Category: Money Laundering

FINMA proceedings: HSBC Private Bank (Suisse) SA violated money laundering regulations

Money Laundering
HSBC Private Bank (Suisse) SA breached its obligations in the prevention of money laundering in connection with two politically exposed persons and thereby seriously violated financial market law. This was established in the context of enforcement proceedings by the Swiss Financial Market Supervisory Authority FINMA, which has imposed measures to ensure that compliance with the law is restored. The decision orders that, until these measures have been implemented in full, the bank may not enter into any new business relationships with politically exposed persons. In December 2021, FINMA opened enforcement proceedings against HSBC Private Bank (Suisse) SA in connection with…

Money laundering gang jailed over £1.2m IT fraud

Money Laundering, Prosecutions
Five people who helped launder the proceeds of a £1.2m computer scam have been jailed. The fraud targeted elderly and vulnerable people, tricking them into paying out thousands of pounds each to fix non-existent IT problems. Between May 2015 and November 2019 the gang transferred £1,289,837 to two brothers based in India, who had been posing as representatives of HP, Microsoft Norton and Epson to defraud their victims. Amanda Grigg, 66, of Truro, Gena Harrington, 39, of Birmingham, Bindu Devasia, 49, of Kent, Nicholas Alcide, 40, of Birmingham, and Jose Kuriakose, 50, of Kent, were sentenced at Leeds Crown Court…

Singapore Unveils Updated Risk Assessment on Money Laundering

Money Laundering, Risk Assessments
Singapore recently published its updated Money Laundering (ML) National Risk Assessment (NRA). This comprehensive assessment, a collaborative effort involving supervisory and law enforcement agencies, the Suspicious Transaction Reporting Office (STRO), private sector entities, and international counterparts, synthesizes the current ML risks facing the nation. Since the last assessment in 2014, Singapore has been diligently monitoring money laundering risks, conducting thematic assessments on the misuse of legal persons, virtual assets, and environmental crime. These efforts ensure timely identification and mitigation of risks by relevant stakeholders. Exposure Due to Economic Openness Singapore’s status as a global financial center and trading hub exposes it to…

EU ushers in new anti-money laundering era

Money Laundering, Regulation
The EU is revolutionising its approach to money laundering and the financing of terrorism with the creation of a new bloc-wide body and a raft of new regulations. In a decisive move designed to beef up its defences against the ever-present scourge of , on Thursday (19 June) the European Union unveiled its comprehensive Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislative package. The package, which was formally adopted by the European Parliament in May, establishes a new EU Anti-Money Laundering Authority (AMLA) and introduces stricter regulations aimed at enhancing transparency and accountability across the financial system. The new…

Epoch Times CFO charged in $67m money-laundering plot

Money Laundering, Prosecutions
The chief financial officer of the Epoch Times news outlet has been arrested over his alleged involvement in a massive money-laundering scheme.  Federal prosecutors allege that Bill Guan, 61, participated in a global plot to launder at least $67m (£52m) of illegal cash to benefit himself and the Epoch Times. According to the indictment, Mr Guan led the outlet’s “Make Money Online” team, which used cryptocurrency to purchase tens of millions worth of crime proceeds.  Mr Guan has not yet entered a plea. If convicted, he could spend more than 30 years in prison.  In a statement on Monday evening,…

Singapore Money Laundering Suspects Invested Huge Sums in Dubai Property

Money Laundering
Three people arrested in a raid on an alleged money laundering ring in Singapore invested over $30 million in Dubai real estate, leaked data reveals. One of the suspects, who was wanted in China at the time, was behind a property broker that became a major sales agent for the city’s largest real estate developer, part-owned by Dubai’s ruler. Key FindingsSu Jianfeng, in detention in Singapore awaiting trial for charges of money laundering and fraud, is an owner of Dubai-based broker Fidu Properties DMCC. That firm was part of the Fidu Property Real Estate Brokerage, a top partner for Emaar…

