Month: November 2025

Belgian Authorities Charge Ex-EU Justice Chief for Money Laundering

Money Laundering
Belgian authorities charged former Belgian Deputy Prime Minister—who also served as the EU Commissioner for Justice—Didier Reynders with money laundering, involving around one million euros in liquid cash found in his bank account. According to reports by Le Soir and Dutch investigative news outlet Follow The Money, Reynders was interrogated on October 16 in connection with unexplained cash deposits totaling approximately 700,000 euros ($803,098), which authorities allege he made into an ING Bank account between 2008 and 2018. His wife, Bernadette Prignon, was also reportedly questioned but has not been charged. Reynders’ lawyer, André Renette, confirmed in a statement seen…

Shortcomings in Money Laundering Prevention Lead to €45 Million Fine for J.P. Morgan

Money Laundering, Prosecutions
Germany’s financial watchdog has fined J.P. Morgan €45 million after identifying widespread failures in the bank’s processes for reporting suspicious transactions, according to a notice from the Federal Financial Supervisory Authority (BaFin). The Frankfurt-based institution was found to have “culpably breached” its supervisory obligations related to internal controls designed to detect and report potential money laundering. BaFin said that, between October 4, 2021, and September 30, 2022, the bank systematically failed to submit suspicious transaction reports to the German Financial Intelligence Unit (FIU) without undue delay, a core requirement under Germany’s Money Laundering Act (Geldwäschegesetz). The enforcement action became final…

Europe-Wide Crackdown Targets Crypto Fraud, 600M Euros Stolen

Digital Currencies, Fraud
Authorities across Europe dismantled a massive cryptocurrency fraud and money laundering network, arresting nine suspects in a coordinated operation spanning Cyprus, Spain, and Germany. The network allegedly scammed hundreds of victims out of more than 600 million euros ($688.9 million), Eurojust, the European Union’s judicial cooperation hub, said Tuesday. The suspects reportedly created dozens of fake crypto investment platforms that mimicked legitimate websites and promised high returns. Victims were recruited through social media ads, cold calls, fake news articles, and fabricated celebrity endorsements. Once funds were transferred, victims were unable to recover their money. Investigators said the criminals laundered the…

First Trust Portfolios Fined $10 Million Over Improper Gifts & Misleading Records

Bribery, Prosecutions
First Trust Portfolios has agreed to pay a $10 million fine and accept a censure after the Financial Industry Regulatory Authority (FINRA) found the firm provided lavish gifts and entertainment to broker-dealer representatives in violation of longstanding limits on non-cash compensation tied to investment product sales. The settlement is outlined in a Letter of Acceptance, Waiver and Consent (AWC) that First Trust submitted without admitting or denying the findings. The Illinois-based firm, a wholesale distributor of investment company securities, has been a FINRA member since 1991 and works with hundreds of registered representatives across the country. According to FINRA, from…

France Puts Cement Giant on Trial for Allegedly Financing ISIS

Counter Terrorist Financing, Terrorism
A French court on Tuesday opened the trial of cement giant Lafarge over allegations the company paid millions of euros to jihadist groups in Syria between 2013 and 2014 to keep a local plant running during the country’s civil war. The Paris Criminal Court is hearing the case against the French company and eight other defendants accused of financing armed groups in war-torn Syria, including the Islamic State of Iraq and al-Sham (ISIS) and the al-Nusrah Front (ANF), to keep its local subsidiary operating. The trial is scheduled to run until December 16. Among the accused is former CEO Bruno…

Ukraine Cracks Down on ‘Shadow Managers’ in $100 Million Energy Fraud Case

Fraud
Ukraine’s government has moved to sanction businessman Timur Mindich, a close associate and business partner of President Volodymyr Zelenskyy, amid a widening corruption probe that has already ensnared several senior officials. The decision was announced Wednesday, a day after Ukraine’s National Anti-Corruption Bureau (NABU) said it had dismantled a high-level criminal organization accused of siphoning large sums from the country’s state-owned nuclear energy operator, Energoatom, through an elaborate kickback and money-laundering scheme. NABU said the 15-month investigation, codenamed Midas, uncovered a group of so-called “shadow managers” who allegedly infiltrated Energoatom to systematically extort kickbacks from contractors and laundered an estimated…

