Tag #Money Laundering

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apnews.com

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Feb 12, 04:11

Puerto Rico Bank Faces \$90 Million Fraud Lawsuit

Nodus International Bank in Puerto Rico is facing a \$90 million fraud lawsuit, filed in South Florida, alleging its owners misused depositor funds, leading to the revocation of its license and the appointment of a trustee to recover funds for hundreds of clients in the U.S., Venezuela, and elsewher...

Puerto Rico Bank Faces \$90 Million Fraud Lawsuit

Nodus International Bank in Puerto Rico is facing a \$90 million fraud lawsuit, filed in South Florida, alleging its owners misused depositor funds, leading to the revocation of its license and the appointment of a trustee to recover funds for hundreds of clients in the U.S., Venezuela, and elsewher...

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What regulatory failures or loopholes contributed to the alleged fraudulent activities at Nodus International Bank?

The fraudulent scheme at Nodus International Bank highlights vulnerabilities in international banking regulations and oversight. The bank's operations, spanning the U.S. and Venezuela, underscore the transnational nature of financial crime and the challenges in protecting depositors across jurisdictions. The substantial losses, impacting individuals' life savings, emphasize the need for stricter enforcement and improved transparency within the banking sector.

theguardian.com

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Feb 10, 10:08

Star Executives Accused of Prioritizing Profit Over Anti-Money Laundering Compliance

Former executives at The Star Entertainment Group face legal action from the Australian Securities and Investments Commission (ASIC) for allegedly prioritizing profit over risk management, ignoring evidence of money laundering linked to criminal activity at their Sydney, Brisbane and Gold Coast casi...

Star Executives Accused of Prioritizing Profit Over Anti-Money Laundering Compliance

Former executives at The Star Entertainment Group face legal action from the Australian Securities and Investments Commission (ASIC) for allegedly prioritizing profit over risk management, ignoring evidence of money laundering linked to criminal activity at their Sydney, Brisbane and Gold Coast casi...

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What specific actions by The Star's executives demonstrate a prioritization of profit over compliance with anti-money laundering regulations?

The Star Entertainment Group's former executives are accused of prioritizing profits over risk management, failing to act on blatant signs of money laundering by junket operators linked to organized crime. This involved ignoring suspicious activities like cash delivered in eskies and staff hiding from CCTV cameras at their Sydney casino, Salon 95. The Australian Securities and Investments Commission (ASIC) alleges these actions breached their legal and regulatory obligations.

dailymail.co.uk

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Feb 8, 16:08

Former 'Cop Killer' Jailed for 14 Years in Drug Trafficking Case

Timmy Donovan, previously convicted for the manslaughter of a police officer, was sentenced to 14 years and six months for drug trafficking and money laundering after his involvement with the Huyton Firm drug gang was exposed through the EncroChat network.

Former 'Cop Killer' Jailed for 14 Years in Drug Trafficking Case

Timmy Donovan, previously convicted for the manslaughter of a police officer, was sentenced to 14 years and six months for drug trafficking and money laundering after his involvement with the Huyton Firm drug gang was exposed through the EncroChat network.

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How did the EncroChat network facilitate Donovan's criminal activities, and what role did his connections to the Huyton Firm play in his involvement?

Donovan's case highlights the reach and impact of encrypted communication networks like EncroChat in facilitating serious organized crime. His actions, from mediating disputes between rival gangs to directly participating in drug trafficking, demonstrate the interconnectedness of criminal enterprises in the UK. Law enforcement's access to EncroChat messages was pivotal in dismantling the operation and bringing Donovan and his associates to justice.

dailymail.co.uk

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Feb 4, 16:11

Gang Leader Jailed for £10 Million Drug and Money Laundering Operation

Timmy Donovan, previously convicted of manslaughter, was sentenced to 14 years for leading a £10 million drug and money-laundering operation uncovered via encrypted EncroChat messages; six individuals were convicted.

Gang Leader Jailed for £10 Million Drug and Money Laundering Operation

Timmy Donovan, previously convicted of manslaughter, was sentenced to 14 years for leading a £10 million drug and money-laundering operation uncovered via encrypted EncroChat messages; six individuals were convicted.

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What is the extent of the criminal enterprise led by Timmy Donovan, and what were the consequences of his actions?

