Tag: money laundering

Written by FinCrime

Binance was final destination for millions in funds from Bitzlato, exchange shut down for alleged money laundering

Reported by: Rohan Goswami and MacKenzie Sigalos Federal prosecutors unsealed an indictment against a little-known crypto exchange called Bitzlato on Wednesday, alleging that it facilitated the laundering of $700 million in tainted crypto tied to the now-shuttered dark-web market Hydra, and millions more in ransomware proceeds. Blockchain data shows that tens of millions of dollars that passed […]

Written by FinCrime

What You Need to Know About The U.S. Government’s Surveillance of Money Transfers

Reported by: Mack DeGeurin If you’ve sent a money transfer over $500 to another person in recent years, there’s a decent chance U.S. law enforcement agencies could know about it. That’s according to new documents unearthed by The American Civil Liberties Union and The Wall Street Journal that show more than 600 law enforcement agencies reportedly had access to […]

Written by FinCrime

China-based crypto exchange founder arrested in $700M money laundering operation

Reported by: Kevin Johnson The founder of the Hong Kong-based cryptocurrency exchange Bitzlato was arrested early Wednesday in Miami in connection with a vast money laundering operation, accused of transmitting more than $700 million in illicit funds in the past four years. Deputy Attorney General Lisa Monacosaid Anatoly Legkodymov, 40, a Russian national, oversaw a major “high-tech financial hub […]

Written by FinCrime

Russian oligarch helped finance Tom Cruise film Top Gun

Reported by: Tom Parfitt A Russian billionaire under investigation in Switzerland helped to finance the Tom Cruise blockbuster Top Gun: Maverick, a US lawsuit has revealed. Dmitry Rybolovlev is said to have exercised “functional control” over a production company that signed a $200 million deal in 2020 with the Hollywood giant Paramount Pictures to fund up […]

Written by FinCrime

Cyprus: Searching for the money of Russian oligarchs

Reported by Sharyn Alfonsi After Russia launched its invasion of Ukraine, the U.S. and its allies responded with sanctions targeting companies, oligarchs and officials with ties to Russian President Vladimir Putin. Headlines trumpeted the trophies of Russian oligarchs seized throughout Europe – yachts in Italy, villas in the south of France and priceless art in […]

Written by FinCrime

UK: FCA Fines Banks for Anti-Money Laundering Shortcomings

Reported by HENRY POPE Al Rayan Bank and Guaranty Trust Bank(GTBank) were fined four million pounds (US$4.9 million) and 7.6 million pounds ($9.3 million), respectively, for failing to vet their customers’ transactions for signs of money laundering activity and for failing to train their staff on how to properly conduct enhanced customer due diligence (EDD) […]

Written by FinCrime

Nexo Hit by ‘Flood of Withdrawals’ Following Office Raid Over Money Laundering Investigation

Reported by: Mat Di Salvo Funds are flowing out of crypto lender Nexo following news that prosecutors in Bulgaria are investigating the company for fraud, according to blockchain analytics firms. Nexo is a British digital asset platform that loans out client funds and uses the proceeds to pay interest. (Disclosure: Nexo is one of Decrypt’s 22 investors.) […]