Turkish Prosecutors Seek Over 2,000 Years for Incarcerated Istanbul Mayor

Bribery, Fraud, Money Laundering
Turkish prosecutors accused Istanbul Mayor Ekrem İmamoğlu, who has been incarcerated since March, of 143 corruption and organized crime offenses, including bribery, money laundering, and fraud against public institutions, according to the state-owned Anadolu Agency. If convicted, he could face 849 to 2,430 years in prison. Istanbul Chief Prosecutor Akin Gurlek told media that the indictment is complete and a lawsuit has been filed with the Istanbul High Criminal Court. The case names 402 suspects, including 105 individuals and İmamoğlu himself, who are already in detention. The indictment described İmamoğlu as heading a crime network likened to “the tentacles of…

‘Simplified’ AML rules will streamline EU data-sharing, ‘Compliance Council’ hears

Regulation
SIMPLIFYING AML rules across the EU will help institutions to share data to combat financial crime, according to a senior European Commission figure. Claude Bocqueraz is Deputy Head of the Financial Crime Unit at the European Commission’s DG-FISMA, said the move will be spearheaded by AMLA, the EU’s new Anti-Money Laundering Authority. “For years, one of the biggest bottlenecks in the AML system has been the difficulty of exchanging data and information,” she said. [The] new EU AML package has taken significant steps to enhance cooperation and information sharing at all levels. [It] introduces a legal basis for public private…

UK Jails Crypto Fraud Masters After Record 60,000-Bitcoin Seizure

Digital Currencies, Fraud, Prosecutions
A Chinese national and her accomplice were sentenced Tuesday in London for laundering funds from a massive investment fraud in China, involving more than 128,000 victims and losses of roughly 600 million pounds ($790.6 million), the Crown Prosecution Service said. Zhimin Qian, also known as Yadi Zhang, 47, was sentenced to 11 years and eight months at Southwark Crown Court after pleading guilty to possession and transfer of criminal property, offenses connected to laundering the proceeds of the fraud. Her accomplice, Malaysian national Seng Hok Ling, 47, received a sentence of four years and 11 months for a money laundering…

SFO announces investigation into $28 million crypto scheme

Digital Currencies, Fraud
The Serious Fraud Office (SFO) today issued an appeal for investors to come forward with any information they hold about the collapse of a $28 million cryptocurrency scheme called Basis Markets. The SFO launched an investigation into the suspected fraudulent scheme with two raids in West Yorkshire and London. Investigators, supported by the Metropolitan Police and West Yorkshire Police, searched properties in Herne Hill and near Bradford, arresting two men, one in his thirties and another in his forties, on suspicion of multiple fraud and money laundering offences. Basis Markets raised approximately US$28m via two public fundraisers, one in November…

Albania Suspends Deputy PM Balluku in Major Tender Probe

Corruption
Albania’s Special Court for Organized Crime and Corruption last Friday suspended Deputy Prime Minister and Infrastructure Minister Belinda Balluku and barred her from leaving the country as she faces charges of abusing major public tenders. In its ruling, the court said Balluku is accused of manipulating procurement procedures for the 190 million euros ($219.2 million) Llogara Tunnel project and for Lot 4 of Tirana’s Outer Ring Road. Judges continued two security measures against her—a ban on leaving the country and suspension from exercising any public duty or service. The court also kept two of her subordinates under house arrest: Albanian…

Peru Jails Ex-President Vizcarra After 14-Years Corruption Sentence

Corruption, Prosecutions
Former Peruvian president Martín Vizcarra was transferred to Lima’s Barbadillo prison on Wednesday evening to begin serving a 14-year sentence, a day after a Peruvian court found him guilty of corruption, state news agency Andina reported Thursday. The court ruled that Vizcarra accepted more than $600,000 in bribes in exchange for granting public works contracts to companies during his tenure as governor of the southern Moquegua region between 2011 and 2014. “It is noted that Martin Vizcarra committed illegal acts by taking advantage of his position as Moquegua region governor, conditioning the bidders to award them the contract in exchange…

South Korea Sanctions Sprawling ‘Prince Group’ Alleged Criminal Empire

Sanctions
In a bid to protect its citizens from human trafficking and cyber scams, South Korea imposed sanctions today on 132 entities and 15 people it said were part of a criminal network based in Cambodia. The government said in a statement that these were its “first-ever autonomous sanctions targeting transnational crime.” The list of sanctioned entities and individuals largely replicated actions by the U.S. and U.K., which together announced a sanctions package last month targeting the “Prince Group Transnational Criminal Organization.” “Among those designated are individuals and entities connected to the Prince Group, which developed and operated massive scam compounds……

