Author: gracechurchfcp

Belgian Money Laundering Investigation Overlaps With Ukraine War Profiteering Probe

Money Laundering
Belgian prosecutors have seized about $2 million as part of an investigation into Iryna Kut and her diamond company. In Ukraine, authorities raided her warehouses while investigating a scandal about food sold to the military at inflated prices. Kut has not been charged in either country, and it’s unclear if the cases are connected. Formed in 1893, the Diamond Club of Antwerp “watches over certain moral values in the sector,” and hosts more than 150 companies in its building. Among them is IKG, a firm at the center of a Belgian money laundering investigation. The jewelry and diamond trading company…

EXCLUSIVE: Singapore Money Laundering Suspects Spent Lavishly on Dubai Real EstateBullion bypass: How Russia circumvents sanctions to export billions of dollars worth of gold through Armenia

Money Laundering
Singaporean authorities have announced 17 new suspects in their sprawling investigation of a money laundering network, which cleaned billions reaped from illegal gambling and cyberfraud. Leaked data shows that three of those suspects bought properties worth at least $28 million in Dubai, which has become a magnet for dirty money from around the world. Courts in Singapore have already convicted 10 members of the money laundering syndicate. They were arrested in August 2023, when more than 400 officers swept in on multiple locations throughout the Southeast Asian island state. Prosecutors said shortly afterwards that they had seized $1.32 billion in…

AAR CORP. & Former Executive Face $55 Million Penalty Over International Bribery Schemes

Bribery, Prosecutions
AAR CORP., a global aerospace and defense aftermarket solutions company, has agreed to pay over $55 million to resolve U.S. charges related to bribery schemes involving officials in Nepal and South Africa. Between 2015 and 2020, AAR admitted to conspiring to pay bribes to government officials to secure business with state-owned airlines in Nepal and South Africa. In Nepal, the company secured a contract for the sale of two Airbus A330-200 aircraft to Nepal Airlines Corporation by offering and paying bribes through intermediary companies. In South Africa, AAR obtained an aircraft component support contract with South African Airways Technical, a…

Gen Digital’s $55.1M Settlement Closes the Curtain on a Decade-Long Fraud Battle

Fraud, Prosecutions
After ten years of legal wrangling, Gen Digital Inc. — the tech giant once known as Symantec Corp. — has paid $55.1 million to settle a False Claims Act case involving overcharges to the U.S. government. The hefty payout, which includes $16.1 million in damages and $36.8 million in civil penalties, wraps up one of the longest-running procurement fraud battles in recent memory. The saga began with a whistleblower’s claims that Symantec had deliberately fudged its pricing disclosures during negotiations for a lucrative General Services Administration (GSA) contract. Those alleged misrepresentations not only secured higher payments than the government should…

EUR 2.7 million seized in European operation against money laundering and cash smuggling

Money Laundering
From 12 to 24 November, Europol supported Customs authorities from 23 EU Member States in a large operation against money laundering, transnational criminal activities and terrorism financing. The operation resulted in over 500 cash movement checks and the subsequent detection of illicit cash flows of almost EUR 2.7 million in cash. This amount is likely to increase in the upcoming months as many discoveries are currently being prosecuted. In addition to cash, authorities also seized valuable items such as gold and jewellery, including 18 gold bars with a value exceeding EUR 1,7 million. The joint action was aimed at identifying…

Global investigation exposes alleged billion-dollar Russian money-laundering network

Money Laundering
Operatives said to be behind a billion-dollar Russian money-laundering network – used by drug dealers, financial criminals and foreign spies – have been sanctioned and arrested in a coordinated international investigation led by the National Crime Agency. The UK law enforcement body, which tackles serious and organised crime, said the actions constituted the “most significant money laundering operation” it had undertaken in the past few years. The operation involved America’s Federal Bureau of Investigation, France’s Direction Centrale de la Police Judiciaire and Ireland’s Garda. The networks are said to have laundered cash and cryptocurrencies for serious and organised crime gangs…

China jails ex-football head coach for bribery

Bribery
The former coach of the Chinese national men’s football team has been sentenced to 20 years in jail for bribery, state media reported.Li Tie, who also played for Everton in the English Premier League, confessed earlier this year to fixing matches, accepting bribes, and offering bribes to get the top coaching job.The case shows how President Xi Jinping’s anti-corruption crackdown has cut through sport, banking and the military.Earlier this week, three former officials from the Chinese Football Association (CFA) were also handed jail sentences for bribery. More than a dozen coaches and players have been investigated.Li, who was the national…