Canada’s anti-money laundering agency imposes $6.7 mln fine on TD Bank

Money Laundering, Prosecutions
May 2 (Reuters) – Canada’s anti-money laundering agency said on Thursday it had imposed its biggest-ever penalty of nearly C$9.2 million ($6.71 million) on TD Bank (TD.TO) The bank has been grappling with regulatory probes over its AML compliance program both at home and in the United States, which have been a drag on the stock’s performance.The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said the administrative monetary penalty on TD Bank was imposed on April 9 following a compliance examination in 2023. FINTRAC said it found that TD Bank had failed to submit suspicious transaction reports as…

AUSTRAC and SkyCity agree to proposed $67 million penalty

Money Laundering, Regulatory Fines
SkyCity Adelaide Pty Ltd (SkyCity) and AUSTRAC have filed joint submissions with the Federal Court of Australia, proposing a $67 million penalty over the casino’s contravention of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). A court hearing has been set down for 7 June 2024, at which Justice Lee will consider the parties’ proposed settlement. While AUSTRAC and SkyCity agree that a $67 million penalty is appropriate in all the circumstances, it is a matter for the court to determine the appropriate penalty. In reaching this agreement, SkyCity has admitted that it operated in contravention of the…

Nearly 40% of dirty money is laundered in London and UK crown dependencies

Money Laundering
Deputy foreign secretary urges Cayman and British Virgin Islands to implement UK law requiring public registers of funds Nearly 40% of the dirty money in the world is going through the City of London and other crown dependencies, the UK’s deputy foreign secretary has said. Andrew Mitchell added the crown dependencies and overseas territories will face fresh demands from the Foreign Office to comply with UK laws setting up public registers of beneficial share ownership. Since legislation was passed in the House of Commons in 2016 the UK has faced prevarication from overseas territories which are reluctant to set up…

FINTRAC imposes an administrative monetary penalty on Binance Holdings Limited

Money Laundering, Uncategorized
FINTRAC announced today that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance. This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. Binance Holdings Limited was found to have committed the following administrative violations: Quote “Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC will continue…

Urgent action needed to fight money laundering and terrorist financing, say heads of FATF, INTERPOL and UNODC

INTERPOL, Money Laundering
Vienna (Austria), 13 May 2024 – Countries need to urgently step up their efforts to target the huge illicit profits generated by transnational organized crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations.This was the unprecedented call to action from the heads of the Financial Action Task Force (FATF), INTERPOL and the UN Office on Drugs and Crime (UNODC) in Vienna today at a high-level side event on the first day of the 33rd session of the Commission on Crime Prevention and Criminal Justice (CCPCJ).By focussing on the proceeds of crime and the illicit financial networks behind them,…

Chinese takeaway worker Jian Wen jailed for money laundering after £3bn Bitcoin seizure

Money Laundering
A former Chinese takeaway worker found guilty of money laundering after police seized more than £3bn worth of Bitcoin has been jailed for more than six years. Jian Wen, 42, came to the attention of police when she tried to buy some of London’s most expensive properties, including a £23.5m seven-bedroom Hampstead mansion with a swimming pool and a nearby £12.5m home with a cinema and gym. The investigation led to the UK’s biggest-ever cryptocurrency seizure when more than 61,000 Bitcoin were discovered in digital wallets. The cryptocurrency was worth £1.4bn at the time but its value has now risen…

NCA secures first Unexplained Wealth Order in Northern Ireland

Money Laundering, Prosecutions
The National Crime Agency (NCA) has secured the first Unexplained Wealth Order in Northern Ireland against a man suspected of involvement in serious organised crime. The Order compels the man and his wife to explain the source of funds used to construct a property in County Armagh worth approximately £275,000. It was obtained at the High Court in Belfast on Friday (17 May) as part of an ongoing NCA civil recovery investigation.                           NCA investigators believe that the man, who is now resident in the Republic of Ireland, has…

German regulator fines Commerzbank over anti-money laundering non-compliance

Money Laundering, Prosecutions, Regulatory Fines
German financial watchdog BaFin has ordered Commerzbank (CBKG.DE) to pay a fine of 1.45 million euros ($1.55 million) for breaching its anti-money laundering duties, the regulator said on Monday. “Commerzbank AG and the former comdirect Bank AG, of which Commerzbank AG is the universal successor, had breached their supervisory duties,” said the regulator in a statement. According to BaFin, the bank did not update customer data on time and did not provide proper security measures, which resulted in inadequate due diligence in three cases, thus violating its anti-money laundering obligations. Commerzbank said on Monday it has reworked due diligence and…

