Tweet Canada is among a handful of countries where the diamond industry is being used for money laundering and terrorist financing, according to a report by a global financial crime body. The report by the Financial Action Task Force, a Paris-based global body that sets standards to combat money laundering and terrorist financing, says that […]
Tweet One of Bitcoin’s earliest enthusiasts, Charlie Shrem who ran BitInstant, a New York based Bitcoin exchange, was arrested today and charged with money laundering conspiracy, operating an unlicensed money transmitting business and failure to file suspicious activity reports to FinCEN. The complaint was filed by U.S. Attorney for the Southern District of New York, […]
Tweet Two executives of PetroTiger, Ltd., a British Virgin Islands oil and gas company (“PetroTiger“), were charged with money laundering, wire fraud and bribery under the U.S. Foreign Corrupt Practices Act (the “FCPA“) for allegedly bribing foreign public officials to obtain a $39 million contract from Ecopetrol S.A., a state-owned petroleum company in Columbia (“Ecopetrol“), Latin […]
Tweet 2013 Corruption Index According to Transparency International‘s newly published 2013 Corruption Perceptions Index, the new top ten corrupt nations are Somalia, North Korea, Afghanistan, Sudan, South Sudan, Libya, Iraq, Uzbekistan, Turkmenistan, and Syria. The ten least corrupt are Denmark, New Zealand, Finland, Sweden, Norway, Singapore, Netherlands, Australia, Canada and Luxembourg. The results are based […]
Tweet The EU investigation into the use of wind farms to launder proceeds of crime widened today with several police raids in Austria and Germany, including a raid on the offices of the state-owned bank, HSH Nordbank. The Nordbank financed several wind farms, including one in Calabria, Italy, alleged to have been erected and operated […]
Tweet Kim Rothstein, the so-called “free-spending” wife of Scott Rothstein, was sentenced to 18 months in jail yesterday for plotting to hide over $1 million worth of jewelry to avoid it being seized as proceeds of crime. Mr. Rothstein is a former lawyer incarcerated for running a $1.4 billion Ponzi scheme through the trust accounts […]
Tweet Blanchiment d’argent La police israelienne assist la France dans l’enquete sur des faits de blanchiment d’argent concernant le scandale de la fraude au marche du carbone en France qui aurait coute 1,6B d’euros au Tresor public. Le scam consistait a acheter hors taxes aux Pays-bas des quotas de CO2 credits dans le cadre de […]
Tweet Largest insider trading settlement ever SAC Capital Advisors has reached a global settlement (the “Settlement“) with the U.S. Department of Justice to plead guilty to insider trading, pay a record US$1.8 billion penalty, and agree to a term of probation of five years. The Settlement is the largest financial penalty in history for insider […]
Tweet Organized Crime & Private ATMs According to a report by the RCMP reported by Radio-Canada, organized crime in Canada is using private ATMs to launder proceeds of crime. The RCMP estimates that at least $315 million is laundered each year by private ATMs and some of those are connected to the Hells Angels in […]
Tweet Money laundering conviction The US government announced that one of the co-founders of Liberty Reserve, Vladimir Kats, pleaded guilty to money laundering and operating an unlicensed money transmitting business yesterday. The US government found that Liberty Reserve was one of the world’s most popular virtual currency services. It’s co-founders were indicted in the U.S. in […]