Tweet Spanish authorities today announced the arrest of 41 people in Spain as part of a 200 million Euro money laundering investigation involving proceeds from an alleged drug trafficking ring linked to the Revolutionary Armed Forces of Columbia, also known as FARC. Spanish authorities say they were able to track money transferred from the sale […]
Tweet FINTRAC, Canada’s financial intelligence unit, has assessed relatively minor penalties against two money services businesses. Sutlej Foreign Exchange Inc., an Ontario-based money services business, was fined $8,450 for failing to: have a written compliance plan; undertake a risk assessment for a compliance plan; train employees on anti-money laundering; report electronic funds transfers to FINTRAC; […]
Tweet Suresh Sriskandarajah, also know as “Waterloo Suresh,” a Sri Lankan refugee to Canada being sought by the U.S. on terrorism and money laundering charges, is free on bail while the Ontario Court of Appeal decides whether to allow his appeal of a decision by the Ontario Superior Court of Justice granting an order committing […]
Tweet Italian authorities announced today that they have impounded US$30 million from the Institute for the Works of Religion, or as many call it, the “Vatican Bank”, and placed its top two officers, president Ettore Gotti Tedeschi and director general Paolo Cipriani, under investigation in connection with a money laundering inquiry. The 2005 Directive 2005/60/EC […]
Tweet The US Attorney for the Southern District of New York today announced the filing of an indictment (Download Younis Indictment) charging Mohammad Younis with operating an unlicensed money transfer business that allegedly facilitated the attempted car bombing in New York City’s Time Square on May 1, 2010. According to the indictment, Younis provided money transmitting […]
Tweet Florida businessman Nevin Shapiro pleaded guilty to running a US$880 million Ponzi scheme. Shapiro was the founder and president of Capitol Investments USA, Inc. (Capitol), a grocery distribution business. He surrendered to the FBI and was arraigned in federal court in New Jersey in April of this year. He was charged with securities fraud […]
Tweet Dalia Preldakaj, a paralegal in the New York law firm of Salvador Collazo, was sentenced today in Manhattan to 78 months in prison for money laundering, witness tampering, immigration application fraud and conspiracy to operate an immigration fraud mill. Collazo is a former Acting Justice of the New York State Supreme Court who was […]
Tweet South Carolina tax lawyer, John O’Connor, pleaded guilty today to a charge of money laundering in connection with his involvement in a conspiracy to liquidate and conceal money stolen by a former client. The former client, William Trier, embezzled approximately US$5 million over a ten year period from his employer by creating phoney invoices […]
Tweet The Royal Bank of Scotland has been fined £5.6 million by the UK regulatory agency for failing to implement key anti-money laundering requirements. The fine is the largest ever levied by the Financial Services Regulator. The Bank failed to adequately screen its customers and their transactions to ensure there were no ties to listed […]
Tweet The U.S. federal regulatory agency, Financial Crimes Enforcement Network (FinCEN), is proposing amendments to the Bank Secrecy Act regulations that would regulate prepaid cards and similar devices in the U.S. The proposal covers plastic cards, mobile phones, electronic serial numbers, key fobs and mechanisms that provide a portal to funds that have been paid […]