Category: Uncategorized

Secretive Cyprus-Registered Funds Were Used to Hide Megayachts and Luxury Real Estate Linked to Sanctioned Russian Banker

Uncategorized
In Cyprus, a new type of investment fund was marketed to clients as a way to avoid disclosing their ownership of assets. In one case, these funds were used to obscure the ownership of offshore companies that allegedly held luxury assets linked to powerful Russian banker Andrei Kostin, including two megayachts worth tens of millions. Key FindingsTwo megayachts linked to Andrei Kostin were hidden behind secretive investment funds in Cyprus, known as “registered alternative investment funds.”The funds were managed by a company called Inveqo, owned by the wife of a sanctioned Cypriot lawyer.Registered alternative investment funds, or RAIFs, were marketed…

Post-Soviet Union Elite’s Involvement in UK Money Laundering

Uncategorized
Dr Henry Balani, Global Head of Industry & Regulatory Affairs for Encompass Corporation comments: “Money laundering in the UK is a far more complicated an issue than one might expect, and there are thousands of unique and intricate relationships between UK finance professionals and international criminals which continues to contribute to the money laundering economy. Historically, London has been the centre of a vast physical empire that has now developed a financial powerhouse to support potential nefarious activities. Covid-19 and lockdown has certainly not helped either, as digital identity authentication and paperless transactions, for example, have made it easier for…

Federal Reserve & California Regulators Levy $63 Million in Penalties Against Silvergate for Anti-Money Laundering Violation

Uncategorized
The Federal Reserve Board and California’s Department of Financial Protection and Innovation (DFPI) have imposed a combined $63 million in penalties on Silvergate Capital Corporation and its subsidiary, Silvergate Bank, for inadequate transaction monitoring in violation of anti-money laundering (AML) laws. The announcement, made on Monday, July 1, 2024, comes as part of a coordinated effort between federal and state authorities. The penalties break down as follows: $43 million fine from the Federal Reserve Board$20 million payment to the California DFPI$50 million in penalties assessed by the U.S. Securities and Exchange Commission (SEC), offset by the payments to the Federal…

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…

SFO seizes Sheffield flat linked to £17 million bribery in China

Bribery, Corruption, Uncategorized
Today at the High Court, the Serious Fraud Office (SFO) successfully recovered a property worth £200,000 and over £8,000 in rental profits from Dr Guang Jiang, an agent who helped British technology company Sarclad Ltd to pay bribes to secure business in China. The SFO’s 2013 investigation into Sarclad exposed how the company paid bribes to secure £17 million worth of contracts to provide technology services to steel production companies between 2004 and 2012. The majority of these corrupt contracts were facilitated by Dr Jiang, who acted as Sarclad’s agent in China. The company paid £6.5 million in penalties for…

£4.5bn Lost in 3 COVID Schemes as “Eat Out to Help Out” Scheme Recorded 9.5% Rate of Fraud

Fraud, Uncategorized
The revelation emerges during a hearing of the Treasury Committee, which hears the HMRC seized a non-fungible token cryptocurrency asset and is “ahead of the game” compared to “most other tax authorities” on the potential use of cryptocurrencies for tax evasion, according to CEO Jim Harra. The total value of fraud in three COVID-19 schemes totalled £4.5bn, of which the taxpayer is only going to get £1.1bn back, the head of HM Revenue and Customs (HMRC) has told MPs. Speaking at the Treasury Committee on Wednesday, HMRC chief executive Jim Harra said the £4.5bn was lost to fraud in the…

Federal Reserve Board announces termination of enforcement action with State Street Corporation and State Street Bank and Trust Company

Uncategorized
The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below: State Street Corporation and State Street Bank and Trust Company, both of Boston, MassachusettsWritten Agreement, dated May 28, 2015 (PDF) on https://www.federalreserve.gov/newsevents/pressreleases/enforcement20200604a.htm Terminated May 29, 2020 Additional enforcement actions can be searched for. For media inquiries, call 202-452-2955. Article Credit: https://www.federalreserve.gov/newsevents/pressreleases/enforcement20200604a.htm