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Welcome to our weekly newsletter that provides you with the most recent updates and insights regarding AML, financial crime compliance, and emerging risks.
US and Allies Arrest Alleged Cybercrime Ringleader, Seize Millions in Sports Cars in Major Covid-19 Fraud Bust
A 35-year-old Chinese man has been arrested in Singapore as part of a major raid on a global cybercriminal network. This operation, which targeted a group that defrauded the US government of billions of dollars, also led to the seizure of millions in cars, watches, and real estate. The Justice Department announced this significant crackdown on Wednesday.
Trump Guilty on All Counts in Hush-Money Case
Former President Donald J. Trump, the presumptive 2024 Republican nominee, has been convicted on 34 felony counts of falsifying business records. This case is related to a payment made to silence a porn star. The conviction marks a significant legal development as Trump gears up for the next presidential election.
Singapore Issues Environmental Crimes Money Laundering National Risk Assessment
Singapore has published a National Risk Assessment (NRA) focused on money laundering linked to environmental crimes. The NRA identifies key threats and vulnerabilities and outlines mitigation measures for government agencies, financial institutions (FIs), and Designated Non-Financial Businesses and Professionals (DNFBPs) to address these risks.
Singapore Laundering Case Jails Eighth Individual
In Singapore’s $2.2 billion money laundering case, eight out of the ten arrested individuals have been sentenced to jail. Lin Baoying, facing 10 charges, has been sentenced to 15 months in prison. This case highlights the ongoing efforts to combat large-scale financial crime in Singapore.
ED Attaches Seven Srinagar-Based Rs 1.56-cr Assets in Money Laundering Case
The Enforcement Directorate (ED) has attached seven immovable properties in Srinagar worth Rs 1.56 crore. These properties belong to Imran Baba and his wife Sageena Yaseen, partners of Baba Enterprises, under the Prevention of Money Laundering Act (PMLA), 2002. This action is part of the ongoing efforts to curb money laundering activities.
Following the Midas Trail – Laundering Money Through Gold and Precious Metals
On March 27, 2024, the Hong Kong Customs and Excise Department conducted its largest ever gold-smuggling bust at Hong Kong International Airport. Approximately 146kg of gold, valued at HKD 84 million, was seized. This operation underscores the continued use of precious metals for money laundering activities.
- #Cybercrime
- #USJustice
- #Covid19Fraud
- #Trump
- #HushMoneyCase
- #Singapore
- #EnvironmentalCrime
- #MoneyLaundering
- #EnforcementDirectorate
- #Srinagar
- #PMLA
- #GoldSmuggling
- #HongKong