Gang leader Timmy Donovan, previously jailed for manslaughter, received an additional 14-year sentence for leading a £10 million drug and money-laundering operation. The operation involved encrypted communications, coded names, and a Liverpool car dealership used for laundering funds. Six individuals were convicted.

dw.com

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Feb 4, 22:10

Yanukovych Jr.'s Coal Scheme Earns Billions from Occupied Ukraine

Alexander Yanukovych's companies exported nearly 500,000 tons of coal from Russian-occupied Ukrainian territories in 2023-2024, earning billions of rubles through a complex scheme involving low-priced sales to an offshore company and resale at a higher price, primarily to Turkey.

Yanukovych Jr.'s Coal Scheme Earns Billions from Occupied Ukraine

Alexander Yanukovych's companies exported nearly 500,000 tons of coal from Russian-occupied Ukrainian territories in 2023-2024, earning billions of rubles through a complex scheme involving low-priced sales to an offshore company and resale at a higher price, primarily to Turkey.

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How is Alexander Yanukovych profiting from the sale of coal from Russian-occupied Ukrainian territories, and what are the immediate financial implications?

Alexander Yanukovych, son of former Ukrainian President Viktor Yanukovych, earns billions of rubles through companies linked to him by selling coal from Russian-occupied Ukrainian territories. This was revealed in an investigation by the publication "Vazhnye istorii" on February 4th, 2024, showing that in 2023-2024, his associated structures exported nearly half a million tons of coal from Russia, primarily to Turkey.

dw.com

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Jan 29, 01:08

US Money Laundering: Lax Regulations and Weak Cooperation Enable Billions in Illicit Funds

Expert Edgardo Buscaglia reveals that 20-22% of global money laundering flows into the US, facilitated by lax state regulations and weak international cooperation, despite existing anti-money laundering laws; the future outlook is uncertain under the Trump administration.

US Money Laundering: Lax Regulations and Weak Cooperation Enable Billions in Illicit Funds

Expert Edgardo Buscaglia reveals that 20-22% of global money laundering flows into the US, facilitated by lax state regulations and weak international cooperation, despite existing anti-money laundering laws; the future outlook is uncertain under the Trump administration.

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What percentage of global money laundering enters the US, and how do weak regulations and international cooperation contribute to this?

According to Edgardo Buscaglia, 20-22% of global money laundering, estimated at billions of dollars annually, flows into the US, primarily through shell companies and low-transparency jurisdictions. This is facilitated by lax state-level regulations in states like Delaware, allowing for the creation of anonymous companies, hindering effective prosecution.

elpais.com

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Feb 11, 07:07

Marbella Mayor's Stepson Faces 22-Year Sentence for Drug Trafficking

Joakim Broberg, stepson of Marbella's mayor Ángeles Muñoz, faces a 35-day trial starting May 6th in Spain's National High Court for drug trafficking and money laundering, with the prosecution seeking a 22-year sentence.

Marbella Mayor's Stepson Faces 22-Year Sentence for Drug Trafficking

Joakim Broberg, stepson of Marbella's mayor Ángeles Muñoz, faces a 35-day trial starting May 6th in Spain's National High Court for drug trafficking and money laundering, with the prosecution seeking a 22-year sentence.

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What are the key charges against Joakim Broberg, and what is the potential sentence?

Joakim Broberg, stepson of Marbella's mayor, faces trial for drug trafficking and money laundering starting May 6th. The trial, expected to last 35 days, involves accusations of leading a drug ring and using shell companies to launder money. The prosecution seeks a 22-year prison sentence.

cbsnews.com

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Feb 10, 16:12

Son-in-Law of Drug Lord Pleads Guilty to Border Used-Car Price-Fixing Scheme

Carlos Fabian Martinez, son-in-law of former Gulf Cartel leader Osiel Cardenas Guillen, pleaded guilty to an 11-year price-fixing scheme involving violence and extortion in the used-car market at the U.S.-Mexico border, impacting thousands of migrants, and faces 11 years in prison.

Son-in-Law of Drug Lord Pleads Guilty to Border Used-Car Price-Fixing Scheme

Carlos Fabian Martinez, son-in-law of former Gulf Cartel leader Osiel Cardenas Guillen, pleaded guilty to an 11-year price-fixing scheme involving violence and extortion in the used-car market at the U.S.-Mexico border, impacting thousands of migrants, and faces 11 years in prison.

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How did the cartel's use of violence and extortion affect the used-car market and migrants crossing the U.S.-Mexico border?