Crypto.com Postpones South Korea Launch After Reports of Money Laundering Probe

Money Laundering
Justice Department’s First Cryptocurrency Open-Market Manipulation CaseA federal jury in New York convicted a man residing in Puerto Rico today of commodities fraud, commodities market manipulation, and wire fraud in connection with the manipulation on the Mango Markets decentralized cryptocurrency exchange. According to court documents and evidence presented at trial, Avraham Eisenberg, 28, engaged in a scheme to fraudulently obtain approximately $110 million worth of cryptocurrency from Mango Markets and its customers by artificially manipulating the price of certain perpetual futures contracts. “Avraham Eisenberg executed a manipulative trading scheme on a cryptocurrency exchange, defrauding the exchange and its investors out…

‘You’re Never Too Busy For Your Banker’: How Italy’s ’Ndrangheta Mafia Allegedly Infiltrated Canadian Banks

Money Laundering
Angelo Figliomeni wanted answers. The alleged mob boss had sent an associate to make a deposit into his account at the Royal Bank of Canada, but there was less cash than expected. He got on the line with his “client care manager” at the bank branch, Nicola “Nick” Martino — who police alleged also happened to be a member of his organized crime group. “Thirteen thousand, three hundred, tell me why?” Figliomeni asked Martino. “Three days short, ‘cause it was February checks,” the banker replied. “Always an excuse!” Figliomeni barked at Martino. Little did they know, police were listening in.…

New EU rules to combat money-laundering adopted

Money Laundering, Regulation
Authorities, journalists, civil society organisations, to gain access to new registers, information sourcesEU limit on large cash payments up to EUR 10 000Due diligence rules to apply to football clubs and agents from 2029New EU Agency to directly oversee riskiest entities The European Parliament has adopted a package of laws strengthening the EU’s toolkit to fight money-laundering and terrorist financing. The new laws ensure that people with a legitimate interest, including journalists, media professionals, civil society organisations, competent authorities, and supervisory bodies, will have immediate, unfiltered, direct and free access to beneficial ownership information held in national registries and interconnected…

Cash couriers who smuggled millions in suitcases are sentenced

Money Laundering, Prosecutions
Six more members of a money laundering network which smuggled more than £100 million out of the UK to the UAE have been sentenced following an investigation by the National Crime Agency. The network transported the cash to Dubai during 83 separate trips between November 2019 and October 2020, overseen by ringleader Abdullah Alfalasi, 48, who was jailed for more than nine years in July 2022. The couriers, who were paid between £3,000-5,000 for each trip and would be booked on business class flights due to the extra luggage allowance, communicated on WhatsApp groups including one titled ’Sunshine and lollipops’.…

Panama Papers money-laundering trial begins

Money Laundering, Prosecutions
The trial of 27 people charged in connection with the Panama Papers money laundering scandal has started in a Panamanian criminal court. The leak of secret financial documents in 2016 revealed how some of the world’s wealthiest people stashed their assets in offshore companies. The defendants include Jurgen Mossack and Ramon Fonseca Mora who founded the now defunct law firm, Mossack Fonseca. They face money-laundering charges but say neither they, the firm nor its employees were involved in unlawful acts. In 2017, the firm said it was the victim of a computer hack and that the information leaked was being…

Specialist CPS team involved in UK’s largest Bitcoin seizure

Digital Currencies, Money Laundering
An ex-takeaway worker has been convicted (Wednesday 20 March 2024) of laundering the proceeds which saw her rise from living above a Chinese restaurant to residing in a multi-million pound house in an affluent part of North London. Jian Wen, 42, was found guilty at Southwark Crown Court of an offence relating to money laundering. Picture of Jian WenJian WenA Metropolitan Police investigation resulted in the CPS seizure of Bitcoin wallets from Wen, with an initial estimated value in excess of £2 billion. Prosecutors told the court the sheer scale of the seized Bitcoin, the lack of any legitimate evidence…

FATF publishes guidance on Beneficial Ownership and Transparency of Legal Arrangements