Prime Minister announces new sanctions and £35 million of emergency support for Ukraine as Russia continues to attack critical national infrastructure

Sanctions
The UK has provided £35 million of emergency support to help Ukraine repair its energy grid and support the most vulnerable through a third winter of war, the Prime Minister has announced today. It comes as the UK also reinforces its iron-clad support for Ukraine by launching fresh sanctions targeting Russia’s energy sector. Today’s sanctions target 20 shadow fleet ships carrying illicit Russian oil, including Ocean Faye, Andaman Skies and Mianzimu, which have each carried more than four million barrels of Russian oil in 2024. Key lynchpins in enabling the trading of Putin’s precious oil, 2Rivers DMCC and 2Rivers PTE…

Basel AML Index 2024

Money Laundering, Risk Assessments
This is the 13th annual Public Edition report of the Basel AML Index, an independent, data-based ranking and risk assessment tool for money laundering and related financial crime risks around the world. The Basel AML Index provides risk scores for countries and jurisdictions based on data from 17 publicly available sources such as the Financial Action Task Force (FATF), Transparency International and the Global Initiative against Transnational Organized Crime. The risk scores cover five domains considered to contribute to a high money laundering risk: Quality of AML/CFT/CPF frameworkCorruption and fraud risksFinancial transparency and standardsPublic transparency and accountabilityLegal and political risksThe…

With sharp rise in incorporations, Wyoming cements reputation as US secrecy haven

Tax Avoidance, Tax Evasion
Wyoming — the least populated U.S. state — has overtaken Delaware for the most corporate registrations per capita, cementing the Cowboy State’s reputation as a top secrecy destination for the ultrawealthy, according to new data released today. The analysis, compiled by corporate data firm OpenCorporates and shared with the International Consortium of Investigative Journalists, shows that the number of Wyoming incorporations shot up by 30% in 2023, while Delaware’s rate of growth slowed. The spike in new incorporations has raised concerns in Wyoming about a possible influx of bad actors seeking to exploit the state’s laws that allow anonymous limited…

OCC Issues Cease and Desist Order Against Bank of America for BSA Deficiencies

Money Laundering
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a cease-and-desist order (order) against Bank of America, N.A. (bank) for deficiencies related to its Bank Secrecy Act (BSA) and sanctions compliance programs. The OCC took this action based on violations and unsafe or unsound practices relating to these programs, including a failure to timely file suspicious activity reports and failure to correct a previously identified deficiency related to its Customer Due Diligence processes. The order also identifies deficiencies in the internal controls, governance, independent testing, and training components of the bank’s BSA compliance program. The order requires the…

FCA secures convictions against two individuals for £1.5m fraud

Digital Currencies, Fraud
Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga, defrauded at least 65 investors out of £1,541,799. The group cold-called consumers, directing them to a professional-looking website where they were offered high returns for fake investments in crypto. Raymondip Bedi pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and money laundering offences at an earlier hearing. Patrick Mavanga pleaded guilty to conspiracy to defraud, conspiracy to breach the general prohibition under the Financial Services and Markets Act 2000 and possession of false identification documents with an…

King Charles’ godson had extensive business ties with a US defense contractor now accused of a massive tax evasion scheme, records show

Tax Evasion
Lord Charles Tryon, who is not accused of wrongdoing, held key positions in several firms prosecutors allege were part of the contractor’s efforts to conceal more than $350 million in profits. A godson of King Charles worked closely with an American financier accused by the U.S. government of evading taxes on more than $350 million in military contract profits, according to corporate documents. Lord Charles Tryon held positions at a number of companies tied to Douglas Edelman, a former defense contractor who was charged in May on 30 counts of tax evasion, conspiracy, and providing false information to U.S. authorities.…

Major Canadian Banks TD and RBC Hold Mortgages for Alleged Toronto Mafia Boss

Money Laundering
Angelo Figliomeni was at the center of a media storm when police brought organized crime and money laundering charges against him in 2019. But the charges were never tried in court, and two top banks continued to do business with him, documents show. With Toronto Dominion Bank already reeling from historic fines in the U.S. for conspiracy to commit money laundering, evidence has emerged that the bank continues to do business in Canada with alleged mafia boss Angelo Figliomeni. Property documents show that Toronto Dominion, better known as TD Bank, continues to provide financing for Figliomeni on two homes in…

Trade-based financial crime accounts for 31% of global fraud costs but just 0.1% of media coverage

