Money Laundering | FinTelegram News

Category: Money Laundering

September 19, 2024

Vietnam Death Row Tycoon Faces Money Laundering Trial Following Her Death Sentence in $27B Fraud!

Disgraced Vietnamese real estate tycoon Truong My Lan and 33 associates are facing fresh money laundering charges in a month-long trial after orchestrating one of the largest fraud schemes in Vietnam’s history, with over 36,000 victims impacted. The ongoing anti-corruption drive has targeted high-profile individuals across sectors, with Lan’s case being a centerpiece of this effort.

September 17, 2024

The Beating Heart of Organized Crime – Money Laundering in the UK

Money laundering is the lifeblood of organized crime, flowing unchecked through financial centers like the UK. With volumes reaching hundreds of billions, the need for global compliance and vigilant reporting has never been greater. In the UK, there is an explosive increase in the volume of money laundering. However, this is a worldwide phenomenon that will become even more important with cyberfinance and cryptocurrencies.

September 15, 2024

China Targets Crypto Money Laundering with New Law Revision

The adoption of crypto is evident, not least from the use of cryptocurrencies for illegal activities and money laundering. This is increasingly becoming a problem for the authorities. China's new law revision aims to tackle cryptocurrency-enabled money laundering by introducing stricter provisions and predicate offenses, aligning with global AML standards.

September 12, 2024

Ralph Hamers and ING’s Money Laundering Scandal: A Pending Indictment and Comparisons to Swedbank’s Case

Former ING CEO Ralph Hamers continues to face legal scrutiny for his role in ING's involvement in large-scale money laundering activities. Although the bank settled with Dutch authorities in 2018, paying a €775 million fine, Hamers has yet to be personally charged. Despite a Dutch court's order, prosecutors have yet to formally indict him, raising questions about the pace and priority of anti-money laundering (AML) enforcement in the Netherlands compared to other EU jurisdictions.

September 12, 2024

Swedish Court Sends Ex-CEO of Swedbank to Prison Over Money Laundering Issues!

It's not often that the former CEO of a European bank is sentenced to prison over a money laundering case. But it happened in Sweden as OCCRP reports. Overturning her previous acquittal, a Swedish court sent former Swedbank CEO Birgitte Bonnesen behind bars for 15 months for having made misleading, financially damaging statements about the bank’s poor anti-money laundering operations.

Money Laundering

September 11, 2024

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

September 11, 2024

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

September 10, 2024

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

September 6, 2024

Russian TV Presenter Charged with Sanctions Violations and Money Laundering!

Dimitri Simes, 76, a Russian-born U.S. citizen and former adviser to Donald Trump's 2016 presidential campaign, and his wife Anastasia Simes, 55, have been charged by the U.S. government for violating sanctions and engaging in money laundering activities. The charges stem from his work with Channel One Russia, a state-controlled television network that was sanctioned by the U.S. in 2022.

September 5, 2024

Cyprus Ex-Transport Minister Charged with Money Laundering in Golden Passport Scandal!

Former Cyprus Transport Minister Marios Demetriades faces serious charges linked to the controversial Golden Passport Program, including money laundering, corruption, and bribery. Authorities allege Demetriades manipulated the naturalization process, granting citizenship through the Citizenship by Investment Scheme. The Cyprus law enforcement is investigating over 20 cases of naturalizations acquired under this scheme.

September 5, 2024

New York Seafood Exporter and Wife Charged in Major Money Laundering and Acting as an Undisclosed Agent of China!

The US DOJ announced that Christopher Hu, owner of the New York-based seafood company Foodie Fisherman, and his wife, Linda Sun, have been charged with serious crimes, including money laundering and acting as agents for Chinese. Linda Sun, a former aide to New York Governor Kathy Hochul, allegedly used her political position to act as an undisclosed Agent of China and the Chinese Communist Party (CCP).

September 3, 2024

Binance Executive Tigran Gambaryan Seeks Bail and Medical Care Amid Nigerian Money Laundering Trial

Tigran Gambaryan, Head of Financial Crime Compliance at Binance, worked as a Special Agent for the Internal Revenue Service (IRS) in the U.S. for approximately ten years before joining Binance. In February 2024, Gambaryan and Nadeem Anjarwalla, another Binance executive, were arrested in Nigeria on charges of money laundering and tax evasion. He has been detained in a Nigerian prison since then, facing health issues and legal challenges.

Google Battles CFPB: Tech Giant Fights Back Against Federal Oversight in Payments Showdown

The U.S. Consumer Financial Protection Bureau (CFPB) has placed Google Payment Corp. under federal supervision, citing concerns over its error resolution and fraud prevention processes. This decision follows nearly 300 consumer complaints alleging issues such as inadequate investigation of fraudulent charges and insufficient explanations of investigation outcomes.

Wirecard Scandal Reignites: Markus Braun’s Release Demanded Amid Espionage Revelations

In light of recent court findings across multiple jurisdictions, it has become increasingly clear that the ongoing trial of former Wirecard CEO Markus Braun may be fundamentally flawed. The crux of this issue lies in the apparent failure to fully incorporate the now-established activities of fugitive ex-COO Jan Marsalek into the proceedings. This not only jeopardizes the fairness of Braun's trial but also risks obscuring the true nature and extent of the Wirecard scandal.

TikTok Takedown: America’s Digital Iron Curtain or Silicon Valley’s Secret Weapon?

The recent ruling by the U.S. Court of Appeals for the District of Columbia Circuit has sent shockwaves through the social media industry, upholding a law that could effectively ban TikTok in the U.S. The ruling cited national security concerns. This decision marks a significant escalation in the ongoing tension between the U.S. government and Chinese-owned tech companies.

Truong My Lan: A Tycoon’s Fall from Grace and Vietnam’s $44 Billion Financial Scandal!

The dramatic downfall of Truong My Lan, one of Vietnam’s most prominent property magnates, has sent shockwaves through the country's financial and political systems. The 68-year-old former billionaire is at the center of one of the largest financial frauds in history, a scandal that has not only exposed vulnerabilities in Vietnam’s economy but has also highlighted the intricate relationship between business and politics in the country.

Cash Cow Crypto: U.S. CFTC Enforcement Sets Records in FY 2024 with $17.1 Billion in Monetary Relief!

The U.S. Commodity Futures Trading Commission (CFTC) achieved a landmark year in FY 2024, securing over $17.1 billion in monetary relief, including $2.6 billion in civil penalties and $14.5 billion in restitution. The agency’s groundbreaking actions spanned digital asset (crypto) markets, voluntary carbon credits, and major compliance cases, highlighting its leadership in safeguarding market integrity.