Martinez's actions highlight the enduring influence of Mexican drug cartels, even after the imprisonment of their leaders. The scheme involved extortion, beatings, kidnappings, and murders to control prices and eliminate competition in the used-car market along the border, impacting thousands of migrants who cross yearly.

liberation.fr

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Feb 6, 10:10

€7 Million Health Insurance Fraud Ring Busted in France

A criminal network defrauded the French health insurance system of over €7 million through false invoices for hearing aids and eyeglasses, exploiting a 100% reimbursement policy; three people were arrested, but the leader remains at large in the UAE.

€7 Million Health Insurance Fraud Ring Busted in France

A criminal network defrauded the French health insurance system of over €7 million through false invoices for hearing aids and eyeglasses, exploiting a 100% reimbursement policy; three people were arrested, but the leader remains at large in the UAE.

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How did the fraudsters operate, and how was the network structured?

The fraud involved a hierarchical structure, with a leader based in the UAE directing operatives in France who used social media for recruitment. The scheme exploited a 2020 policy providing 100% reimbursement for hearing aids, generating false claims across 75 regional health insurance funds and 54 mutual insurance companies.

theguardian.com

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Feb 4, 19:11

BVI's opaque beneficial ownership register sparks UK constitutional crisis

The British Virgin Islands' (BVI) proposed beneficial ownership register, criticized as insufficiently transparent, has sparked a major rift with the UK government, who might use an "order in council" to force compliance, raising concerns about financial crime and the UK's reputation.

BVI's opaque beneficial ownership register sparks UK constitutional crisis

The British Virgin Islands' (BVI) proposed beneficial ownership register, criticized as insufficiently transparent, has sparked a major rift with the UK government, who might use an "order in council" to force compliance, raising concerns about financial crime and the UK's reputation.

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What specific flaws in the BVI's proposed beneficial ownership register are raising concerns about its effectiveness in combating financial crime?

The British Virgin Islands (BVI) proposed a register of beneficial ownership that allows access only for those involved in legal proceedings, requiring prior knowledge of the owner's identity and enabling owners to object, thus undermining transparency efforts. This has drawn sharp criticism from UK MPs and anti-corruption groups, who see it as a way for the BVI to continue facilitating financial crime.

theguardian.com

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Feb 4, 22:10

BVI Secrecy Enables Tax Evasion, Threatening UK Anti-Corruption Goals

Roman Abramovich's investments, channeled through the British Virgin Islands (BVI), may have resulted in a £1bn UK tax avoidance scheme; new BVI proposals limit access to beneficial ownership data, hindering anti-corruption efforts.

BVI Secrecy Enables Tax Evasion, Threatening UK Anti-Corruption Goals

Roman Abramovich's investments, channeled through the British Virgin Islands (BVI), may have resulted in a £1bn UK tax avoidance scheme; new BVI proposals limit access to beneficial ownership data, hindering anti-corruption efforts.

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What is the history of the BVI as a secrecy jurisdiction, and how have its practices facilitated activities such as money laundering and tax evasion?

The BVI's long history as a secrecy haven, highlighted by its role in the Panama Papers, facilitates money laundering and tax evasion. Abramovich's case exemplifies how this system allows individuals to funnel wealth through offshore entities, undermining fair taxation and potentially facilitating illicit activities. This is further supported by Transparency International UK's finding of £5.5bn of suspicious funds entering the UK property market via BVI shell companies.

nos.nl

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Jan 29, 01:08

France Investigates Binance for Money Laundering and Tax Fraud

France is investigating cryptocurrency platform Binance for money laundering and tax fraud, potentially linked to drug trafficking, between 2019 and 2024, following similar investigations in the US and the Netherlands.

France Investigates Binance for Money Laundering and Tax Fraud

France is investigating cryptocurrency platform Binance for money laundering and tax fraud, potentially linked to drug trafficking, between 2019 and 2024, following similar investigations in the US and the Netherlands.

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What are the long-term implications of this investigation for the regulation of cryptocurrency exchanges globally?

This French investigation underscores the escalating global scrutiny of cryptocurrency exchanges and their vulnerability to misuse in criminal activities. Future implications include tighter regulations, increased compliance costs for platforms, and potentially stricter enforcement of AML rules across jurisdictions, impacting the broader cryptocurrency ecosystem.

Showing 205 to 216 of 284 results