15th November 2018
Criminals shifted over $100 million through cash transfer giant MoneyGram, causing it to violate a government deal aimed at beefing up its security. According to the US Department of Justice, MoneyGram has now agreed to forfeit $125 million, the amount of consumer fraud transactions it processed just over a couple… Read More
14th November 2018
European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision, but do not address key loopholes, documents show. A series of money-laundering cases at banks in several EU states have forced regulators to act after public outcry. The preliminary deal, which could… Read More
13th November 2018
Malaysian Prime Minister Mahathir Mohamad said bankers at Goldman Sachs Group Inc (GS.N) “cheated” the country in dealings with state fund 1MDB and that U.S. authorities have promised to help return the fees the Wall Street bank earned from the fund. The U.S. investment bank has been under scrutiny for… Read More
12th November 2018
South Africa’s Prudential Authority (PA) has fined HSBC after it identified weaknesses in its anti-money laundering (AML) and counter terror funding (CFT) systems. The PA, which assesses the banking sector’s financial crime controls, looked at the bank’s ability to detect and report suspicious and unusual transactions. “The administrative sanctions were… Read More
12th November 2018
Eighteen managers of Swiss private bank PKB Privatbank SA Lugano are under investigation in Italy for fiscal fraud and money laundering, Milan’s Chief Prosecutor Francesco Greco said on Wednesday. The managers under investigation are mostly resident in Italy, where PKB owns Cassa Lombarda, Greco said. Tax police had searched… Read More
9th November 2018
The European Commission has requested Malta’s Financial Intelligence Analysis Unit step up its supervision of the banking sector after an investigation revealed that Malta had failed to ensure banks comply with EU anti-money laundering (AML) rules. Malta has been under the spotlight over various scandals related to money laundering,… Read More
9th November 2018
The Bank of England’s Prudential Regulation Authority (PRA) has fined two banking executives £22,700 and £14,945 after they failed to declare that one of them might be banned from banking activities in the United States. In November 2014, the New York Department of Financial Services (DFS) published a consent… Read More
9th November 2018
French prosecutors argued in a Paris court on Thursday for Swiss bank UBS AG (UBSG.S) to be fined 3.7 billion euros (3.22 billion pounds) for helping wealthy French people evade taxes. After a seven-year investigation and aborted settlement negotiations, UBS faces accusations of laundering the proceeds of tax fraud and… Read More
9th November 2018
Anti-fraud campaigners are warning the public against publishing too much personal details about their lives on social media groups as fraudsters are garnering such data and using it to commit fraud. According to a Get Safe Online survey, 21 people are targeted every minute as a result of unwittingly ‘oversharing’… Read More
9th November 2018
AP — Beyond trying to get their hands on the Holy Grail of President Donald Trump’s business dealings — his tax returns — House Democrats are prepared to use their new majority and subpoena power to go after financial records that could back up their claims… Read More
Must Read

Iran courts jail 30 men for economic crimes after public outcry

Fast-track courts set up in Iran to fight economic crime have jailed 30 men for up to 20 years each, the judiciary said on Sunday, as the country faces renewed U.S. sanctions and a public outcry against profiteering and corruption. The new Islamic revolutionary courts — whose rulings cannot be… Read More

Police arrest over 200 fake-cash ‘customers’ after counterfeit money agent jailed

Law enforcement agencies across Europe have taken action against suspects who bought counterfeit euro banknotes on illegal platforms on the Darknet. In total, almost 300 house searches were conducted in 13 different countries and 235 suspects were detained. Law enforcement also seized around 1 500 counterfeit euro banknotes. Read More