Bank executive charged with money laundering in lawsuit
A former executive from a Long Island bank has filed a federal lawsuit claiming he was wrongfully terminated after investigating potentially dubious financial activities involving a board member. Ross Marrazzo, who was the Chief Compliance Officer at New York Community Bancorp, asserts his dismissal in September was linked to his objections about Alessandro “Sandro” Dinello’s […]
Barclays Fined $56 Million for Failures in Preventing Money Laundering
Barclays Fined for Poor Financial Crime Risk Management The Financial Conduct Authority (FCA) has imposed fines on Barclays totaling £42 million due to two instances of inadequate financial crime risk management, as reported on July 16. Barclays has not responded to requests for comment regarding this issue. In the first instance, Barclays opened a client […]
CIBanco, Intercam, and Vector receive temporary relief from US money laundering penalties
US Treasury Delays Sanctions on Mexican Banks Financial institutions in Mexico—Cibanco, Intercam, and Vector—will have an additional 45 days to meet specific standards before facing sanctions, as announced by the US Treasury Department’s Financial Crime Enforcement Network (FINCEN) on Wednesday. An order from FINCEN issued on June 25 prohibited fund transfers among the three banks, […]
Are Criminals Actually Moving from Crypto to Gold for Money Laundering?
Simply put British gangs are using gold coins, bars, and grains to conceal the money made from drug trafficking. Experts have raised concerns about gold’s appeal during a shift to cashless transactions, noting that data on its criminal use is largely anecdotal. Unlike cryptocurrencies, which are traceable, gold’s lack of transparency makes it harder to […]
Armored cash transport trucks reportedly carried cash for a $190 million cryptocurrency laundering operation
Australian Federal Police Charges Four in Money Laundering Case Last week, the Australian Federal Police (AFP) laid charges against four individuals suspected of being involved in a money laundering operation that allegedly involves a security company’s armored cash transport division. This unnamed security company has been moving cash back and forth between itself and banking […]
ICE Raids in Los Angeles Focused on Business Suspected of Fraud and Money Laundering
Dr. Phil Responds to Controversy Surrounding ICE Operations TV personality Dr. Phil McGraw recently addressed claims made by Democrats regarding Immigration Customs Enforcement (ICE) operations that purportedly provoked violent riots in Los Angeles. He pointed out that significant businesses were not just random targets of these operations. There was confusion stemming from a previous raid […]
Crypto CEO faces allegations of laundering $500 million tied to sanctioned Russian banks
Cryptocurrency Founder Charged with Money Laundering Brooklyn federal prosecutors have brought charges against the founder of a US-based cryptocurrency payments company, alleging involvement in a complex international money laundering operation that funneled over $5 billion for licensed Russian banks and other entities. Iurii Ggnin, a 38-year-old Russian national residing in Manhattan, was arrested and taken […]
Chinese Operatives and Drug Money: The Daylight Laundering of Mexican Cartel Cash
Mexican Drug Cartels Collaborate with Chinese Money Laundering Network A recent report from the Wall Street Journal reveals that Mexican drug cartels are teaming up with a network in China to generate substantial profits from drug sales for Chinese citizens in the U.S. The Sinaloa Cartel, once headed by Joaquin “El Chapo” Guzman, is said […]
Billionaire Balvinder Singh Sahni of Indian descent Imprisoned in Dubai for Money Laundering
Dubai: Balvinder Singh Sahni, an Indian businessman based in Dubai, has been sentenced to prison and deported from the United Arab Emirates (UAE) due to financial offenses, including money laundering. Known as Abu Sabah, he received a five-year prison term alongside a fine of DH500,000 (approximately Rs 1,14,89,750). Additionally, a Dubai court mandated the confiscation […]
Jasmine Crockett under FEC investigation for money laundering
Texas Rep. Jasmine Crockett (D) was in the headlines for her wild antics in the not-so-distant past, but this time it appears that the reason is a little more serious. Crockett is under official investigation by the Federal Election Commission for Money Laundering through Actblue at the Democrats’ Donation Site and Intimidation by voter threats […]