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The Guardian: UK politics infiltrated by ‘dark money’ with 10% of donations from dubious sources

November 30, 2024

Loopholes in the law are allowing “dark money” to infiltrate UK politics, with almost £1 in every £10 donated to parties and politicians coming from unknown or dubious sources, analysis reveals. Cash from companies that have never turned a profit, from unincorporated associations that do not have to declare their funders, and banned donations from overseas donors via intermediaries are all entering the system…

FT: Wise rebuked by European watchdog over money laundering controls

November 29, 2024
European regulators rebuked Wise, the London-listed fintech, over its anti-money laundering controls and forced the payments group into a formal remediation plan, according to five people familiar with the matter. A review by the National Bank of Belgium, which supervises Wise in Europe, found in early 2022 that the fintech lacked proof of address for hundreds of thousands of customers, said three of the people.

AML Intelligence: Technicality sees Credit Suisse acquitted of notorious Bulgarian cocaine cash laundering episode

November 27, 2024

A top Swiss court on acquitted Credit Suisse, now part of UBS (UBSG.S), opens new tab, of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, overturning a 2022 conviction. The Federal Criminal Court’s original ruling was seen as a test case for the prosecution of banks. It had found an ex-employee of the bank guilty of money-laundering, and Credit Suisse of failing to do enough to stop the gang from laundering profits through the lender from 2004 to 2008.

Reuters: Court overturns OFAC sanctions on cryptocurrency mixer Tornado Cash over $7bn cyber laundering

November 27, 2024
US Treasury acted outside its authority when it sanctioned cryptocurrency mixer Tornado Cash in 2022 and accused it of helping launder over $7 billion for North Korean hackers and other malicious cyber actors, a U.S. appeals court ruled…

Reuters: US lawmakers say Hong Kong is becoming hub for financial crime

November 25, 2024

U.S. lawmakers have raised alarms about Hong Kong’s evolving role in global financial crime, urging Treasury Secretary Janet Yellen to reassess its banking ties. They highlight Hong Kong’s involvement in sanctions evasion, illegal exports to Russia, and facilitation of oil sales for Iran.

Independent: China investigates third defence minister in a row over corruption claims

November 25, 2024

China’s Defence Minister Dong Jun is under investigation for alleged corruption according to reports. The alleged probe is part of President Xi Jinping’s ongoing anti-corruption campaign and it follows scrutiny of other top officials in China’s military…

 

Quartz: Drug cartels use cryptocurrency Tether to launder money, court documents reveal

November 25, 2024

The revelation comes after Donald Trump nominated Howard Lutnick, the custodian of Tether, as Commerce Secretary. Tether (USDT), currently the third-largest cryptocurrency by market capitalization, has been under intense scrutiny for several months due to federal investigations into its alleged role in facilitating cross-border money laundering. Now, a recent report by 404 Media highlights Tether’s growing use as a money laundering tool for Mexican drug traffickers, according to the U.S. Federal authorities.

Sky News: UK has only issued one fine for breach of Russian sanctions

November 22, 2024

OSFI has only issued one fine of £15,000 for violations of Russian sanctions since their implementation over two years ago. This penalty was directed at Integral Concierge Services Limited for providing property management services to a sanctioned individual. Giles Thomson, the Treasury’s director of economic crime and sanctions, acknowledged the low number of fines and anticipates more enforcement actions in the future.

The Guardian: Open registers are only way to stop dirty money that underpins crime

November 20, 2024

Most of these offshore tax havens have either reneged completely or watered down their original commitments. Frustratingly, those overseas territories with the worst track record – namely the British Virgin Islands and the Cayman Islands – have not even provided a clear timeline for establishing public registers…

AML Intelligence: New UK Govt commits to public beneficial ownership registers – despite Overseas Territories resistance

November 18, 2024

The UK government has pledged it will move ahead with making beneficial ownership registers open to the public. A spokesperson for the UK Foreign Office said the government was pursuing fully public registers with “full vigor”.

BBC: South African Football Association (SAFA) President Danny Jordaan and co-accused, arrested and face charges of fraud and maladministration in court

November 15, 2024

The country’s organised crime investigation unit, Hawks, has been looking into claims of fraud and theft at Safa between 2014 and 2018 amounting to 1.3m rand ($72,000, £57,000). Jordaan is alleged to have hired a private security company for his personal protection and a public relations company without authorisation from the Safa board…

Euro News: Spain has arrested the chief of anti-fraud police after €20 million who was reportedly found in his home.

November 15, 2024

Spain arrested the head of the national police’s economic crimes unit after €20 million was found hidden in his home during an investigation into the country’s largest cocaine bust. Authorities also discovered €1 million in his office and arrested 15 others including his partner a fellow police officer. The suspects face charges of drug trafficking, bribery, money laundering, and corruption…

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