Fraud, Trade Based Finance
Trade-based financial crime (TBFC) is responsible for an estimated $1.6 trillion in losses each year, nearly a third of the total cost of global fraud, which stands at $5.127 trillion annually. Yet, despite its massive economic impact, TBFC is alarmingly underreported in the media, making up just 0.1% of all fraud-related mentions in articles over the last year. Meanwhile, other smaller-scale types of fraud like Authorised Push Payment (APP) scams, projected to cost $6.8 billion annually by 2027, receive more media attention. Over the past year, APP scams were mentioned 17,121 times in the media – nearly twice as often…

UK Unleashes Sweeping Sanctions to Target Russia’s War Machine & Shadow Networks Across the Globe

Sanctions
The UK has escalated its pressure on Vladimir Putin, announcing its largest package of sanctions since May. This new wave targets the Kremlin’s sprawling web of military supply chains and the shadowy mercenary groups doing Moscow’s bidding from Ukraine to Africa. With these measures, the UK aims to choke off Putin’s lifelines, hitting Russia where it hurts most: its ability to sustain the prolonged—and increasingly desperate—war in Ukraine. In a statement that underscored the UK’s determination, Foreign Secretary David Lammy said, “Putin is nearly 1,000 days into a war he thought would only take a few. He will fail, and…

OPINION: It’s not the system, it’s the people – TD Bank scandal through a different lens

Money Laundering, Prosecutions
Stop blaming inferior AML software and arrest the individual responsible for the crime, says former federal agent Robert Mazur. TD Bank and its employees had no idea their crimes would be revealed in May of 2021 when Special Agents of the IRS and DEA arrested Da Ying Sze (AKA David). Six years before his arrest, David had began laundering mountains of cash generated from the sale of drugs, including deadly fentanyl, that killed tens of thousands of residents in the United States. Most of the $653m in currency he cleaned went through the TD Bank laundromat, but six other banks…

Bitcoin Fog Operator Sentenced for Money Laundering Conspiracy

Digital Currencies, Money Laundering, Prosecutions
Operator of Notorious Darknet Cryptocurrency “Mixer” Laundered $400M in Cryptocurrency since 2011A dual Russian-Swedish national was sentenced today to 12 years and six months in prison for his operation of the longest-running bitcoin money laundering service on the darknet. According to court documents and evidence presented at trial, from 2011 through 2021, Roman Sterlingov, 36, was involved in operating Bitcoin Fog, the darknet’s longest-running cryptocurrency “mixer.” Over the course of its decade-long operation, Bitcoin Fog gained notoriety as a go-to money laundering service for criminals seeking to hide their illicit proceeds from law enforcement and processed transactions involving over 1.2…

Luxembourg Bank ‘Central’ to Purchase of High-End British Real Estate with Embezzled Azerbaijan Funds, U.K. Police Say

Money Laundering
The U.K.’s National Crime Agency successfully argued in a High Court case in London that accounts at the Banque Internationale à Luxembourg were used to move millions from a high profile embezzlement case in Azerbaijan into expensive properties. Accounts at a major Luxembourg bank played a “central” role in moving funds from an embezzlement scheme that led to the imprisonment of the former chairman of the International Bank of Azerbaijan, Jahangir Hajiyev, according to the U.K.’s National Crime Agency (NCA). The claim by the NCA sheds light on how tens of millions of dollars stolen from Azerbaijan’s most important state-owned…

Telefónica Venezolana to Shell Out $85 Million to Settle U.S. Bribery Probe Amid Venezuelan Currency Scandal

Bribery, Prosecutions
Venezuela’s Telefónica Venezolana—a subsidiary of Spanish telecom giant Telefónica S.A.—has agreed to pay over $85 million to resolve allegations of bribery. The telecom firm admitted to a scheme involving payments to Venezuelan officials to gain preferential access to U.S. dollars through a government currency auction, a critical exchange in a nation with tight foreign currency controls. This DOJ settlement spotlights not only the costs of corporate corruption but also the lengths companies sometimes go to work around challenging market conditions in places like Venezuela. In a deferred prosecution agreement (DPA) filed in New York federal court, Telefónica Venezolana conceded to…

Ukrainian MP’s Family Linked to $1M Dubai Real Estate Amid War

Corruption
Family of Ukrainian MP purchased over $1 million in Dubai real estate as Russia’s invasion intensified, raising questions over funding sources and alleged ties to inflated military contracts. The family of Hennadiy Kasai, a Ukrainian parliament member from President Volodymyr Zelenskyy’s Servant of the People party, secretly acquired over $1 million in Dubai real estate during Russia’s full-scale invasion, the Radio Free Europe/Radio Liberty’s (RFE/RL) Ukrainian service revealed Tuesday in its investigation. Documents from United Arab Emirates public registers, obtained by Schemes, an investigative project from RFE/RL Ukrainian service, and verified with OCCRP, show that Kasai’s daughter and nephew purchased…

