the United Nations Panel of Experts dedicated to assessing the Security Council’s sanctions against The Democratic People’s Republic of Korea […]
Reported by Matt Ehalt A former federal prosecutor said the illegal gambling allegations against Shohei Ohtani’s former translator could potentially fall under the umbrella of money laundering, should it be revealed that Ohtani approved wire transfers to cover Ippei Mizuhara’s reported $4.5 million debt. Ohtani’s camp originally told ESPN he had transferred funds to offset the losses […]
Reported by PDS Pop Culture Watch video for full report:
Reported by The Crown Prosecution Service An ex-takeaway worker has been convicted (Wednesday 20 March 2024) of laundering the proceeds which saw her rise from living above a Chinese restaurant to residing in a multi-million pound house in an affluent part of North London. Jian Wen, 42, was found guilty at Southwark Crown Court of […]
Financial Crime News Briefs 