Reported by Buck Wargo New proposed regulations by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury might put more pressure on U.S. commercial real estate professionals, including fund managers, to address money laundering in the industry. Starting in December 2021, FinCEN solicited input from industry professionals on how best to address […]
Reported by Madeleine Ngo Summary of original article shown below Federal prosecutors are working to recover pandemic aid funds obtained through fraudulent means. Many schemes involved false claims for relief funds intended to support the economy during Covid shutdowns. Some prosecutors are examining violent crime suspects for potential links to pandemic fraud, while others are […]
Reported by Daniel Boffey Art pieces known to have been recently owned by Russian nationals under western sanctions have been entered into a searchable database set up by Ukraine’s National Agency on Corruption Prevention (NACP). The agency’s “war and sanctions portal” lists paintings and sculptures thought to have been bought and sold in recent years […]
Reported by Max Colchester Over a year ago the West launched a new foreign-policy weapon to pressure the Kremlin to halt its war in Ukraine: It sanctioned more than a hundred leading Russian businessmen and their families, hoping that they would prod Russian President Vladimir Putin to give up his expansionist plans. So far the strategy hasn’t worked. The […]
Reported by Ari Redbord A recent tweet by venture capitalist and Coinbase board member Kathryn Haun, responding to Senator Elizabeth Warren’s AML bill, called out the ineffectiveness of AML in traditional finance. Haun, a former federal prosecutor, wrote: “We need something better. Senators that genuinely care about national security will work collaboratively with TradFi and crypto to […]
Reported by Editorial Staff of Traders Magazine When top financial market regulators on both sides of the Atlantic deliver speeches about the same technology within six days of each other, that’s a strong sign that technology is an important topic. This is the case with generative artificial intelligence, which Financial Conduct Authority Chief Executive Nikhil Rathi addressed on […]
Reported by CHARLIE POGACAR Works of art have long been identified, and sometimes even romanticized, as ideal ways for racketeers to launder money. There’s a thread of logic here: the art world typically accommodates those that want to anonymously buy high-dollar paintings, and on top of that, the industry allows large cash deals. For those looking […]
Reported by Solomon Oladipupo US prosecutors are mulling over whether to initiate criminal charges against Binance, thereby turning the heat on 13 civil chargesfiled by the securities watchdog against the top crypto exchange earlier in June, Semafor reported today (Wednesday), citing insider sources. However, the Department of Justice (DOJ) is worried that such action could lead […]
Reported by Riah Pryor The recent sentencing of the Palm Beach art dealer Daniel Elie Bouaziz, after he pled guilty to laundering money from the sale of counterfeit works by artists such as Andy Warhol and Jean-Michel Basquiat, raised eyebrows in May. Not because of the crime (it is hardly the first time a Warhol has been faked) […]
Reported by Lauren Ohnesorge A man charged with misdirecting millions of dollars meant for Bibles into diamonds and real estate used a North Carolina shell company to launder the proceeds of his scheme, according to an unsealed federal indictment. Jason Gerald Shenk, a former resident of Dublin, Georgia, is now being sought on multiple federal […]
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