Sanctions and Evasion Updates: Insights from OCCRP

Sanctions
At OCCRP, we strive to shed light on the pressing issues surrounding sanctions and sanctions evasion. We are excited to share the latest stories from OCCRP and its partners, along with our efforts at the Global Anti-Corruption Consortium (GACC) to amplify their impact.‍Key Themes from Our ReportingRecent reporting exposed how: ‍ A Cyprus IntermediaryTogether with OCCRP, our partners from the Belarusian Investigative Center (BIC), Schemes (Ukraine), and Belsat (Belarus), uncovered how a mysterious Cyprus-based company with ties to a former Belarusian official is being paid millions of euros by the Belarusian government to facilitate its trade in potash through Russia’s…

Integrity and independence of criminal justice institutions in the Western Balkans

Law Enforcement
Despite reforms, political influence continues to affect prosecutorial and police services across Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia (collectively, WB6), hindering effective action against organized corruption. The report provides a detailed examination of police and prosecution services in the region and evaluates the integrity, operational independence, and oversight of these institutions, especially in their role against organized crime and corruption. WB6 countries face challenges like ineffective internal oversight, low conviction rates for high-ranking officials, and limited resources within dedicated anti-corruption divisions within police and prosecution services. This study emphasizes the need for reinforced accountability, resilience, and…

International operation leads to seizure of 2 000 fake works of art with potential losses of EUR 200 million

Art Dealers, Art Market, Fraud
Thirty-eight people have been indicted following an unprecedented operation supported by Eurojust against a criminal network for forging over 2 000 works of contemporary art. A year-and-a-half-long investigation by Italian authorities, in cooperation with Belgian, French and Spanish counterparts, led to the dismantling of the network, which would have caused economic damage of EUR 200 million. Fake art seizedThe fake art recovered by the authorities included forged works by famous artists such as Banksy, Andy Warhol, Pablo Picasso, Joan Miró, Francis Bacon, Wassily Kandinsky, Gustav Klimt, Claude Monet, Vincent van Gogh and Salvador Dalí. Investigations into the fake works revealed…

CTED Trends Tracker | Evolving Trends in the Financing of Foreign Terrorist Fighters’ Activity: 2014 – 2024

Counter Terrorist Financing, Terrorism
In its resolution 2178 (2014), adopted unanimously on 24 September 2014, the Security Council expressed particular concern over the acute and growing threat posed by foreign terrorist fighters (FTFs), in particular those recruited by Islamic State in Iraq and the Levant (ISIL or Da’esh), the Nusrah Front and Al-Qaida. It also underlined the need to disrupt financial flows supporting FTFs, while respecting international human rights law, international refugee law, and international humanitarian law. In that resolution, the Council also directed CTED to identify issues, trends and developments related to FTFs. In this regard, the Trends Tracker offers a brief examination…

Swiss Lawyers Won’t Face Duty to Flag Dirty Money: Minister

Money Laundering
Switzerland’s parliament is unlikely to adopt rules forcing lawyers to fight money laundering as many lawmakers are themselves attorneys, the country’s finance minister said. “It’s very difficult because there are a lot of lawyers in parliament and they really don’t feel that they have anything to do with that,” Karin Keller-Sutter said on Thursday at a Bloomberg event in Zurich. Her comments come as the Swiss parliament debates a draft law that would force companies to declare their real ownership and require lawyers to flag suspect transactions — or face criminal prosecution. With Switzerland’s traditional bank secrecy now notionally a…

New failure to prevent fraud guidance published

Fraud
Today we’ve published guidance that will provide organisations with important advice on the new corporate criminal offence of ‘failure to prevent fraud’, helping make sure they are taking action to prevent fraud. Introduced last year as part of the Economic Crime and Corporate Transparency Act (ECCT), the offence is intended to hold large organisations to account if they profit from fraud. Under the offence, which has cross-Parliament support, large organisations may be held criminally liable where an employee, agent, subsidiary, or other “associated person”, commits a fraud intending to benefit the organisation. Examples may include dishonest sales practices, the hiding…