Law, Regulation & Guidance, Money Laundering
Following the February 2023 revisions to FATF Recommendation 25 on Beneficial ownership and transparency of legal arrangements, the FATF has updated its risk-based guidance for this Recommendation. The guidance complements the existing guidance on Recommendation 24 on legal persons and aims to help stakeholders from the public and private sectors to implement the new requirements more effectively. The Guidance aims to assist countries and the private sector to better understand how transparency requirements apply to legal arrangements. It sets out practical guidance on how to understand and assess the money laundering and terrorist financing risks associated with trusts and similar…

Online Cryptocurrency Exchanger Pleads Guilty to Operating Unlicensed Money Transmitting Business

Digital Currencies, Money Laundering
Defendant Agrees to Forfeit $1.3 Million in Cash, Crypto and Precious MetalsEarlier today, in federal court in Central Islip, David Scotese pleaded guilty to operating an unlicensed money transmitting business. As part of his plea agreement, Scotese agreed to forfeit cryptocurrency, cash, and precious metals worth in excess of $1.3 million at current valuation. The proceeding was held before United States District Judge Joan M. Azrack. When sentenced, Scotese faces up to five years in prison. Breon Peace, United States Attorney for the Eastern District of New York, Thomas Fattorusso, Special Agent-in-Charge, Internal Revenue Service-Criminal Investigation (IRS-CI), Erin Keegan, Acting…

Improving the effectiveness of the UK Money Laundering Regulations

Money Laundering, Regulation
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLRs’), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. HM Treasury committed to consulting on changes to the MLRs as part of a wider programme of work aimed at reducing money laundering, which was set out in the Economic Crime Plan 2023-26. This consultation principally covers issues with the MLRs already identified by HM Treasury, for example in the 2022 Review of the UK’s…

Dawn crackdown on suspected money launderers across Greater Manchester

Money Laundering
Six people suspected of being part of an organised crime group involved in a large-scale drugs supply and money laundering conspiracy have been arrested. This morning (Thursday 29 February) specialist detectives from GMP Serious Organised Crime Group and Economic Crime Unit, supported by district resources and colleagues from neighbouring forces, executed thirteen simultaneous warrants at properties and residences across Bury, Bolton, Salford, and Rossendale.Three women aged between 35 to 40, and three men aged between 38 to 41, have been arrested on suspicion of money laundering. They remain in police custody for questioning.A 38-year-old man was also arrested on suspicion…

New report finds AML compliance failures are rife in the UK

Money Laundering
AN ANALYSIS of more than 1,600 ‘anti-money laundering (AML) events’ recorded across the UK in the last decade shows money laundering is the most prevalent issue (27.5%), a new report has revealed. In its 2024 Money Laundering and Financial Crime Stats Report, SmartSearch inspected 1,664 AML events in the UK alone and found that while just over a quarter of the UK’s crimes and issues pertain to money laundering (27.5%), this was closely followed by AML compliance failures (23.9%) – which beat drug trafficking (19.8%) and financial fraud (13.4%) to the top spot. AML events include recorded crimes or issues…

Treasury Publishes 2024 National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing

Counter Terrorist Financing, Money Laundering
WASHINGTON – Today, the U.S. Department of the Treasury published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing. These reports highlight the most significant illicit finance threats, vulnerabilities, and risks facing the United States. The reports detail recent, significant updates to the U.S. anti-money laundering/counter-financing of terrorism framework and explain changes to the illicit finance risk environment. These include the ongoing fentanyl crisis, foreign and domestic terrorist attacks and related financing, increased potency of ransomware attacks, the growth of professional money laundering, and continued digitization of payments and financial services. These assessments also address how…

Frankfurt Chosen as Host for EU Anti-Money Laundering Authority

Money Laundering, Regulation
Frankfurt has been selected as the headquarters for the European Union’s Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA). The decision was made through a joint vote on Thursday by Members of the European Parliament (MEPs) and EU ambassadors. Out of nine candidate cities that applied to host AMLA and presented their cases in public hearings, Frankfurt emerged victorious in the first round of voting, securing a majority of validly cast votes. The co-rapporteurs for AMLA, Emil Radev of the European People’s Party (EPP) from Bulgaria and Eva Maria Poptcheva of Renew from Spain, expressed their confidence in…

