Canada is being pushed to tackle its money laundering issue due to Trump’s tariffs.
On July 31, the Trump administration revealed plans to increase tariffs on Canadian imports by 35%. The rationale behind this move hinges on Canada’s inadequate response to the growing presence of fentanyl traffickers across its territory. Canada’s reaction has been strongly criticized. Federal officials have communicated with Premier Doug Ford, who has suggested a retaliatory […]
Trump’s Treasury Department Imposes Sanctions on ‘Narco-Rapper’ El Makabelico for Laundering Streaming Profits to Mexican Drug Lords
US Blacklists Members of Cartel del Noreste Amid Drug Crackdown On August 7, the US government imposed sanctions on three prominent figures from the Cartel del Noreste (CDN), as part of a broader effort to combat drug trafficking alongside immigration enforcement. The Treasury announced on Wednesday the targeting of Abdon Federico Rodriguez Garcia, the CDN’s […]
US imposes sanctions on ‘narco-rapper’ El Makabelico for laundering streaming earnings to violent Mexican drug lords
US Treasury Sanctions Mexican Drug Cartel Leaders WASHINGTON – On Wednesday, the US Treasury Department sanctioned a high-ranking member of a notorious Mexican drug cartel, allowing him to continue trafficking fentanyl into the United States. Additionally, a well-known rapper believed to be funding this cartel with over half of his earnings was also targeted. The […]
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 […]