FinCEN Launches New Whistleblower Portal
The Financial Crimes Enforcement Network (FinCEN) has launched a dedicated portal to accept whistleblower tips on money laundering, fraud, and sanctions violations, the U.S. Treasury Department announced on Friday.
Athletics Academy Violated Sanctions by Taking Drug Money
A Florida company that offers elite sports training will pay $1.72 million to settle potential civil liability for allowing the children of suspected Mexican drug traffickers to take part in its programs.
To Bypass Russia Sanctions, Newly Sold Foreign Cars Often Take a Detour in China
Tens of thousands of foreign-brand cars are reaching Russia via China through gray-market channels that often circumvent sanctions and automakers’ pledges to exit the Russian market.
Paxful to Pay $4 Million for Helping Sex Traffickers and Money Launderers
Paxful Holdings Inc., a peer-to-peer virtual currency trading platform, was sentenced on Tuesday to pay a $4-million criminal penalty after pleading guilty to conspiracies tied to illegal prostitution, anti-money-laundering failures and transmitting criminal proceeds.
Council of Europe Ends Immunity for Former Leader Ahead of Epstein Probe
The Council of Europe has agreed to remove the diplomatic immunity granted to Thorbjoern Jagland, clearing the way for Norwegian police to investigate the former secretary general’s newly uncovered relationship with Jeffrey Epstein.
Australian Banks and Businesses Tackle Financial Abuse Together
A newly formed group of businesses and organizations in Australia are set to team up to fight financial abuse as part of a new program that encourages collaboration to address major social and economic ills.
Bipartisan Bill Would Make Russian Mercenaries Foreign Terrorists
A bipartisan coalition of U.S. House lawmakers has introduced legislation that would order the State Department to add Russian mercenary groups to its list of Foreign Terrorist Organizations (FTOs).
Western Trade Data Points to Trillions Lost to Deliberate Misinvoicing
Trade misinvoicing may have siphoned roughly $3.64 trillion in illicit value out of the Western hemisphere over the decade from 2013 to 2022, with annual “trade value gaps” climbing to a new high of about $473.2 billion in 2022, according to a new report by Global Financial Integrity (GFI).
How Dirty Crypto Gets Cleaned in a Gig Economy
Drug cartels and other criminal groups are increasingly using cryptocurrencies and a growing “gig” workforce of freelance brokers and couriers to launder cash and evade law enforcement, Bloomberg Businessweek reported.
EU May Ban Crypto Payments Tied to Russia, Restrict Exports for Kyrgyzstan
The European Commission has proposed a blanket ban on cryptocurrency transactions linked to Russia and new trade restrictions on Kyrgyzstan in an effort to close loopholes used by Moscow to fund its war in Ukraine.