The first Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place in Paris on October 20-21, 2022. Discussions centered around: Additions to the blacklist Changes to the grey list Further restrictions placed […]
A former attorney who laundered drug money for the Sinaloa Cartel has been sentenced in San Diego federal court to more than 15 years in prison. The sentencing follows the defendant’s arrest by Mexican authorities while traveling in the state […]
On September 1, 2022, the co-founder and chief investment officer of UK hedge fund Glen Point Capital was charged with committing foreign exchange (FX) market manipulation and fraud. According to the US Department of Justice press release, the defendant has […]
On August 16th, former U.S. Rep. Terrence John Cox was federally indicted on 28 charges, including wire fraud, campaign contribution fraud, and money laundering. The unsealed indictment describes schemes carried out between 2013 and 2019. Cox purportedly diverted payments, investments, […]
Three Nigerian nationals have been extradited from the UK to the US following their alleged participation in multimillion-dollar cyber-enabled business email compromise (BEC) fraud schemes. The scams allegedly perpetrated by the defendants and their co-conspirators targeted unsuspecting victims, including universities […]
On July 29, 2022, eight people from New Hampshire and Massachusetts were indicted by a federal grand jury in Boston for their alleged roles in an elaborate money laundering operation and trade-based scheme in the city’s Chinatown area. According to […]
Through money laundering, criminals fund and profit from illicit activity such as arms sales, narcotics, human trafficking, contraband smuggling, embezzlement, insider trading, bribery, and fraud schemes. In addition to organized criminal groups, professional money launderers perform money laundering services on […]
The non-fungible token (NFTs) sector is in a state of flux. Reuters estimates that sales of NFTs reached around $25bn in 2021, and individual items have sold for as much as $90m. But high-profile scams in 2022, such as a […]
Payment fraud is when someone steals another person’s payment information – or tricks them into sharing it – to make false or illegal transactions. The 2022 AFP® Payments Fraud and Control Survey reports that 71% of organizations were victims of […]
The Australian Federal Police (AFP) has announced it will target Italian organized crime groups (OCGs) and money laundering syndicates in the next phase of Operation Ironside, which exposed 51 crime groups through a Trojan horse app called AN0M. AFP assistant […]
An internationally coordinated operation has seen the US place sanctions on notorious Irish organized crime group Kinahan, key members of its controlling family, associates, and associated businesses. A $5m reward for information leading to the arrest or conviction of gang […]
The USAA Federal Savings Bank (USAA FSB) has been fined $140m after admitting that despite repeated warnings, it willfully failed to implement and maintain an anti‑money laundering (AML) program that met the minimum requirements of the US Bank Secrecy Act […]
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