EPPO Uncovers €78 Million VAT Fraud in Croatia and Italy

Fraud
The European Public Prosecutor’s Office (EPPO) on Wednesday said it uncovered the first multimillion-euro VAT fraud in Croatia, involving 78 million euros ($90.27 million) in unpaid tax, highlighting cross-border coordination to disrupt large-scale tax evasion in the EU. The investigation targeted a criminal group trading in electronics and hygiene products, resulting in arrests and asset seizures in both Croatia and Italy. In Croatia, six suspects were arrested, with pre-trial detention requested for five, and authorities froze two properties and eight vehicles worth around 650,000 euros ($752,240). In Italy, the Court of Naples froze 33 million euros ($38.19 million) in assets…

Exiled Gabonese First Lady, Son Sentenced in Absentia to 20 Years for Corruption

Corruption, Prosecutions
A Gabonese court on Wednesday sentenced former First Lady Sylvia Bongo and her son Noureddin Bongo Valentin to 20 years in prison for embezzlement, bribery, money laundering, and other corruption-related offenses. Both were tried and sentenced in absentia while living in exile in London. The court also ordered each to pay a fine of 100 million CFA francs (about $177,000). In addition, Noureddin Bongo must pay 1.2 trillion CFA francs (nearly $2.1 billion) in damages, while the two were jointly ordered to pay another 1 trillion CFA francs (more than $1.7 billion) for “moral harm” against the state. The verdict…

Turkey Seizes Control of Crypto Company Suspected of Money Laundering

Digital Currencies, Money Laundering
The Istanbul prosecutors’ office announced on Friday that the COINO Crypto Asset Platform and 15 other companies have been seized on charges of money laundering, and 17 suspects detained. It said the cryptocurrency company was used as intermediary in the laundering of criminal proceeds “belonging to the suspects and their relatives, which were considered to have assets originating from crime [and] were seized by the decision of the Istanbul Criminal Court of Peace.” The prosecutors’ office said that the crypto movements were likely worth nearly 770 million US dollars. “The Prosecutor’s Office stated that 645 of the 802 natural persons…

Roman Abramovich makes claim of ‘conspiracy’ against Jersey government

Corruption, Investigation
The former Chelsea owner Roman Abramovich is making a claim of “conspiracy” against the government of Jersey after the crown dependency launched a criminal investigation into allegations of corruption and money laundering in connection with the original source of the oligarch’s wealth. The latest move threatens to throw open parts of a secretive legal battle on the Channel island about the tycoon’s rise to become one of the world’s richest people, which emerged in September after a Switzerland federal criminal court ordered the release of a cache of Swiss banking records requested by the Jersey attorney general. The Russian billionaire…

Leaked Russian Records Reveal Obscure Firms Helping Bust Oil Sanctions on North Korea

Sanctions
For the past eight years, Russia and its fellow U.N. Security Council members have maintained economic sanctions on North Korea over its nuclear testing, including severe restrictions on selling crude oil and refined petroleum exports to the isolated dictatorship. The 2017 sanctions limit total exports of oil products to North Korea to 500,000 barrels per country per year. But an investigation last year by the Open Source Center, a U.K.-based research group, estimated that Russia shipped more than double the annual limit to North Korea over just nine months last year. That investigation was based on satellite imagery that, according…

Investigation ‘Fuel family’: Seizures in €260 million VAT fraud in Italy

Sanctions
At the request of the European Public Prosecutor’s Office (EPPO) in Bologna and Naples (Italy), the Italian Financial Police (Guardia di Finanza) in Naples carried out preventive seizures today, in an investigation into a €260 million VAT fraud scheme involving a criminal network alleged to have imported fuel to the Italian market while systematically evading VAT. The seized assets belong to the company owned by the ringleader of the criminal network, an entrepreneur from Campania, who had been convicted at first instance on 15 October and sentenced to eight years in prison and a fine of €8 600, along with…

Risk assessment processes and controls in firms: our findings

Law, Regulation & Guidance, Regulation
We share findings and highlight good and poor practice to help firms reflect on how they are meeting the existing risk assessment requirements. In 2025, we carried out a multi-firm review focusing on business-wide risk assessment (BWRA) and customer risk assessment (CRA) processes. Our key findings centre around how firms: Identify, understand and assess risk.Appropriately mitigate risk.Effectively manage risk.This review is part of our wider financial crime supervisory work in support of our 2025–30 strategy. Who this applies toFirms.Money Laundering Reporting Officers (MLROs).Senior Managers with oversight.Industry practitioners working in financial crime prevention roles and responsible for assessing risk and setting…