Commission presents a new study on areas most at risk of corruption

Bribery, Corruption
No area is free from corruption, but certain areas may present higher risks than others. These are areas that involve management of significant public funds or access to critical services, such as health care. On 4 November 2024, the Commission published its study, High-risk areas of corruption in EU Member States: a mapping and in-depth analysis, which was contracted in 2023 to identify areas most at risk of corruption and provide an in-depth analysis of the nature of and reasons behind these risks. Six EU-wide sectors emerged as high-risk areas of corruption where the Commission will be prioritising actions: healthcare,…

TD Bank Pleads Guilty to $1.8 Billion in Criminal Penalties, Totaling Over $3 Billion in Regulatory & Civil Penalties

Money Laundering, Prosecutions
TD Bank, one of the largest financial institutions in North America, has pleaded guilty to multiple felonies and agreed to pay a staggering $1.8 billion in criminal penalties, in a resolution that also involves civil enforcement actions totaling over $3 billion. This marks the largest penalty ever imposed under the Bank Secrecy Act (BSA) and signals a significant shift in how U.S. regulators are addressing persistent compliance failures in the banking industry. In an unprecedented move, the U.S. Department of Justice (DOJ) applied the Bank Secrecy Act’s daily fine provision—$500,000 per day for violations—making it the first-ever daily fine levied…

Alleged Hong Kong Crypto Swindler Tied to Singapore Money Laundering Syndicate

Digital Currencies, Prosecutions
A Chinese national accused of stealing millions from investors after the collapse of a cryptocurrency exchange also owned companies with businessmen linked to major money laundering investigations in Southeast Asia — including one who has been convicted, and another suspect on the run. Hong Kong police have called Su Weiyi the “mastermind” behind Atom Asset Exchange (AAX), which had more than two million users before collapsing in 2022. Su Weiyi allegedly absconded with investors’ money, but returned to Hong Kong where he was arrested on July 18 and charged with theft. The charges have not been proven in court and…

Citigroup Ordered to Strengthen AML Compliance Amid Federal Scrutiny

Money Laundering
Citigroup Inc., one of the largest banking institutions in the United States, has been ordered to significantly overhaul its anti-money laundering (AML) compliance programs following deficiencies uncovered by federal regulators. A consent order, issued jointly by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), requires Citigroup to implement sweeping reforms across its subsidiaries to address critical lapses in its oversight and governance. Citigroup’s global operations, including its ownership of Citibank, N.A. in South Dakota and Banamex USA in California, are governed by stringent U.S. anti-money laundering laws. The Bank…

Popular golf course to be sold after fraud scandal

Fraud
A popular English championship golf course is set to be sold after becoming embroiled in a high-profile fraud scandal. Mill Ride Golf Club in Berkshire was one of a number of assets forfeited by the wife of a jailed banker following a six-year National Crime Agency (NCA) investigation into fraudulent acquisitions. Zamira Hajiyeva was forced to give up the Berkshire course – as well as a £14million Knightsbridge House – after the NCA concluded it was obtained as a “direct result of large-scale fraud and embezzlement, false accounting and money laundering.” Her husband Jahangir is the former chairman of the…

Raytheon to Pay Over $950 Million in DOJ Settlement for Defective Pricing, Foreign Bribery, & Export Control Violations

Bribery, Prosecutions
Raytheon Company, a defense giant and subsidiary of RTX, has agreed to pay over $950 million to settle criminal and civil investigations by the Department of Justice (DOJ). The hefty settlement addresses the company’s involvement in fraudulent pricing schemes, violations of the Foreign Corrupt Practices Act (FCPA), and breaches of export control regulations under the Arms Export Control Act (AECA). The DOJ has outlined two significant schemes. The first relates to Raytheon’s fraudulent pricing practices on U.S. Department of Defense (DOD) contracts, while the second involves foreign bribery in Qatar and the company’s failure to properly disclose such conduct in…

Kuwait’s measures to combat money laundering and terrorist financing

Counter Terrorist Financing, Money Laundering
Kuwait has an adequate legal and supervisory framework to address illicit finance, but has serious shortcomings delivering effective outcomes, including its understanding, investigation and prosecution of money laundering and terrorist financing. The FATF/MENAFATF mutual evaluation report of Kuwait assessed the effectiveness of Kuwait’s measures to combat money laundering, terrorist financing and proliferation financing, and their level of compliance with the FATF Recommendations. Kuwait is a high-income country with low levels of violent crime but that nevertheless faces money laundering risks from crimes that include fraud, corruption, forgery and offences committed abroad. The country is exposed to terrorist financing risks from…

