Money Laundering

Portuguese authorities are examining more than 20 individuals linked to a Novo Banco SA real-estate transaction after a fresh round of raids on the bank, according to multiple news reports. 

Mexico’s banking lobby is urging lenders to adopt tougher rules on illicit finance that go beyond current law, after U.S. authorities moved to sever three Mexican firms from the American financial system for allegedly laundering money for fentanyl traffickers, according to Bloomberg.

Colombia’s Prosecutor General’s Office accused the National Liberation Army (ELN) of running a two-decade money-laundering network that washed more than $225 million (COP 885 billion) in illicit proceeds through a web of shell and front companies across the country, according to a statement cited by Colombia Reports.

A New Zealand–based marine insurer played a pivotal role in keeping a fleet of tankers carrying Iranian and Russian oil moving to Asian markets despite Western sanctions, according to a Reuters investigation that has prompted scrutiny from authorities in Wellington.

JPMorgan Chase will provide U.S.-dollar clearing services in Angola, becoming the first major American lender to reengage with the African nation following major corruption scandals and years of anti-money laundering (AML) compliance restrictions, Bloomberg reported.

Belgium is in danger of evolving into a “narco-state” as organized crime penetrates key institutions and exploits Antwerp’s giant port to smuggle cocaine into Europe, an investigating judge warned in an open letter cited by the Financial Times.

The U.S. Treasury Department designated Colombian President Gustavo Petro and several of his family members and associates, alleging his policies have fueled record cocaine production and benefited narco-traffickers.

A former Citibank relationship manager has pleaded guilty and been sentenced to two years in jail for helping a Chinese criminal network launder money in Singapore, the Financial Times reported. 

President Donald Trump has granted a pardon to Changpeng “CZ” Zhao, the founder of Binance, after months of behind-the-scenes efforts by Zhao and his allies to secure clemency.

An unprecedented U.S. Treasury order cutting three Mexican financial institutions off from the American financial system took effect Monday, after already forcing asset sales, client flight and heightened compliance across Mexico’s banking sector, Bloomberg reported.