Money Laundering

Sen. Elizabeth Warren has come out as an antagonist to the crypto industry, but her new bill will see pushback from the more pro-crypto members of Congress. Photo: Kevin Dietsch (Getty Images)There’s a new bill coming to Congress to deal with crypto, and this one’s not pulling many punches on the entire crypto ecosystem. On Wednesday, Democratic Sen. Elizabeth Warren and Republican Sen. Roger Marshall announced they were introducing legislation that would extend current money laundering laws to cryptocurrencies. This…

PARIS—French prosecutors have opened probes into the role played by consulting firms in France’s 2017 and 2022 presidential elections, widening an existing investigation into consulting firm McKinsey & Co. Earlier this year, French financial prosecutors opened a tax-fraud and money-laundering investigation into McKinsey. It came soon after the French Senate alleged that McKinsey, which is based in New York, hadn’t paid corporate tax in France for at least a decade,…

WASHINGTON—The Treasury Department on Monday imposed sanctions on four dozen people across six countries, and companies associated with them, an effort to tighten the U.S. campaign of economic pressure on Russia. The targets of the sanctions include a network of individuals and companies the U.S. says help procure military equipment for Russia, and a Swiss businessman accused of laundering money for one of Russia’s richest oligarchs. The Biden administration said the…

The case was registered by police, against Aamir Khan and others, based on a complaint filed by Federal Bank, in the court of Chief Metropolitan Magistrate, Calcutta. The Enforcement Directorate (ED) has frozen 150.22 Bitcoins equivalent to ₹22.82 crore during a search operation at the Binance Crypto Exchange, the agency said on Friday.The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, with respect to an investigation being conducted relating to the Mobile Gaming…

Ramon Abbas was arrested two years ago on charges of Fraud and was sent to the U.S. from Dubai in the UAE. Abbas pleaded guilty in 2021 and was sentenced on Monday.Screenshot: Dubai PoliceOne former star of the luxury Instagram influencer circuit will spend some timebehind bars after he admitted to gaining much of his wealth through a massive, international money laundering and fraud scheme.A federal judge sentenced Ramon Abbas, 40, to 11 years in jail after he pleaded guilty in April last year. Federal prosecutors said…

Xiaomi has locked horns with India's financial crime fighting agency, the Enforcement Directorate, since it froze $670 mn of the company's bank assets. Indian investigators have alleged Chinese smartphone maker Xiaomi Corp's India unit misled its banker Deutsche Bank AG for years by claiming it had an agreement for payment of royalties when it had none, legal documents showed.Xiaomi has locked horns with India's financial crime fighting agency, the Enforcement Directorate, since it froze $670 million of the company's…

Visa Inc., Mastercard Inc. and American Express Co. should begin tracking gun sales and flagging suspicious purchases to law enforcement, similar to how financial institutions look out for money laundering, the attorneys general of New York and California said. The three leading credit-card companies should take a front-line role in trying to prevent mass shootings and reduce the risk of gun trafficking, California Attorney General…

U.S. federal prosecutors asked Binance, the world's largest cryptocurrency exchange, to provide extensive internal records about its anti-money laundering checks, along with communications involving its chief executive and founder Changpeng Zhao, according to a late-2020 written request seen by Reuters. The Justice Department's money laundering section asked Binance to voluntarily hand over messages from Zhao and 12 other executives and partners on matters including the exchange's detection of illegal transactions and…

Online gambling is booming across the U.S. and compliance experts caution that it creates opportunities for criminals to launder money or take part in other financial crimes.The U.S. has seen states pile into legal online gambling with fervor, eager for potential tax revenue. Since 2018, when the U.S. Supreme Court struck down a ban on sports wagering, online sports betting has undergone a sharp increase. “The more activity you have, the greater risk that you have,” said Alma Angotti, a…

A Russian national who was extradited from the Netherlands to Portland, Ore., this week pleaded not guilty to charges of allegedly laundering cryptocurrency proceeds from ransomware attacks in the U.S. and abroad, the Justice Department said. Denis Dubnikov, a 29-year-old Russian, was arraigned in federal court for the District of Oregon on Wednesday. Prosecutors alleged that Mr. Dubnikov and his co-conspirators laundered bitcoin extracted from victims of…