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Money Laundering

This archive displays posts tagged as relevant to money laundering. You may also be interested in the following pages:

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July 7, 2020

Deutsche Bank AG and Deutsche Bank Trust Company America will pay a $150 million penalty to New York in a settlement with the State’s Department of Financial Services resolving charges that the bank failed to adequately monitor the activity of its customer Jeffrey Epstein and failed to adequately monitor its international corresponding banking relationships with Danske Bank Estonia and FBME Bank.  In the case of Epstein, Deutsche Bank processed hundreds of transactions totaling millions of dollars that allegedly should have prompted additional scrutiny.  In the case of Danske Bank and FBME, Deutsche Bank was alleged to have been put on notice that those foreign banks were engaged in money laundering but, despite assigning the highest risk ratings to those institutions, failed to take appropriate actions to prevent the processing of suspicious transactions by those banks through Deutsche Bank accounts.  NY

Project Proposes Legislative Action to Protect and Incentivize AML Whistleblowers

Posted  05/29/20
By Michael Ronickher
judge striking down his gavel
Offshore Alert and the Association of Certified Financial Crime Specialists were joined by Constantine Cannon Whistleblower Lawyers Poppy Alexander, Eric Havian, and Michael Ronickher in developing a proposal to enact legislation that would create statutory incentives and protections for whistleblowers with information about money laundering. The proposal, unveiled on May 25, 2020, was developed in response to a...

Constantine Cannon’s Hackathon Challenge Generates Eleven Innovative Solutions to Protect COVID-19 Whistleblowers

Posted  05/29/20
Logo for Global Legal Hackathon Globe picture on black background
The Constantine Cannon whistleblower team is delighted to reveal eleven innovative Hacks created in response to our Challenge to find ways to harness the power of whistleblowers to stem the tide of COVID-19-related frauds and misinformation.  Constantine Cannon’s team of whistleblower attorneys submitted the Challenge to The Financial Times Global Legal Hackathon (GLH), a worldwide effort to draw on the...

May 19, 2020

Payment processing company First Data Merchant Services, LLC will pay $40.2 million to resolve FTC charges that it laundered, or assisted laundering of, credit card transactions for scams facilitated by Chi “Vincent” Ko and his company First Pay Solutions LLC, which operated as an independent sales agent for First Data.  Ko allegedly opened hundreds of merchant accounts to process payments for scams that targeted hundreds of thousands of consumers, and First Data knowingly processed payments for those scams.  FTC

COVID Leaves Bags of Illicit Cash with Nowhere to Go

Posted  05/15/20
By Sarah “Poppy” Alexander
pinned money on a clothes line
Few people may have given much thought to the actual mechanics of money laundering beyond rooting (or not) for Skyler and Walt’s carwash business.  Many non-television criminals do, in fact, use otherwise legitimate small businesses to “launder” their money, mixing ill-gotten gains in with legitimate profits.  The shutdown of the international economy has thus had a surprising consequence: illicit funds have...

US to Recover More Than $49 Million in Assets Related to the 1MBD Embezzlement and Money Laundering Scandal

Posted  05/8/20
money in a laundry machine
The DOJ entered into a $49 million settlement this week in one of the civil forfeiture cases related to the 1Malaysia Development Berhad fund scandal.  The 1MDB fund was created by the government of Malaysia to promote economic development in Malaysia through global partnerships and foreign direct investment, and its funds were intended to be used for improving the well-being of the Malaysian people. According to...

May 6, 2020

The United States has obtained a settlement of $49 million in the 1Malaysia Development Berhad (1MDB) scandal, in which high-level officials of 1MDB and their associates allegedly robbed the people of Malaysia by misappropriating over $4.5 billion in public funds, which they laundered through financial institutions based in the United States and other countries and squandered on expensive properties and possessions.  With the conclusion of the case against Emirati businessman Khadem al-Buraisi, the United States has recovered over $1.1 billion in assets arising from the 1MDB scandal, representing the largest civil forfeiture by the DOJ and the largest recovery to date under the agency’s Kleptocracy Asset Recovery Initiative.  DOJ; USAO CDCA

April 30, 2020

Entities of Israeli banking conglomerate Bank Hapoalim have pleaded guilty and entered into civil settlements for their role in a money laundering scheme for bribes made to soccer officials with Fédération Internationale de Football Association (FIFA) and others in exchange for preferences including in the award of soccer match broadcasting rights.  As part of three-year non-prosecution agreement, the bank will forfeit $20.73 million, pay a fine of $9.33 million, and undertake specified remedial and compliance efforts. The bank simultaneously entered into a separate settlement regarding tax evasion.  DOJ; USAO EDNY

Constantine Cannon Whistleblower Team’s Top-Ten “Staff Picks” of 2019

Posted  01/27/20
best of the year letters on a stamp
From cybersecurity, cryptocurrency, and “big data” to private-equity backed healthcare, private detention facilities, and the essential whistleblower experience – your prolific and relentless CC WB bloggers have chosen some of their favorite 2019 posts (and one from 2018) – don’t miss these insider-favorite gems!
    1. Your worst nightmare – private data exposed to the unscrupulous – could be curbed...

Malta’s Ongoing Corruption Scandal Renews Focus on Money Laundering

Posted  12/5/19
By Sarah “Poppy” Alexander
Money Hanging on a Clothes Line
The tragic murder of investigative journalist Daphne Caruana Galizia in 2017 sparked international outrage—and the fear that nothing would be done to discover who was behind her death.  This turns out not to be the case.  After years of persistence from her family and journalist community, Yorgen Fenech, a gambling, real estate, and energy mogul, was arrested on November 20 for complicity in her murder.  He has...
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