Tag #Money Laundering

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kathimerini.gr

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Sep 1, 22:20

Crete Crime Syndicate: Archimandrite's Role Investigated

A criminal network in Crete is being investigated, with a focus on an archimandrite facing charges of blackmail and aggravated assault; the archimandrite was previously blackmailed by the alleged ringleaders.

Crete Crime Syndicate: Archimandrite's Role Investigated

A criminal network in Crete is being investigated, with a focus on an archimandrite facing charges of blackmail and aggravated assault; the archimandrite was previously blackmailed by the alleged ringleaders.

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What is the archimandrite's alleged involvement in the Crete crime syndicate?

The archimandrite is under investigation for allegedly providing a false document for the sale of land belonging to a monastery to Israeli investors by two brothers who had illegally occupied it. Information suggests he was blackmailed into this action with a personal video.

bbc.com

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Aug 30, 04:15

Brazil Tightens Fintech Regulations to Curb Money Laundering

Brazil's tax authority has implemented stricter regulations on fintechs, mirroring those for traditional banks, to curb money laundering and combat organized crime.

Brazil Tightens Fintech Regulations to Curb Money Laundering

Brazil's tax authority has implemented stricter regulations on fintechs, mirroring those for traditional banks, to curb money laundering and combat organized crime.

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How will these regulations impact fintech operations and costs?

Fintechs face increased operational costs due to the need for strengthened corporate governance, including enhanced internal controls, new systems, and dedicated personnel to monitor transactions for suspicious activities. They must report atypical transactions to the Central Bank and Coaf, potentially requiring client clarifications.

cnnespanol.cnn.com

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Aug 29, 04:15

Mexican Cartels Launder $312 Billion via Chinese Networks

The U.S. Treasury Department's FinCEN announced that Mexican drug cartels laundered approximately $312 billion through Chinese networks between 2020 and 2024, using trade-based money laundering, money mules, and mirror transactions, due to financial restrictions in Mexico and China.

Mexican Cartels Launder $312 Billion via Chinese Networks

The U.S. Treasury Department's FinCEN announced that Mexican drug cartels laundered approximately $312 billion through Chinese networks between 2020 and 2024, using trade-based money laundering, money mules, and mirror transactions, due to financial restrictions in Mexico and China.

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How do restrictions in both Mexican and Chinese financial systems facilitate the use of these transnational money laundering networks?

Mexican cartels leverage these Chinese networks due to restrictions within Mexico's financial system, forcing them to use methods outside the country to launder drug profits. The Chinese networks operate outside of China for similar reasons. The cartels involved include the Jalisco New Generation Cartel, Sinaloa Cartel, and Gulf Cartel, all previously designated as terrorist organizations.

zeit.de

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Aug 28, 04:19

Kiabi Embezzlement: €100 Million Missing, CFO in Custody

One year after the discovery of a €100 million embezzlement from French fashion retailer Kiabi, investigations continue, focusing on recovering assets in Germany, Turkey, and the US; the former CFO is in custody.

Kiabi Embezzlement: €100 Million Missing, CFO in Custody

One year after the discovery of a €100 million embezzlement from French fashion retailer Kiabi, investigations continue, focusing on recovering assets in Germany, Turkey, and the US; the former CFO is in custody.

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What is the immediate impact of the €100 million embezzlement on Kiabi and the ongoing investigations?

A former chief financial officer of the French fashion chain Kiabi is under investigation for embezzling approximately €100 million. The money was initially transferred to a German bank account, then to Turkey. Authorities have seized luxury goods worth over €500,000, and are investigating further.

europe.chinadaily.com.cn

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Aug 26, 04:16

China Issues New Judicial Interpretation to Combat Concealment of Illicit Gains

China's Supreme People's Court and Procuratorate issued a new judicial interpretation on July 24, 2024, to combat the increasingly sophisticated methods used to conceal or disguise illicit gains, particularly in connection with telecom fraud and online gambling; from 2020-2024, Chinese courts conclu...

