Tag #Financial Crime

Showing 61 to 72 of 213 results

theglobeandmail.com

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Jul 3, 19:17

Canaccord Genuity Fined $544,500 for Anti-Money Laundering Violations

FinTRAC, Canada's financial crime agency, fined Canaccord Genuity Inc. $544,500 on May 14 for violating anti-money-laundering laws by failing to report suspicious transactions and maintain proper compliance policies; the penalty is part of a wider government crackdown ahead of an international revie...

Canaccord Genuity Fined $544,500 for Anti-Money Laundering Violations

FinTRAC, Canada's financial crime agency, fined Canaccord Genuity Inc. $544,500 on May 14 for violating anti-money-laundering laws by failing to report suspicious transactions and maintain proper compliance policies; the penalty is part of a wider government crackdown ahead of an international revie...

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What specific violations led to Canaccord Genuity's $544,500 penalty from FinTRAC?

Canada's financial crime agency, FinTRAC, penalized Canaccord Genuity Inc. with a $544,500 fine for violating anti-money-laundering regulations. The violations included failing to report suspicious transactions and lacking adequate compliance policies. Canaccord has already paid the penalty.

bbc.com

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Jul 2, 22:13

Mansfield Business Owner Jailed for Laundering £1 Million from Romance Fraud

Ahmed Ali Suleman, the 63-year-old owner of Savanna Rags in Mansfield, was jailed for four years and three months on June 23rd for laundering over £1 million obtained from a West African romance fraud operation that targeted 77 victims, using his seemingly legitimate textile export business as a fro...

Mansfield Business Owner Jailed for Laundering £1 Million from Romance Fraud

Ahmed Ali Suleman, the 63-year-old owner of Savanna Rags in Mansfield, was jailed for four years and three months on June 23rd for laundering over £1 million obtained from a West African romance fraud operation that targeted 77 victims, using his seemingly legitimate textile export business as a fro...

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How did the romance fraudsters manipulate their victims into transferring large sums of money?

Suleman's company, Savanna Rags, served as a conduit for funds obtained through a sophisticated romance fraud operation targeting vulnerable individuals. By doctoring invoices to mask suspicious transactions, Suleman enabled the laundering of at least £1.9 million. This highlights the vulnerability of legitimate businesses to exploitation by criminal networks.

theglobeandmail.com

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Jul 2, 10:12

FinTRAC Tightens Scrutiny of Iran Transactions Amid Rise in Suspicious Activity

FinTRAC, Canada's anti-money-laundering agency, will soon issue stricter guidelines for businesses handling transactions to or from Iran due to a sharp increase in suspicious activity, rising from 6,866 reports in 2023-24 to 19,572 in 2024-25, following a global call for action from the FATF highlig...

FinTRAC Tightens Scrutiny of Iran Transactions Amid Rise in Suspicious Activity

FinTRAC, Canada's anti-money-laundering agency, will soon issue stricter guidelines for businesses handling transactions to or from Iran due to a sharp increase in suspicious activity, rising from 6,866 reports in 2023-24 to 19,572 in 2024-25, following a global call for action from the FATF highlig...

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What is the immediate impact of FinTRAC's planned directive on Canadian businesses operating with Iran?

Canada's financial intelligence agency, FinTRAC, is significantly increasing scrutiny of transactions involving Iran due to a sharp rise in suspicious activities. This follows a global call for action from the Financial Action Task Force (FATF) highlighting Iran's failure to address money laundering and terrorist financing deficiencies. FinTRAC will soon issue updated guidelines for businesses to enhance monitoring and reporting.

elpais.com

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Jun 28, 10:15

Romillo's Companies Appear on Spain's Tax Defaulter List

Álvaro Romillo's companies, PKW Italien (€913,117 debt) and Tuttomare Charter (€745,845 debt), appeared on Spain's 2024 tax defaulter list; Romillo faces investigation for a pyramid scheme and illegal campaign financing.

Romillo's Companies Appear on Spain's Tax Defaulter List

Álvaro Romillo's companies, PKW Italien (€913,117 debt) and Tuttomare Charter (€745,845 debt), appeared on Spain's 2024 tax defaulter list; Romillo faces investigation for a pyramid scheme and illegal campaign financing.

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How do the tax debts of Romillo's companies relate to his ongoing investigation for fraud and his admission of illegal campaign financing?

