02.26.21

Lawyers, accountants and other professionals play key role in cross-border financial crime, OECD warns in new report

The forum of wealthy nations urges countries to target and disrupt 'enablers' of tax evasion, money laundering and other illicit finance.



02.26.21

Coinbase's crypto holdings jumped ninefold last year to over $300 million as bitcoin surged

Coinbase isn't just enabling the trading of a bunch of bitcoin - it's holding cryptocurrencies on its books.



02.26.21

OSHA to Investigate Whistleblower Complaints under Criminal Antitrust Anti-Retaliation Act and Anti-Money Laundering Act

The US Department of Labor (DOL) announced on February 19 that the Occupational Safety and Health Administration (OSHA) will begin investigating whistleblower complaints of retaliation under the Criminal Antitrust Anti-Retaliation Act and the Anti-Money Laundering Act.



02.26.21

Global money laundering watchdog keeps Pakistan on terrorism financing 'grey list'

Global money laundering watchdog the Financial Action Task Force (FATF) on Thursday said it would keep Pakistan on its terrorism financing "grey list".



02.26.21

Cracking down on the professionals who enabling financial crimes

Lawyers, accountants and financial institutions will have to face the consequences for enabling tax and financial crimes as regulators now have the means to not only detect wrongdoing but also hold them to account for their illegal actions.



02.25.21

Ex-bank president in Texas gets 8 years for fake loans, arson to try to cover up fraud

A former Texas bank president who issued millions of dollars in fake loans over almost a decade and set a fire to try to cover up the fraud was sentenced to eight years in prison Tuesday, prosecutors said.



02.25.21

UAE Establishes Executive Office To Tackle Money Laundering, Terror Financing

Headed by Ambassador H.E. Hamad Obaid Al Zaabi, office was approved by Prime Minister of UAE, Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid Al.



02.25.21

Former Massachusetts State Representative Pleads Guilty to Embezzling Campaign Funds, Bank Fraud and Tax Fraud

Former Massachusetts State Representative David M. Nangle pleaded guilty today to illegally using campaign funds to pay for his personal expenses, defrauding a bank to obtain loans to purchase his home and repay his personal debts, and collecting income that he failed to report to the IRS.



02.25.21

Nigeria's Senate approves president's nominee for anti-corruption chief

Nigeria's Senate on Wednesday unanimously approved a new anti-corruption chief nominated by President Muhammadu Buhari.



02.25.21

New US Financial Crimes Rules Intensify Risks for Non-US Banks

Significant revisions to US anti money-laundering (AML) rules intensify financial crime risks for non-US banks by increasing the scope of potential investigations by the US government and raising financial penalties, according to Fitch Ratings.



02.24.21

NBA Top Shot, A Crypto-Based Platfom For Video Collectibles, Soars Past $200 Million In Total Sales

NBA Top Shot, a blockchain-based platform on which users buy and sell officially licensed NBA collectible highlights known as "Moments," has generated over $205 million in total sales since going live less than six months ago - with nearly 65% of that total processed in the past week.



02.24.21

The Long Arm of U.S. Law: The Patriot Act, the Anti-Money Laundering Act of 2020 and Foreign Banks

The Anti-Money Laundering Act of 2020 (AMLA), part of the National Defense Authorization Act for fiscal 2021 that Congress enacted over President Trump's veto, significantly expands the U.S. government's authority to subpoena documents held by foreign banks overseas.



02.24.21

Pittsburgh man sentenced to prison in drug trafficking, money laundering operation

A Pittsburgh man was sentenced to four years in federal prison followed by four years of supervised release in connection with a drug trafficking and money laundering operation, according to prosecutors.



02.24.21

Man Pleads Guilty to Directing COVID-Relief Fraud Scheme

A Wisconsin man pleaded guilty today for his role in fraudulently obtaining over $1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.



02.24.21

Kerala: Probe ordered into financial fraud

Public Works Minister G Sudhakaran has ordered a vigilance inquiry into the financial irregularities unearthed in Pratheeksha Bus Shelter Company a special purpose vehicle, formed during the UDF government's term, for setting up bus shelters



02.23.21

$1m in cash seized as man arrested over alleged money laundering via cryptocurrency

A man who police allege is the head of a multimillion-dollar money laundering syndicate has been arrested after officers stopped his car in Sydney's inner west and allegedly found $1 million in cash inside.



02.23.21

NY Department of Financial Services Issues Cyber Fraud Alert to Regulated Entities Using Instant Quote Websites

On February 16, 2021, the New York Department of Financial Services ("NYDFS") issued a Cyber Fraud Alert (the "Alert") to regulated entities in light of a growing campaign to steal Nonpublic Information ("NPI"), as defined under New York law, from public-facing websites that provide instant quotes for products like auto insurance ("Instant Quote Websites").



02.23.21

Banks need better protection to prevent wire-transfer fraud, says financial crime expert

Vivien Zheng lost $340K in an elaborate wire-transfer scam. Financial crime expert Vanessa Iafolla says that could have been prevented if banks had better protection for customers.



02.23.21

Financial crime: five key trends from 2020 and how they played out

From improved data sharing for identity verification to public-private partnerships that tackle terrorism financing, organised crime, money laundering - the pandemic has challenged and transformed how organisations counter fraud



02.23.21

Newark Man Laundered $23M Of Drug Money In 3 States: Feds

A man opened bank accounts in New Jersey, New York and Florida. Then he used cashier's checks to launder more than $23M, authorities said.



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