China Issues New Judicial Interpretation to Combat Concealment of Illicit Gains

China's Supreme People's Court and Procuratorate issued a new judicial interpretation on July 24, 2024, to combat the increasingly sophisticated methods used to conceal or disguise illicit gains, particularly in connection with telecom fraud and online gambling; from 2020-2024, Chinese courts conclu...

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What is the significance of China's new judicial interpretation on concealing illicit gains, and what immediate impact will it have on crime-fighting efforts?

China's Supreme People's Court and Procuratorate released a judicial interpretation on handling criminal cases involving concealing or disguising illegal proceeds, addressing evolving methods used in crimes like telecom fraud and online gambling. Between 2020 and 2024, courts concluded 220,900 such cases.

dailymail.co.uk

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Aug 24, 04:13

Dirty Money Inflates UK House Prices by £3,000

Illicit funds, primarily channeled through shell companies in British Overseas Territories, inflate UK property prices by \£3,000 on average, with London seeing an \£11,000 increase, significantly impacting housing affordability.

Dirty Money Inflates UK House Prices by £3,000

Illicit funds, primarily channeled through shell companies in British Overseas Territories, inflate UK property prices by \£3,000 on average, with London seeing an \£11,000 increase, significantly impacting housing affordability.

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How much have criminal funds inflated UK housing prices, and what are the direct consequences for average families?

Criminal funds channeled into UK real estate inflate average London house prices by \£11,000 and UK prices by \£3,000, impacting affordability for average families. Over \£11 billion in suspicious funds has flowed into the UK property market since 2016, with over half originating from shell companies in British Overseas Territories.

foxnews.com

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Aug 31, 07:20

Former Postal Investigator Charged with $330,000 Fraud

A former U.S. Postal investigator, Scott Kelley, 51, was charged with stealing over $330,000 from packages, using the funds for personal expenses including escorts, home renovations, and vacations.

Former Postal Investigator Charged with $330,000 Fraud

A former U.S. Postal investigator, Scott Kelley, 51, was charged with stealing over $330,000 from packages, using the funds for personal expenses including escorts, home renovations, and vacations.

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How did Kelley execute the fraud, and who were the victims?

Kelley allegedly deceived postal workers into sending him packages from victims of a Jamaican lottery scam, then stole the cash inside. The indictment identifies seven victims, aged 75-82, who each sent between $1,400 and $19,100, none of whom recovered their money or packages. He laundered the money using postal money orders and numerous bank deposits.

bbc.com

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Aug 29, 01:19

Brazil's Massive Crackdown on PCC's R$52 Billion Money Laundering Scheme

Brazilian authorities launched three major operations against the Primeiro Comando da Capital (PCC), seizing assets and arresting suspects in a scheme that allegedly laundered R$52 billion through investment funds and fuel sales, highlighting the infiltration of organized crime into the country's fi...

Brazil's Massive Crackdown on PCC's R$52 Billion Money Laundering Scheme

Brazilian authorities launched three major operations against the Primeiro Comando da Capital (PCC), seizing assets and arresting suspects in a scheme that allegedly laundered R$52 billion through investment funds and fuel sales, highlighting the infiltration of organized crime into the country's fi...

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How did the PCC utilize fintechs and investment funds to launder money and protect its assets?

The operations, dubbed Carbono Oculto, Quasar, and Tank, uncovered a four-stage process: (1) PCC-controlled importers purchased fuel abroad, (2) fuel was distributed through a network of approximately 1,000 gas stations across 10 states, evading taxes, (3) proceeds were laundered via gas stations, convenience stores, and fintechs like BK Bank, and (4) funds were invested in investment funds based near Avenida Faria Lima to shield assets.

lexpress.fr

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Aug 29, 01:19

Brazil Cracks Down on Massive Fuel-Smuggling, Money-Laundering Operation

Brazilian authorities conducted a large-scale operation targeting a fuel-smuggling and money-laundering ring linked to the PCC criminal group, seizing assets worth millions of euros and arresting five individuals; the network laundered an estimated 8 billion euros through 40 investment funds.

