09.20.17

Venezuela's oil output continues to fall as PDVSA fritters away money: Fuel for Thought

Despite the billions of dollars that have flowed into Venezuela's state-owned PDVSA in recent years, crude oil and refining output continues to languish. It is not lack of investment hindering growth but a more human flaw--corruption.



09.20.17

The growing threat of transaction laundering

With federal regulators levying $400 million in penalties for anti-money laundering (AML) compliance violations in 2015 alone, detecting and preventing transaction laundering has become a pressing concern for the payments industry.



09.20.17

US, Moscow seek Russian held in Greece over Bitcoin laundering

Moscow has requested the extradition of a Russian national also wanted in the United States for laundering billions of dollars through a Bitcoin exchange he operated, a judicial source said Tuesday.



09.20.17

Dubai's DFSA Signs MoU with Lebanon's CMA

The Dubai Financial Services Authority (DFSA) has today entered into a Memorandum of Understanding (MoU) with Lebanon's Capital Markets Authority (CMA). The agreement will enhance information sharing and cooperation around supervisory issues, further extending the existing relationship between the two markets.



09.20.17

EU monitoring Cyprus passport sales

The European Commission has said it is in a "dialogue" with Cyprus amid concerns on loopholes in its passport sale scheme.



09.19.17

In The Wake Of Harvey, Irma And Equifax - 3 Strategies Criminals Are Using To Run Scams

Over the past month we have experienced three separate and horrific disasters. Hurricanes Harvey and Irma caused catastrophic flooding, widespread destruction and death. The Equifax hack left 143 million people vulnerable to financial devastation. As if these losses aren't tragic enough; sadly, disasters are a prime time for criminals to run scams.



09.19.17

Russian Central Bank Head compares crypto currency to pyramid scheme

Bank of Russia Chairman Elvira Nabiullina alerted the danger of cryptomania by comparing the current mechanisms of using crypto currency to the financial pyramid. This, as betrayed by Rosbalt, she stated at the International Banking Forum.



09.19.17

Gangs Launder $4 Million a Day Through Aussie Banks: Police

Police investigations have revealed Australian crime gangs launder up to $5 million AUD ($4 million USD) per day through major banks. The accusations, which stem from weaknesses in the banks' anti-money laundering policies, are eroding public trust in the financial system.



09.19.17

JP Morgan CEO publicly denounces Bitcoin as 'currency for criminals'

Banking boss believes the popular digital currency is increasingly being used by criminals such as drug dealers and murderers.



09.19.17

Financial corruption in China, US are two sides of the same coin

A leader fights corruption with the legal system he has, not the one he wishes he has. The ongoing fight against the extent of financial corruption in both China and the US poses particular challenges that are unique to both systems.



09.18.17

Europol's Solution to Common AML Issues

Two of the more common themes seen when assessing factors contributing to the potency and ultimate success of a nation's anti-money laundering (AML) efforts are international cooperation and the ability to accrue and utilize valuable financial information in criminal investigations. Cooperation across international borders can be complex for a number of reasons, primarily due to variations in AML legislation, as well as the potential lack of awareness of, and expertise in, current matters and policies found outside of one's own country.



09.18.17

New details about major Russian money-laundering investigation raise the stakes of Trump Tower meeting

The Russian lawyer who met with President Donald Trump's son, son-in-law, and campaign manager in June 2016 was representing a client under scrutiny in an ongoing criminal investigation related to a money-laundering case opened in 2013 by former US Attorney Preet Bharara.



09.18.17

Cartel boss pleads guilty in drug kingpin and money laundering case

A man suspected of holding a leadership position in one of the more notorious Mexican drug cartels pleaded guilty Friday to drug distribution and money laundering charges.



09.18.17

Plea deals reached in $40 million Ponzi scheme

Federal prosecutors settled a $40 million fraud cause with plea deals Friday morning. Michael S. Holcomb, Gary L. Holcomb, Jennifer L. Chalmers, and Kristen S. Van Breemen appeared in federal court where they all pleaded guilty to to operating a Ponzi scheme in Oregon.



09.18.17

Keeping the bank sweet

No small business can do without access to its bank account. Yet in recent months, many of HSBC's small-business customers have suffered just that - hundreds of accounts have been frozen as part of its response to a money-laundering scandal.



09.18.17

KPMG chiefs in South Africa quit amid Bell Pottinger scandal

The fallout from the scandal that brought down PR firm Bell Pottinger is spreading after the resignations of the chief executive, chairman and a string of top executives from the South African arm of KPMG, which audits companies owned by the controversial Gupta family.



09.15.17

China acts on money laundering, terrorist financing, tax evasion

The Chinese government will coordinate supervision to fight money laundering, terrorist financing and tax evasion, according to a guideline made public Wednesday.



09.15.17

Bitcoin price crashes below $3,500 amid China cryptocurrency exchange shut down

The bitcoin price has fallen further as China closes down local cryptocurrency exchanges - with BTCC now announcing it will shut at the end of the month.



09.15.17

U.S. says it plans to criminally charge Gabonese president's American lobbyist

Federal prosecutors are preparing to file criminal charges against an American lobbyist for the Gabonese president, saying on Wednesday he made a false statement to a U.S. customs official stemming from a long-running money-laundering probe.



09.15.17

Iran tops world league for money laundering and terror finance

Iran has topped the world league table for money laundering and terror financing for the third consecutive year.



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