Banco Do Brasil Managers Suspected of $48 Million Money Laundering Scheme

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…

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17,600 Shell Companies Closed Down in Latvia in Money Laundering Fight

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…

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Individual Charged for Operating Unlicensed Bitcoin Kiosk used for Money Laundering

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…

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Individual Ordered to Pay $9 Million or Face 10 Years in Jail After Being Convicted of Money Laundering

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…

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London Money Transmitter Fined Record £7.8 million for Failing to Adhere to Money Laundering Regulations

Her Majesty’s Revenue and Customs(HMRC), a department of the United Kingdom responsible for regulatory regimes, has fined Touma Foreign Exchange Ltd almost ten million dollars for breaching money laundering regulations. This fine follows a crackdown in July where officers executed warrants at 12 separate addresses and arrested two men. HMRC…

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“The Biggest Financial Fraud Trial” in Germany’s Postwar History

German media have dubbed it "the biggest financial fraud trial" in Germany since WWII. Two British citizens are accused of using cum-ex transactions to defraud the German government out of almost $500 million dollars. The trial is ongoing in Bonn, Germany with the accused facing a 635-page charge sheet. Cum-ex…

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