Romillo's companies' tax debts are significant, totaling over €1.6 million. This is noteworthy given his ongoing investigation for fraud and his admitted illegal campaign contribution to Alvise, a MEP, further highlighting potential financial irregularities.

cincodias.elpais.com

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Jun 27, 13:15

€600,000 Fraud Exposes Flaws in Basque Funeral-Expense EPSV

The Basque Government intervened in a Gallarta EPSV after its administrator allegedly embezzled €600,000 from 1,700 members; authorities are investigating and considering systemic changes to prevent future fraud.

€600,000 Fraud Exposes Flaws in Basque Funeral-Expense EPSV

The Basque Government intervened in a Gallarta EPSV after its administrator allegedly embezzled €600,000 from 1,700 members; authorities are investigating and considering systemic changes to prevent future fraud.

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What immediate impact does the €600,000 fraud in the Gallarta EPSV have on its 1,700 members?

The Basque Government's Department of Finance intervened in a funeral-expense EPSV (voluntary social security entity) in Gallarta, Bizkaia, due to an alleged €600,000 fraud by its administrator. This affected 1,700 members who had contributed to the entity since its 1981 founding.

kathimerini.gr

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Jun 11, 01:15

EU Updates High-Risk Money Laundering List: Monaco Added, UAE Removed

The European Commission updated its high-risk money laundering list, adding Monaco and nine other countries while removing the UAE and seven others, reflecting ongoing efforts to combat financial crime and protect the EU's financial system integrity.

EU Updates High-Risk Money Laundering List: Monaco Added, UAE Removed

The European Commission updated its high-risk money laundering list, adding Monaco and nine other countries while removing the UAE and seven others, reflecting ongoing efforts to combat financial crime and protect the EU's financial system integrity.

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How does the EU's action reflect broader trends in international efforts to combat financial crime?

This action reflects the EU's commitment to combating money laundering and strengthening its financial system's integrity. The inclusion of Monaco highlights the FATF's role in identifying and pressuring countries with weak anti-money laundering measures. The removal of the UAE suggests improvements in their regulatory framework.

zeit.de

🌐 75% Global Worthiness

Jul 3, 07:15

Fraudulent Handymen Target Elderly in Hesse, Germany

Elderly residents in Hesse, Germany, are being targeted by fraudulent handymen, primarily roofers, who offer cheap services but demand significantly higher payments and often leave work unfinished, resulting in financial losses and emotional distress; police are investigating numerous cases.

Fraudulent Handymen Target Elderly in Hesse, Germany

Elderly residents in Hesse, Germany, are being targeted by fraudulent handymen, primarily roofers, who offer cheap services but demand significantly higher payments and often leave work unfinished, resulting in financial losses and emotional distress; police are investigating numerous cases.

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How are these scams connected to broader societal trends or vulnerabilities, and what are some significant consequences?

This scam exploits the vulnerability of those seeking home repairs, often during periods of high demand for tradespeople. The perpetrators leverage the victims' trust and urgency, demanding cash upfront or escalating payments for incomplete work. Police reports from various regions of Hesse detail similar incidents across 2025.

theglobeandmail.com

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Jul 2, 13:18

Canadian Payment Processors Used to Circumvent Russian Sanctions

A March 2023 FinTRAC report reveals that businesses linked to the adult entertainment industry are using Canadian payment service providers to transfer almost \$73 million to Russia-linked entities, potentially violating sanctions imposed due to the war in Ukraine.

Canadian Payment Processors Used to Circumvent Russian Sanctions

A March 2023 FinTRAC report reveals that businesses linked to the adult entertainment industry are using Canadian payment service providers to transfer almost \$73 million to Russia-linked entities, potentially violating sanctions imposed due to the war in Ukraine.

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How are intermediary jurisdictions, such as Canada and the UK, being exploited to facilitate these illicit financial flows?

The report, from FinTRAC, details how these transactions, totaling almost \$73 million between February and June 2022, represent a substantial increase compared to the previous year. Many transactions went to unidentified banks in various countries, with some involving a UK payment provider linked to Russian nationals. This highlights the use of intermediary jurisdictions to obfuscate illicit financial flows.

bbc.com

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Jul 1, 13:16

Singapore Grants Police Power to Freeze Bank Accounts to Combat Scams

Singapore's new Protection from Scams Act, effective Tuesday, grants police the power to freeze citizens' bank accounts if a scam is suspected, aiming to combat record \$860 million scam losses in 2024, despite concerns over potential misuse of power.

