Money Laundering | FinTelegram News

Category: Money Laundering

September 1, 2024

Philippines: Former Mayor Alice Guo and Associates Charged with Money Laundering!

The Alice Guo money laundering case in the Philippines exemplifies the complex intersection of local politics, international crime, and financial misconduct in the Philippines. As a former mayor of Bamban, Guo allegedly leveraged her position to facilitate a sophisticated network of illegal activities, including human trafficking and cyberscams, while maintaining a facade of legitimate business operations. The case has drawn national attention.

August 29, 2024

Binance Nigeria Case: Binance CEO Refutes Nigerian Allegations and Calls for Release of Tigran Gambaryan!

Binance CEO Richard Teng has denied allegations from the Nigerian government regarding money laundering and terrorism financing on the platform, calling for the release of detained employee Tigran Gambaryan. The crypto exchange and two of its executives, Gambaryan and Nadeem Anjarwalla, are accused of laundering over $35 million. There are claims that Nigerian officials demanded a bribe of $150 million from Binance.

August 29, 2024

Chinese Money Laundering Gang Sentenced for £55 Million Operation!

Seven members of a Chinese gang have been jailed for running a £55 million money-laundering scheme that targeted international students wanting to bypass foreign currency controls. Four people – three men and one woman – were sentenced at Snaresbrook Crown Court in the UK on Monday. In June, three others were sentenced for similar offenses. They were handed sentences ranging from 11 months to 12 years.

August 28, 2024

Cybercrime at Work: Huione Guarantee Exposed as $11 Billion Cybercrime and Money Laundering Hub!

Huione Guarantee, a Chinese-language ecosystem and online marketplace owned by the Cambodian conglomerate Huione Group, has been exposed as a key platform for cybercrime and money laundering. It processes over $11 billion linked to illegal activities. According to blockchain analytics firm Elliptic, Huione Guarantee is one of Southeast Asia's key enablers of scam operators.

August 23, 2024

Imprisoned Binance Founder Changpeng Zhao Moved to Halfway House! New Class Action Complaint Filed!

Former Binance CEO Changpeng Zhao (CZ) has been transferred from FCI Lompoc II prison in California to a halfway house at RRM Long Beach, but contrary to speculation on social media, he has not been released. The move is part of the U.S. Bureau of Prisons' process to transition inmates nearing the end of their sentences into residential reentry management (RRM) facilities. He has been sentenced to 4 months prison time.

August 20, 2024

No Surprise: Crypto-Based Money Laundering on the Rise in Brazil, Despite Alleged Restrictions by Google

Cryptocurrency's growing role as a tool for money launderers has once again been highlighted in Brazil, where authorities recently dismantled a major scheme involving the country’s most notorious criminal organization, the First Capital Command (Primeiro Comando da Capital – PCC). FinTelegram has previously reported on the increasing use of cryptocurrencies by criminals.

August 17, 2024

Bitcoin Fog Founder Pleads for Leniency Following Conviction: A Legal Perspective

Roman Sterlingov, the founder of the cryptocurrency mixing service Bitcoin Fog, is seeking a reduced sentence after being convicted of money laundering and related charges. In a recent filing, Sterlingov's legal team argued that the government’s proposed sentence of 20 to 30 years in prison is disproportionately harsh, especially when compared to similar cases within the digital currency sphere.

August 15, 2024

Allied Wallet Case: Two Plead Guilty in $150 Million Bank Fraud Conspiracy Involving High-Risk Payment Processing

Two individuals, Mohammad “Moe” Diab and Amy Rountree, have pleaded guilty to their involvement in a massive bank fraud conspiracy that processed over $150 million in credit and debit card payments for merchants engaged in prohibited and high-risk businesses. Diab and Rountree were charged along with co-defendants Thomas Wells and Ahmad “Andy” Khawaja. Wells pleaded guilty to wire fraud conspiracy in October 2021 and is awaiting sentencing. Khawaja is a fugitive.

Money Laundering

August 15, 2024

Singapore Money Laundering Case: Former Bank Employees and Driver Charged with Assisting in Billion-Dollar Scheme

In Singapore's vast billion-dollar money laundering case, two former bank relationship managers and a driver have been charged with aiding the culprits in handling illicit funds and covering up their tracks. The charges come after the original 10 offenders, who laundered illegal proceeds from Southeast Asian gambling centers into luxury goods and properties in Singapore, have served their sentences and been deported. They were sentenced to between 13 and 17 months in jail.

August 13, 2024

The Latest Crypto-Related Money Laundering Cases and Some Insights!

With the rise of blockchains and cryptocurrencies, their use for money laundering has also increased massively and has become a massive challenge for the authorities. Recent money laundering cases involving cryptocurrencies have highlighted the growing challenges and complexities associated with digital currencies in illicit activities. Here are some notable cases and insights into the role of cryptocurrencies in money laundering.

August 13, 2024

Worthwhile Reading: Cryptocurrencies as an Important in Money Laundering Schemes

Cryptocurrencies have emerged as powerful instruments in the world of money laundering, a fact that has increasingly caught the attention of federal law enforcement. As U.S. criminal defense lawyer John Helms outlined in a blog post, the innovative nature of cryptocurrencies has provided criminals with sophisticated methods to obscure the origins of illicit funds, thereby complicating law enforcement efforts.

August 11, 2024

Russian Financial Watchdog Flags High-Risk Client Migration from Qiwi to Other Banks Amid Regulatory Crackdown!

Russia's Federal Financial Monitoring Service (Rosfinmonitoring) reported that clients involved in suspicious transactions migrate from QIWI Bank to other financial institutions. This shift comes in the wake of the CBR's decision to revoke QIWI's banking license earlier this year, citing severe violations of federal banking laws, including anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

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.