Brazil Cracks Down on Massive Fuel-Smuggling, Money-Laundering Operation

Brazilian authorities conducted a large-scale operation targeting a fuel-smuggling and money-laundering ring linked to the PCC criminal group, seizing assets worth millions of euros and arresting five individuals; the network laundered an estimated 8 billion euros through 40 investment funds.

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How did the PCC criminal organization use financial technology to launder money, and what were the specific methods used to evade detection?

This operation highlights the PCC's deep penetration into Brazil's fuel industry, from import to retail, involving fraudulent practices and the sale of dangerous, adulterated fuel. The network laundered money through at least 40 investment funds, totaling approximately 4.7 billion euros, showcasing the group's sophisticated financial strategies and its connections to international criminal organizations like the 'Ndrangheta.

welt.de

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Aug 28, 04:19

€100 Million Kiabi Embezzlement: Ex-CFO Arrested

A former Kiabi CFO, arrested in Corsica, is accused of embezzling approximately €100 million, transferring funds to accounts in Germany and Turkey before purchasing US real estate; investigations are ongoing across multiple countries.

€100 Million Kiabi Embezzlement: Ex-CFO Arrested

A former Kiabi CFO, arrested in Corsica, is accused of embezzling approximately €100 million, transferring funds to accounts in Germany and Turkey before purchasing US real estate; investigations are ongoing across multiple countries.

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How did the suspect's lavish spending and social media activity contribute to her arrest?

The embezzlement came to light when Kiabi attempted to access the funds in Summer 2024. Investigations are ongoing in France, Germany, and the US, where the former CFO allegedly purchased several properties worth millions of euros. The German bank involved also filed a report.

bbc.com

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Aug 25, 07:17

Pakistan Faces Renewed FATF Grey List Risk Over Unregulated Cryptocurrency

Pakistan's Finance Minister warned of a potential return to the FATF grey list due to unregulated cryptocurrency transactions, despite recent efforts to establish regulatory bodies; experts highlight the need for effective regulations to prevent money laundering and maintain international financial ...

Pakistan Faces Renewed FATF Grey List Risk Over Unregulated Cryptocurrency

Pakistan's Finance Minister warned of a potential return to the FATF grey list due to unregulated cryptocurrency transactions, despite recent efforts to establish regulatory bodies; experts highlight the need for effective regulations to prevent money laundering and maintain international financial ...

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What are the immediate consequences for Pakistan if it fails to regulate its growing cryptocurrency market?

Pakistan's Finance Minister, Muhammad Aurangzeb, warned that ongoing illegal digital transactions could lead to the country's return to the Financial Action Task Force (FATF) grey list. Pakistan exited the grey list in October 2022 but now faces renewed risk due to a lack of regulation in the burgeoning digital currency sector, where an estimated 20 million Pakistanis engage in cryptocurrency transactions.

elpais.com

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Aug 23, 16:14

Mexican Cartels' Sophisticated Money Laundering Schemes

Mexican drug cartels launder billions annually via cryptocurrencies, music promotions, and timeshare scams; the FBI and DEA are actively investigating, resulting in seizures and arrests, highlighting the challenges in combating this evolving criminal activity.

Mexican Cartels' Sophisticated Money Laundering Schemes

Mexican drug cartels launder billions annually via cryptocurrencies, music promotions, and timeshare scams; the FBI and DEA are actively investigating, resulting in seizures and arrests, highlighting the challenges in combating this evolving criminal activity.

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How are Mexican drug cartels using cryptocurrencies, music promotions, and timeshares to launder money, and what are the immediate consequences?

Mexican cartels launder billions of dollars annually using cryptocurrencies, music promotions, and timeshare scams, exploiting the anonymity offered by cryptocurrencies and the complexities of international financial systems. Law enforcement agencies like the DEA and FBI are actively pursuing these activities, leading to numerous arrests and asset seizures.

Showing 13 to 24 of 280 results