UAE Removed from FATF ‘Grey List’ as Kenya and Namibia Face Increased Monitoring

Money Laundering
The Financial Action Task Force (FATF), an international crime watchdog, announced the removal of the United Arab Emirates (UAE) from its ‘grey list.’ Simultaneously, Kenya and Namibia have been added to the list, subjecting them to heightened scrutiny due to concerns over inadequate measures against money laundering and terrorism financing. The decision came during the FATF Plenary, where the organization stated, “At this Plenary, the FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring.” Kenya’s Treasury had already disclosed the news earlier in the day, emphasizing its full commitment to implementing the FATF’s action plan.…

Hezbollah-linked Picasso and Warhol stash raises red flag to art world

Art Market, Money Laundering
When police swooped on a high-security warehouse near London’s Heathrow airport, officers took away nearly two dozen works of art belonging to alleged Hezbollah financier Nazem Ahmad. At the same time, at an auction house in central London, they seized art that Mr Ahmad, a Beirut art gallery owner who the US wants to put on trial, had hoped to sell. The seized works included Picasso’s 1962 linocut Nature morte a la pasteque (Still Life with a Watermelon) and several by Andy Warhol, including Details of Renaissance Paintings (Leonardo da Vinci, The Annunciation, 1472). A Stanley Whitney painting, Sing All…

Germany’s BaFin warns Deutsche Bank of potential fines if it doesn’t improve money laundering controls

Money Laundering
The Federal Financial Supervisory Authority of Germany, BaFin, has “threatened to impose penalty payments” on Deutsche Bank, the country’s largest lender, if it doesn’t fix what it refers to as “defects” concerning its money laundering controls. Deutsche Bank fintech newsBaFin extends monitoring of Deutsche BankThe regulator has extended the stay of its special representative at Deutsche Bank until 30 October 2024 to report on and assess the progress of the bank’s implementation of safeguards against money laundering and terrorist financing. The representative was first instated by BaFin in 2018. BaFin says: “On November 21, 2023, BaFin ordered Deutsche Bank AG…

Lloyds to face AML controls investigation

Money Laundering, Regulation
The Financial Conduct Authority (FCA) of the UK has initiated an investigation into Lloyds Banking Group’s Anti-Money Laundering (AML) controls. As detailed in the lender’s annual report, Lloyds underlined that the investigation is related to its compliance with the money laundering regulations in the UK and the Financial Conduct Authority’s rules and principles of business, focusing on its controls framework. The report mentions that the bank has been cooperating with the investigation and cannot estimate the potential financial impact or if there would be any. At the time of the announcement, Lloyds declined to comment on the matter. The Financial…

Anti-money laundering: Council and Parliament strike deal on stricter rules

Money Laundering, Regulation
The Council and Parliament found a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU’s financial system against money laundering and terrorist financing. Vincent Van Peteghem Belgian Minister of FinanceThis agreement is part and parcel of the EU’s new anti-money laundering system. It will improve the way national systems against money laundering and terrorist financing are organised and work together. This will ensure that fraudsters, organised crime and terrorists will have no space left for legitimising their proceeds through the financial system. Vincent Van Peteghem Belgian Minister of FinanceWith the new…

Former Banking Executive Pleads Guilty to Evading Anti-Money Laundering Regulations

Money Laundering, Prosecutions
The former vice president of a bank located in Missouri pleaded guilty today to assisting high-risk bank customers in evading the bank’s anti-money laundering controls. Peter McVey, 45, of Kansas City, Missouri, who served as vice president and director of treasury services for a bank, pleaded guilty to failing to maintain an appropriate anti-money laundering program under the Bank Secrecy Act (BSA). According to court documents, between April 2014 and July 2022, McVey assisted high-risk bank customers engaged in deceptive sweepstakes and short-term online loan activities in evading the bank’s anti-money laundering controls. Specifically, McVey worked with other bank officials…

