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Nigerian national arrested in Ghana facing federal charges for an alleged $7.5m business email compromise scheme involving two charitable organisations

Adejorin was arrested for defrauding two charitable organisations in the US and he faces charges for wire fraud, aggravated identity theft, and unauthorised access to a protected computer, culminating in the embezzlement of $7.5 million.

National Law Review: “Export controls are the new sanctions” and other enforcement trends for 2024

Efama urges SFDR refinement for better investor transparency and legislative alignment

Efama recommends refining the EU Sustainable Finance Disclosure Regulation (SFDR) to enhance clarity for retail investors and align it with other legislation, while suggesting a categorization system for sustainable financial products and emphasizing the need for regulatory alignment with investor preferences…

UK Crypto industry growing faster than the US Crypto market; revenue to double and hit $3.77B by 2027

UK has become the largest crypto economy in Europe and one of the most promising locations for blockchain and crypto development globally. According to Statista, over 17 million people, or 26% of the UK’s population, own or use cryptocurrencies…

FCN publishes financial crime dashboard for South Africa

The FCN South Africa Dashboard offers a concise analysis of financial crime, covering threats, vulnerabilities, and responses, with 150 data points including key risk and performance indicators…

 

Swiss Banking Secrecy Eroded: The Next Targets in Line – Shell Companies and the Future of Global Financial Transparency

The Swiss shell-company industry faces a substantial challenge as the government proposes a draft law mandating companies to disclose true ownership and requiring attorneys to report suspicious transactions in the fight against money laundering…

A Ukrainian billionaire’s ties to a $122 million London penthouse raise questions about the UK’s foreign ownership crackdown

Exposed documents reveal the wealthiest individual in Ukraine orchestrated offshore maneuvers to acquire a lavish London penthouse, prompting inquiries into his absence from the UK’s recent registry designed to unveil property ownership by oligarchs through shell companies.

Bank of England to review rise of AI use by financial services companies

Machine learning and some types of AI were already being widely used for fraud and money laundering detection, but applications for other forms were only at an exploratory stage…

Crypto scam: Inside the billion-dollar ‘pig-butchering’ industry

Fraudulent crypto investment schemes directed from Asia known as “pig butchering” have become a global billion-dollar industry. Reuters traced at least $9 million linked to such scams to an account registered to a well-connected representative of a Chinese trade group…

Singapore bank concern grows about illegal money flows, MAS says

Singapore’s finance firms are now more concerned about risks stemming from potential money laundering and terrorism financing, in the wake of the island-wide raid earlier this year that captured more than US$2 billion in a crime ring…

Money mules who laundered funds for rogue traders who scammed elderly sentenced

A group of people who laundered money for rogue traders who had scammed elderly people have been sentenced for their role in the £250,000 scheme. Two elderly people were scammed out of tens of thousands of pounds each by rogue traders …

There is an epidemic of transnational crime. We need a global response

Criminal groups around the world are using the dark web and other tools to create a whole new business model – gone are the days of codes of silence amongst tight-knit groups; these criminal groups do not even know who they are working with and are making…