Techy fraudsters used online investment platforms to launder covid relief funds
Tech-savvy fraudsters stealing from the government’s Covid pandemic relief programs to help businesses have found a convenient way to launder the money: they’re opening accounts with at least four online investment platforms, law enforcement officials said.
The digital platforms, investigators said, are...
Richest Americans hide more than 20% of their wealth from IRS
The richest Americans are hiding more than 20 percent of their earnings from the Internal Revenue Service, according to a comprehensive new estimate of tax evasion, with the top 1 percent of earners accounting for more than a third of...
Timeline: Nigeria’s OPL 245 oilfield licence bribery cases
An Italian court acquitted Royal Dutch Shell and Italy’s Eni on Wednesday of corruption in one of the oil industry’s biggest court cases centred around the acquisition of a Nigerian oilfield in 2011.
Italian prosecutors alleged that most of the...
Rise in bitcoin ATM create opportunities for money launderers
Cryptocurrency ATMs have seen a surge in interest amid this year's Bitcoin frenzy, fuelling concerns the machines could be exploited by "money mules" looking to wash criminal cash.
Installed in shops, petrol stations and even strip clubs, the machines swap...
OpenLux: How tiny European country ‘Duchy’ attracted billionaires
Luxembourg is inconsequential to many, but an investigation dubbed "OpenLux" shows how this small and secretive European country has attracted more wealth than the GDP of Japan.
Through favorable tax structures and opaque ownership registers, Luxembourg has attracted €4.5 trillion...
Explainer: What are gambling cards and how would they stop money laundering in Australia
Last October, NSW Customer Service Minister Victor Dominello proposed revolutionary reforms to liquor and gaming laws that he oversees.
One of the most controversial elements of the proposal was a plan to transition pokie players from dropping the odd pineapple...
How will Brexit impact sanctions and money laundering rules?
As the UK prepares for a future outside of the EU, one of the areas financial services companies in particular have to consider is sanctions. As of 11pm on the 31st December 2020, the UK will no longer subject to...
Is COVID-19 a Detriment to Terrorist Financing Despite Regulator Claim?
Financial regulators and risk advisory firms have sounded the alarm on the COVID-19 pandemic and how it creates an environment rife with new terrorist financing vulnerabilities. Inter-governmental task forces, banks, and law firms alike claim that foreign terrorist organizations (FTOs)...
Explainer: What Does the Brexit Deal Mean for Financial Services?
The U.K. government and the European Union have agreed a trade deal to replace current arrangements which end on New Year’s Eve when the Brexit process is completed.
Britain left the European Union on Jan. 31 but kept EU legislation...
What happened to billions of Covid-19 response money in Uganda?
As Ugandans began contracting the novel coronavirus, President Yoweri Museveni on April.03, made an appeal for public solidarity in support of the health care system that was already in a crisis due to limited funding.
Dozens of companies and individuals...