London Carpet Shop used in Iranian money laundering operation

Money Laundering
An Iranian man has been convicted of using a carpet business as a front for a money-laundering operation linked to small boats. Asghar Gheshalghian, 48, acted as a trusted middleman, accepting payments from migrants or their families, according to the UK’s National Crime Agency. He then released money to the criminal gangs following the completion of their journeys to the UK, charging a commission at the same time. Phone evidence showed links with at least eight Iranian migrants who later arrived in the UK by boat or lorry and claimed asylum. Gheshalghian also ran an unregistered money services business from…

UK warns of criminal sanctions evasion through artwork storage facilities

Art Market, Money Laundering, Sanctions
The National Crime Agency has issued an alert to artwork storage facilities, warning of potential criminal exploitation of the sector by individuals subject to Russia sanctions. With new individuals and entities being added to the sanctions list at frequent intervals, the alert highlights the need for the sector to conduct regular due diligence checks to understand any change in a client’s circumstances, or those of elites they may represent. High-net-worth individuals, such as Russian oligarchs hold art in specialist storage facilities for a range of reasons, including secure storage of art as an investment or as a store of value…

NCA investigation ends in eight year jail term for east London money launderer who took payments for small boats crossings

Money Laundering, Prosecutions
A man investigated by the National Crime Agency for laundering money made by people smuggling networks involved in small boats crossings has been jailed for eight years.Iranian Asghar Gheshlaghian, 48, was convicted last week of running an unregistered money services business from an office block in Wood Green, as part of a network of bankers transferring money using the hawala system. He acted as a trusted middleman, accepting payments from migrants or their families, and then releasing money to the criminal gangs following the completion of their journeys to the UK, charging a commission at the same time. Gheshlaghian, who…

NEW RESEARCH FROM TI-RUSSIA ACTS AS A REMINDER THAT THE UK NEEDS TO DOUBLE-DOWN ON ITS ROLE AS AN ENABLER OF FINANCIAL CRIME

Money Laundering, Trade Based Finance
Have you ever bought something that’s never arrived, or wasn’t quite what you expected? Frustrating, isn’t it, and maybe far too frequent an occurrence. Now imagine you wanted this to happen, and you intended to spend hundreds of thousands, possibly millions of pounds in the process. Your friends would think you’d gone mad. Yet this is exactly how hundreds of millions of pounds has been moved out of Russia and into the UK in recent years. Here’s how it works. Imagine you’re an organised criminal gang or a senior politician. You’ve managed to generate some income from activity that is…

National Crime Agency calls on parents to help young people recognise the signs of money muling

Money Laundering
The National Crime Agency is asking parents and carers to help young people avoid being persuaded or manipulated into laundering criminal cash. The NCA’s call follows three weeks of coordinated law enforcement action against money mules – a term given to individuals enlisted by criminals to move the proceeds of crime through their bank accounts in return for a cut of the sum. Around 6 in 10 money mules are under the age of 30, with most of these recruited between the ages of 17 and 24 while attending sixth form, college or university. At this age, young people may…

RBC Slapped with $7.4M Penalty by Fintrac Over Anti-Money Laundering Non-Compliance

Money Laundering, Prosecutions
Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), has levied a substantial $7.4 million penalty against the Royal Bank of Canada (RBC) for its non-compliance with anti-money laundering (AML) and terrorist financing measures. Fintrac’s findings reveal multiple violations, including the failure to submit suspicious transaction reports when there were reasonable grounds to suspect connections to money laundering offenses. Out of 130 case files reviewed, RBC neglected to submit 16 suspicious transaction reports, leading to the hefty penalty. The administrative penalty, imposed on November 3, follows a compliance examination conducted by Fintrac in 2022. Despite…

Joint action in Germany and Italy against money laundering via rental of luxury cars

Money Laundering
Eurojust has assisted the German and Italian authorities in a coordinated action against large-scale money laundering through the fake long-term rental of mainly luxury cars. Seven suspects were arrested across the two countries for using a car hire agency to launder the proceeds of drug trafficking, extortion and illegal betting for other criminals. The enterprise has been seized in addition to a real estate complex and nearly one hundred mainly luxury vehicles.The criminal network primarily used a German-registered car rental agency, which rented out over 150 vehicles for periods of three to four years to customers in Italy. Via fake…