Singapore Grants Police Power to Freeze Bank Accounts to Combat Scams

Singapore's new Protection from Scams Act, effective Tuesday, grants police the power to freeze citizens' bank accounts if a scam is suspected, aiming to combat record \$860 million scam losses in 2024, despite concerns over potential misuse of power.

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What are the key arguments for and against the new law, and what alternative approaches were considered to address the problem of online scams in Singapore?

The law, passed earlier this year, empowers police to block transactions, ATM access, and credit services for up to 30 days, extendable five times. While the government claims it's a last resort, critics highlight concerns about accountability and the possibility of misuse, suggesting alternative options like citizen opt-outs or nominated transaction freezers.

theguardian.com

🌐 85% Global Worthiness

Jun 27, 07:15

US Sanctions Mexican Banks, Prompts Demand for Evidence

The US Treasury Department sanctioned three Mexican financial institutions — CiBanco, Intercam, and Vector Casa de Bolsa — for allegedly laundering drug money, prompting President Claudia Sheinbaum to demand evidence from the US and emphasizing Mexico's commitment to cooperation but only upon presen...

US Sanctions Mexican Banks, Prompts Demand for Evidence

The US Treasury Department sanctioned three Mexican financial institutions — CiBanco, Intercam, and Vector Casa de Bolsa — for allegedly laundering drug money, prompting President Claudia Sheinbaum to demand evidence from the US and emphasizing Mexico's commitment to cooperation but only upon presen...

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What are the broader causes and implications of the escalating tensions between the US and Mexico regarding organized crime?

The sanctions represent an escalation of US actions against Mexican organized crime, following previous measures like designating Mexican cartels as terrorist organizations and imposing tariffs on Mexican imports. These actions have created friction between the two countries, with Mexico requesting further information and evidence from the US to support the sanctions. The US Treasury Department cites specific instances of alleged money laundering, involving millions of dollars and connections to various cartels, while the Mexican government asserts the provided evidence is insufficient.

kathimerini.gr

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Jun 14, 13:13

Greece integrates financial crime unit into tax authority

Greece's Body for the Prosecution of Financial Crimes (SDOE) has been integrated into the Independent Authority of Public Revenue (IAPR) after 28 years of operation, aiming to streamline tax inspections and improve efficiency in combating tax evasion and financial crime. The IAPR will now handle all...

Greece integrates financial crime unit into tax authority

Greece's Body for the Prosecution of Financial Crimes (SDOE) has been integrated into the Independent Authority of Public Revenue (IAPR) after 28 years of operation, aiming to streamline tax inspections and improve efficiency in combating tax evasion and financial crime. The IAPR will now handle all...

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What is the immediate impact of integrating Greece's SDOE into the IAPR?

After 28 years, Greece's Body for the Prosecution of Financial Crimes (SDOE) has been integrated into the Independent Authority of Public Revenue (IAPR). This restructuring aims to streamline tax inspections, combining the efforts of previously separate entities with overlapping responsibilities. The IAPR now assumes all tax investigation duties, enhancing efficiency and signaling commitment to Brussels.

dw.com

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Jun 10, 19:13

Macedonian "Krmzov" Case: €90 Million Fraud Charges

Macedonian authorities charged 23 individuals and 15 companies with organized crime, tax fraud, money laundering, and misconduct in the "Krmzov" case, involving €90 million in damages from 2019-2024, with businessman Risto Krmzov receiving 30 days pretrial detention.

Macedonian "Krmzov" Case: €90 Million Fraud Charges

Macedonian authorities charged 23 individuals and 15 companies with organized crime, tax fraud, money laundering, and misconduct in the "Krmzov" case, involving €90 million in damages from 2019-2024, with businessman Risto Krmzov receiving 30 days pretrial detention.

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What is the total estimated financial damage and the key criminal charges in the "Krmzov" case, and what immediate actions have been taken against the main suspect?

In the "Krmzov" case, Macedonian authorities charged 23 individuals and 15 legal entities with organized crime, tax fraud, money laundering, and misconduct, allegedly causing €90 million in damages between 2019-2024. The investigation, initiated by the Public Revenue Office, involves fraudulent contracts, VAT manipulation, and inflated real estate sales.

Showing 61 to 72 of 213 results