Reported by Francisco Alvarado A week after he was accused of shaking down a city marina operator in a civil lawsuit, Miami city commissioner Alex Diaz de la Portilla was arrested on Thursday and criminally charged for a laundry list of allegedly corrupt actions in connection with his younger brother’s failed judicial campaign last year. […]
Reported by Jack Adamović Davies At least two people arrested in Singapore last month for their alleged involvement in a billion-dollar Chinese money-laundering syndicate have ties to London real estate worth more than $56 million, company and land records reviewed by Radio Free Asia and Organized Crime and Corruption Reporting Project (OCCRP) reveal. The previously unreported assets […]
Reported by Jennifer Sor Decentralized crypto exchanges are a hotbed for a certain type of fraud known as wash trading, according to a new report from Solidus Labs. The blockchain research firm found that at least $2 billion worth of cryptocurrency on ethereum-based decentralized exchanges have been wash traded since September 2020. The fraudulent practice […]
Reported by Sam Cavanaugh Earlier today, the Department of Justiceannounced that Jin Hua Zhang, a 36-year-old man from Staten Island, New York, plead guilty to charges related to his role as the leader of an international money laundering conspiracy. The intricate operation involved not only money laundering, but also the distribution of large quantities of […]
Opinion from Financial Times If a currency reflects a country’s economic health, Russia’s banks should be in intensive care. Yet the country’s largest retail lender, Sberbank, is trumpeting a return on equity that western counterparts can only dream of. The rouble has dropped 20 per cent against the dollar in the past four months. Russia’s […]
Reported by Patrick Jack A fifth of UK universities still accept cash for tuition fees despite the risk of it being a method of laundering criminal money, according to new research. A report from Cardiff University and the University of the West of England (UWE) says that a significant number of providers are failing to provide staff and students with guidance […]
Reported by Jonathan Browning and Upmanyu Trivedi A fintech owner in London is facing allegations that he helped notorious drug traffickers attempt to launder hundreds of millions of euros through a crypto exchange platform on a scale rarely seen by European prosecutors. Authorities in Belgium are seeking the extradition of Caio Marchesani from the UK […]
Reported by Libby Bloxom, Jonathan Epstein, and Alan Winston Granwell of Holland & Knight LLP The Corporate Transparency Act (CTA), enacted by Congress as part of the Anti-Money Laundering Act of 2020, for the first time under federal law, requires the establishment of a centralized, national beneficial ownership information (BOI) registry. The purpose of the […]
Reported by Agence France-Presse in Stockholm Criminal gangs behind a rise in bombings and shootings in Sweden in recent years are using fake Spotify streams to launder money, a Swedish newspaper reported on Tuesday. Criminal networks have for several years been using money from drug deals, robberies, fraud and contract killings to pay for false Spotifystreams of songs […]
Reported by Sam Jones Switzerland has proposed sweeping measures to clamp down on money laundering in an effort to shed the country’s reputation as a haven for ill-gotten gains. Finance minister Karin Keller-Sutter unveiled reforms on Wednesday to increase transparency and close legal loopholes by requiring the ultimate “beneficial owners” of trusts and companies to […]
Financial Crime News Briefs 