Did Citi’s Internal Security Unit Help Quash Compliance Concerns?
Citigroup faces troubling allegations that an in-house security unit comprised of former law-enforcement officials penalized two compliance staffers who came forward with regulatory concerns and helped defend the institution against a lawsuit by a former employee.
U.S. Threatens Venezuela’s New Leader with Criminal Charges
The Trump administration is drafting a criminal indictment to potentially accuse Venezuelan interim President Delcy Rodriguez of corruption and money laundering.
Lula’s Son Stripped of Bank-Secrecy Protections in Ongoing Fraud Case
A Brazilian Senate decision to strip bank- and tax-secrecy protections from President Luiz Inácio Lula da Silva’s son has intensified political pressure on the leftist leader as lawmakers investigate an alleged fraud scheme inside the national pension system.
U.S. Military’s Growing Drug War Lands in Ecuador
The United States and Ecuador have begun joint military operations in the South American nation against “designated terrorist organizations,” the Pentagon said Tuesday night.
Stablecoins Now Commonly Used in Illicit Finance, FATF Warns
The Financial Action Task Force (FATF) said that stablecoins are now commonly used in money laundering, terrorist financing, and proliferation financing schemes, and warned that peer-to-peer transfers via unhosted wallets represent a key vulnerability for the crypto ecosystem.
UK Oversight of Professional Services Falls Short on Enforcement
The UK’s current system of supervisors overseeing the anti-money-laundering (AML) programs of law firms, accountancies, and other professional bodies is failing to take “sufficiently dissuasive disciplinary measures” against those that fail to meet compliance standards, according to a new report.
Panel Probing Malaysia’s MACC ‘Mafia’ Set to Release Findings
Malaysian Prime Minister Anwar Ibrahim said a special committee investigating anti-graft chief Azam Baki’s shareholdings is expected to release its findings soon, Bloomberg said.
Money Launderers Have Made ‘Dramatic’ Turn to Crypto in Recent Years
Western governments are being urged to tighten controls on cryptocurrency after new research warned that criminals and hostile states have laundered an estimated $350 billion using crypto over the past two decades.
Luxembourg Police Raid EFG Bank Over Compliance Concerns
Luxembourg authorities raided the premises of EFG Bank last week as part of a preliminary investigation into the institution’s compliance with anti-money laundering (AML) and counterterrorism financing (CTF) laws.
Tether Has Frozen Billions of Dollars in Crypto Linked to Illicit Activity
Stablecoin issuer Tether said it has frozen about $4.2 billion of its USDT tokens over links to “illicit activity,” with most of the freezes occurring in the past three years, as authorities worldwide intensify efforts to curb crypto-related crime.