Money Laundering – FinTelegram News

Category: Money Laundering

August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

Currently, the Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities, auditors, and politicans are sort of playing the "Trip to Jerusalem" or "Musical chair" and deny any guilt in causing this drama. The frightening truth is that Germany has a systemic problem with cybercrime and money laundering. The consequence of this truth is that Germany must review the state of its authorities and its approach to cybercrime. And FATF should have a very close watch!

August 2, 2020

Vienna Cybercrime Trials – The Political Implications of this landmark Court Case for the EU

The Vienna Cybercrime Trials against Gal Barak, the alleged Israeli principal of the cybercrime organization around E&G Bulgaria have a political dimension in several respects. Let us start with the light political dimension on Facebook. There we could not promote the last post about the Vienna Cybercrime Trials, because the article mentioned Barak's many political contacts. Therefore, Facebook classified the article as political election advertising and rejected the application. That's the more funny side of this case.

July 30, 2020

Vienna Cybercrime Trials – First Witness Day and Witness Bribery

Today the third day of the Vienna Cybercrime Trials against the Israeli Gal Barak took place in Vienna. The prosecutors charge Barak of being the principal of the cybercrime organization E&G Bulgaria which operated a worldwide scam broker and money-laundering network with big fraud brands like XTraderFX, SafeMarkets, Golden Markets, CryptoPoint or OptionStars. The verdict is expected in early September 2020. Until then, several more days of hearings will take place. Today, many witnesses have been heard. In parallel, a friend of Baraks' tried to bribe a potential witness to testify in his favor.

July 30, 2020

Former Wirecard Head of Business Development now runs FCA-regulated Moorwand

The parallels between the German Wirecard and its UK Mini-Me Moorwand are remarkable. Both companies do and did their business primarily in high-risk segments such as porn, gambling, or online trading. They have accomplished quite a reputation for their laissez-faire KYM/AML/CTF approach. In March 2020, Wirecard's former Head of Business Development Luc Gueriane was appointed Chief Commercial Officer of Moorwand.

July 30, 2020

Gooood Morning BaFin – it’s time to start protecting, supervising, and cybercrime fighting!

It's stunning. Before the eyes of the world public, the scandal of the DAX listed Wirecard unfolded over years while the BaFin did nothing but file complaints against investigative journalists and traders. BaFin has the legal mandate to protect the capital market and investors. Despite numerous warnings and circumstantial evidence, it has not fulfilled this mandate. BaFin must be accused of gross negligence and embezzlement.

July 29, 2020

Notorious Moorwand provides agent license to Seedcamp payment startup Telleroo

There's Wirecard. The scandal surrounding the once highly celebrated German FinTech start-up is well known. The company turned into the gravedigger for the reputation of the German regulator BaFin. While Wirecard is for sure a class on its own but then there is also the FCA-regulated Moorwand. This UK e-Money Institution that has been involved in scams, cybercrime, and money laundering with various brands and partners for years. Strange though that the payment startup Telleroo operates with the Moorwand license.

July 28, 2020

Vienna Cybercrime Trials – Defendant Barak confirms involvement of his wife and Payvision role

The second day of the Vienna Cybercrime Trials against Gal Barak, the alleged Israeli principal of an international cybercrime organization and operator of numerous broker scams, brought remarkable findings. The prosecutors confronted Barak with payment transactions of the various companies of Barak's cybercrime organization. At the center of these transactions was the notorious GPay Ltd. And, oh yes! Barak was not the boss, he said. He just liked the offices in Sofia.

July 24, 2020

Wirecard cybercrime case turns into a lethal EY scandal

The Wirecard cybercrime case is developing more and more of a lethal scandal for the auditor EY. Over the years, EY may have systematically failed to ask critical questions and to carry out proper auditing activities. For years, unqualified audit opinions were issued and fueled the Wirecard hype. Such an unqualified audit opinion was apparently also planned for 2019, despite the many publicly known facts and despite the KPMG report already available. This was disclosed to the Financial Times by a whistleblower.

July 23, 2020

Wirecard was run by a criminal organization – what about Payvision and ING?

Surprise, Surprise! The Wirecard madhouse was run by a criminal organization, says the German public prosecutor on July 23, 2020. he public prosecutor's office has allegedly been able to confirm and support these statements with facts. Consequently, the former managers Markus Braun, Burkhard Ley, and the former head of accounting were arrested. The former COO, the Austrian Jan Marsalek remains on the run. But Wirecard is not the only payment processor with close connection to cybercrime and money-laundering.

July 20, 2020

The B2G Legacy – The German ‘Zusammen Wohnen Zusammen Leben’ Venture

Founded in 2016 in Cologne, Germany, by German Rainer Treuer (LinkedIn profile) and his Russian partner Oleg Shvartsman (LinkedIn profile), B2G GmbH was one of the leading illegal payment processors until it was uncovered by law enforcement. According to the findings of the investigating EU authorities in various countries, B2G may have facilitated hundreds of cybercrime & scam ventures. Shvartsman and Treuer are also engaged in the real-estate sector.

July 14, 2020

CryptoDaily – The crypto media outlet and exchange laundered money for cybercrime organization

The world of the scammer is a global and well-connected ecosphere. And so is the world of illegal payment processors. There are thousands of unauthorized and illegal payment processors worldwide. These illegal payment processors are mainly used for the processing of bank transfers from victims of scams. These illegal payment processors include the crypto news platform CryptoDaily and its organization. Read the incredible story.

July 12, 2020

Russian Secret Service and German Payment Processors

It seems that the German fintech and payment processor scene is run by secret agents and spies. Especially such agents who are said to have a close relationship to the Russian secret services. In this secret service-driven German fintech scene, it comes as no surprise that the topic of illegal payment services and money laundering seems to be its driving forces. Russia's secret services seem to maintain good relationships with the German fintech and payment processor ecosystem.