Justice Department Unveils Comprehensive Strategy to Combat AI-Enabled Cybercrime, Emphasizes International Cooperation

Cyber Crime
The Department of Justice’s Criminal Division unveiled today a sweeping new framework for addressing cybercrime and artificial intelligence-enabled criminal activities, signaling a major evolution in the federal government’s approach to technology-enabled threats. Principal Deputy Assistant Attorney General Nicole M. Argentieri, speaking at the Computer Crime and Intellectual Property Section’s Symposium hosted by the Center for Strategic and International Studies in Washington, DC, detailed the division’s ambitious strategy to combat increasingly sophisticated digital threats while safeguarding civil liberties and promoting responsible innovation. The newly released Strategic Approach to Countering Cybercrime marks the Justice Department’s most comprehensive response yet to the challenges…

UK sanctions Russian troops deploying chemical weapons on the battlefield

Sanctions
Russian troops involved in the abhorrent use of inhumane chemical weapons on the battlefield in Ukraine have been targeted by new UK sanctions. Russia’s Radiological Chemical and Biological Defence (CBR) troops and their commander have been sanctioned for the deployment of barbaric chemical weapons in UkraineUK calls out Russia’s flagrant violation of the Chemical Weapons Convention (CWC) and urges Russia to immediately cease all such activityaction continues the Foreign Secretary’s personal mission to target the full spectrum of the Kremlin’s malign activity through our arsenal of sanctionsRussian forces have openly admitted to using hazardous chemical weapons on the battlefield, with…

OCC Cracks Down: October Enforcement Actions Highlight BSA/AML Failures & Insider Threats

Money Laundering, Prosecutions
The Office of the Comptroller of the Currency (OCC) has unveiled its latest round of enforcement actions for October 2024, cracking down on banks and individuals for a variety of compliance failures. This month’s actions cover a wide spectrum of issues, from severe violations in Bank Secrecy Act/Anti-Money Laundering (BSA/AML) programs to internal fraud by individual employees. The most significant penalty on the list goes to TD Bank, which received a hefty $450 million civil money penalty, coupled with a cease-and-desist order, for BSA/AML compliance deficiencies. This penalty continues to send shockwaves through the financial sector. It highlights that when…

Billion-dollar cyberfraud industry expands in Southeast Asia as criminals adopt new technologies

Fraud
A new report launched today has found that Asian crime syndicates have integrated new service-based business models and technologies including malware, generative artificial intelligence (AI), and deepfakes into their operations while establishing new underground markets and cryptocurrency solutions for their money laundering needs.The report, titled Transnational Organized Crime and the Convergence of Cyber-Enabled Fraud, Underground Banking, and Technological Innovation: A Shifting Threat Landscape, is the second in a series of ongoing threat analyses produced by the UN Office on Drugs and Crime (UNODC).“Organized crime groups are converging and exploiting vulnerabilities, and the evolving situation is rapidly outpacing governments’ capacity to…

DOJ’s New Corporate Compliance Blueprint: AI Risks, Whistleblower Protections, and Financial Accountability Take Center Stage

Whistleblowing
At the Society of Corporate Compliance and Ethics (SCCE) 23rd Annual Compliance & Ethics Institute, Principal Deputy Assistant Attorney General Nicole M. Argentieri delivered a keynote speech underscoring the U.S. Department of Justice’s (DOJ) evolving corporate enforcement landscape. Compliance professionals were at the center of her address, emphasizing their critical role in upholding corporate integrity. Argentieri’s speech wasn’t merely a high-level overview of DOJ priorities; it was a call to action for compliance officers and GRC professionals. With the increasing complexity of corporate crimes, driven in part by disruptive technologies like artificial intelligence, the DOJ’s message was clear: robust compliance…

New York Man Pleads Guilty in Crypto-Fueled $25M Money Laundering Case

Digital Currencies, Money Laundering, Prosecutions
The U.S. Attorney’s Office and the FBI announced on Friday that Yanbing Chen, a 30-year-old from Brooklyn, N.Y., pleaded guilty to his involvement in an international money laundering and drug trafficking conspiracy. The organization, led by Jin Hua Zhang of Staten Island, laundered over $25 million in drug proceeds and illegal funds. Chen delivered $50,000 in drug profits, which were converted to Tether, a cryptocurrency, and transferred to Zhang, minus a fee. The funds were traced to multiple countries, including Hong Kong, India, and Brazil. Additionally, Chen transported five kilograms of cocaine in two separate meetings under Zhang’s direction. Zhang…