In Malaysia, 80 people and groups have received fines totaling $100 million for allegedly receiving funds from the 1MDB state investment fund. One of the people indicated include Nazir Razak, a brother of the former Prime Minister, Najib Razak. Nazir Razak currently heads Malaysia's second largest bank. Others indicated include…
The fight against corruption and money laundering scandals in the European Union continues. Danske Bank, Denmark's biggest bank, has closed down all banking activities in its Estonian branch. The Danske branch in Estonia has been under close investigation for money laundering. During the investigation, Danske's previous CEO has stepped down…
Liu Zhongtian, a Chinese billionaire, was indicted on several charges by United States prosecutors. Mr. Liu and his family are worth $2.8 billion according to Forbes magazine. He founded an aluminium company, China Zhongwang Holdings, that is also being charged in this complex, financial fraud case. The prosecutors allege that…
On Friday, Brazilian police searched the homes of managers at three branches of state-controlled bank, Banco do Brasil. These managers are suspected of laundering about $48 million or 200 million reais between 2011 and 2014. These raids are just one of the latest developments of the Operation Car Wash or…
Latvia is cracking down on financial crime by shutting down shell companies. Shell companies have little to no operations, but still may hold assets. Shell companies can be used to avoid know-your-customer (KYC) and anti-money laundering (AML) regulations and compliance. These shell companies allow individuals to hide behind anonymity and…
A 25-year-old man from California could face life in prison for several charges including failing to maintain an effective anti-money laundering program while operating an unlicensed money transmitting business. Kunal Kalra, also known as “coinman”, operated a Bitcoin exchange and ATM that allowed criminals to exchange Bitcoins, oftentimes earned through…
The United Auto Workers (UAW) union have been in the news a lot lately due to their protests and negotiations with General Motors. Earlier this month, UAW was featured in the news for a different reason. Michael Grimes, a former UAW official, pleaded guilty to charges of wire fraud and…
In the past couple years, the European Union has experienced the fallout from multiple scandals relating to money laundering and corruption. In September 2018, a report was released that identified $229 billion worth of suspicious transactions that flowed through one Dankse Bank branch in Estonia. Dutch bank ING N.V. agreed…
Ladbrokes Coral, a British based gambling firm, has been fined £5.9m for a three-year lapse in which they did not follow anti-money laundering measures and did not protect customers. GVC Holdings bought Ladbrokes Coral in March 2018 and while the difficulties occurred between November 2014 and October 2017, the new…
Ellias Preko, a former Goldman Sachs investment banker, was served a confiscation order by the National Crime Agency (NCA) of the United Kingdom. Preko must pay 7.3 million pounds or face a 10-year jail sentence. After leaving Goldman Sachs Preko began to work for James Ibori, the former governor of…