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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:

Page 6 of 12

Congress Set to Pass NDAA with New Whistleblower Reward Provisions for Money Laundering

Posted  12/8/20
NDAA money laundering AML whistleblower reward provisions
The FY21 National Defense Authorization Act (NDAA), likely to be passed by Congress this week, takes a critical step for anti-money laundering (AML) enforcement by creating a long overdue AML whistleblower program.  The NDAA’s new whistleblower program, administered by the Department of Treasury, would provide for mandatory awards to whistleblowers who brought forward information about violations of the Bank...

Tagged in: Financial and Investment Fraud, Legislation and Regulation News, Money Laundering,

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Sunshine State Local Elections Shine Light on How Dark Shell Company Data Can Be

Posted  11/18/20
top-secret-seal
Amidst the ongoing saga of the US national elections, Florida local elections may not have made much of a ripple.  But one small scandal in the Sunshine State reveals a lot about the ongoing problem the US has with shell corporations and their hidden ownership structures. The story is convoluted, as most shell company stories are.  A political donor, Proclivity, who had never donated money in Florida before,...

Tagged in: Abusive Tax Shelters, Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, Money Laundering, Regulatory Violations,

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Catch of the Week: Goldman Sachs Agrees to Pay Over $2.9 Billion in Foreign Bribery Case

Posted  10/23/20
businessmen shaking hands and other placing money in others pocket
The Goldman Sachs Group Inc. and its Malaysian subsidiary have admitted to conspiring to violate the Foreign Corrupt Practices Act (FCPA) by engaging in a scheme to pay more than $1.6 billion in bribes to foreign officials in exchange for lucrative contracts.  According to Goldman’s admissions and court documents, Goldman paid these bribes to foreign officials in Malaysia and Abu Dhabi in order to obtain and retain...

Tagged in: Catch of the Week, FCPA, Financial and Investment Fraud, Foreign Exchange, Money Laundering,

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Catch of the Week: Texas-Sized Indictment for $2 Billion Tax Fraud

Posted  10/16/20
texas longhorn bull standing in open grass field
Everything sure is bigger in Texas.  Bigger hair, bigger churches, bigger stadiums, bigger ranches, and bigger sky.  Oh, and as of this week, bigger billionaires committing bigger frauds! On Thursday, federal prosecutors in California charged Robert T. Brockman, a Houston tech executive, with hiding $2 billion in income from the Internal Revenue Service.  True to Texas form, David L. Anderson, the U.S. attorney...

Tagged in: Abusive Tax Shelters, Catch of the Week, Importance of Whistleblowers, IRS Whistleblower Reward Program, Money Laundering, Tax Fraud,

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The FinCEN Files Prove We Need an Anti-Money-Laundering Whistleblower Program

Posted  09/25/20
dryer with money filled in it
The FinCEN Files. It sounds ominous, and recalls the Panama Papers, the Paradise Papers, and others. Like those earlier stories, the FinCEN Files expose powerful players, including a large number of highly regulated banking giants. December 2020 Update: New NDAA Monday Laundering Whistleblower Reward ProvisionsThe FinCEN Files, published by the International Consortium of Investigation Journalists and BuzzFeed News, document over 200,000 suspicious financial transactions via documents leaked...

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, International Whistleblowers, Money Laundering,

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Putting a Stop to Illegal Imports from Forced Uyghur Labor

Posted  09/18/20
barbed wire
The world has watched in horror as, starting in 2018, up to two million Uyghurs and other ethnic minorities have been arrested, relocated, or otherwise forced into internment centers in the Xinjiang Uyghur Autonomous Region in China.  The government of the People’s Republic of China has separated thousands of Uyghur children from parents, forced methods of control on women, and inflicted physical and psychological...

Tagged in: Customs Fraud, Human Rights, Money Laundering, Whistleblower Eligibility,

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Catch of the Week: DOJ Charges North Korean and Malaysian Nationals for Bank Fraud, Money Laundering and Sanctions Violations

Posted  09/11/20
A list titled "SANCTIONS LIST"
The Department of Justice announced a criminal complaint charging Ri Jong Chol, Ri Yu Gyong, North Korean nationals, and Gan Chee Lim, a Malaysia national, for conspiracy to violate North Korean Sanctions Regulations, bank fraud, and conspiracy to launder funds.  The DOJ said defendants allegedly established and utilized front companies that transmitted U.S. dollar wires through the United States to purchase...

Tagged in: Catch of the Week, Foreign Exchange, Money Laundering, Regulatory Violations,

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Catch of the Week: Interactive Brokers Pays $38 Million for Failures in Money-Laundering and Supervision

Posted  08/14/20
Computer screen with graphs
Brokerage firm Interactive Brokers LLC will pay $38 million in penalties to settle charges from multiple U.S. market regulators regarding its anti-money laundering practices, including alleged failures to file suspicious activity reports (SARs).  The discount broker has paid an $11.5 million penalty to settle charges with the Securities and Exchange Commission over the deficiencies in its internal controls that...

Tagged in: Catch of the Week, CFTC Whistleblower Reward Program, Financial and Investment Fraud, Financial Institution Fraud, Importance of Whistleblowers, Money Laundering, Regulatory Violations, SEC Whistleblower Reward Program,

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August 10, 2020

Greenwich, Connecticut-based brokerage firm Interactive Brokers LLC will pay fines and disgorgement totaling $23.7 million to the SEC and CFTC, as well as a $15 million penalty to the Financial Industry Regulatory Authority (FINRA), to resolve allegations related to the firm's anti-money laundering policies.  The SEC penalty of $11.5 million resolves charges that over the course of one year the brokerage failed to file more than 150 Suspicious Activity Reports (SARs) for U.S. microcap securities trades it executed on behalf of its customers.  The SEC order finds that defendant failed to recognize red flags concerning transactions, failed to properly investigate suspicious activity, and failed to file SARs even when suspicious transactions were flagged by compliance personnel. The $11.5 CFTC penalty, together with over $700,000 in restitution, resolves charges including that the firm, which is a registered futures commission merchant, failed to detect and report suspicious transactions, including in its handling of the accounts of Haena Park.  SEC; CFTC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Money Laundering, Regulatory Violations,

COVID Fraud of the Week: Washington State Man Charged with Attempting to Launder COVID-19 Relief Money

Posted  07/24/20
Flashing lights on top of police car
On July 23rd, the Department of Justice announced that Mukund Mohan, a Washington state tech company executive, was taken into custody for allegedly laundering money he fraudulently received through the COVID-19 related Paycheck Protection Program (“PPP”). After receiving funds through the program, Mohan allegedly transferred over $230,000 to his personal brokerage account. These charges mark another instance of...

Tagged in: Catch of the Week, COVID-19, Financial and Investment Fraud, Importance of Whistleblowers, Money Laundering,

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