money laundering

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Mexico Arrests 'King Midas'

Joaquin 'El Chapo' Guzman's alleged money launderer is in police custody

(Newser) - Joaquin "El Chapo" Guzman needed someone to scrub all of his dirty drug money, and Mexican police say they arrested that man, known as "King Midas," while he was vacationing, the BBC reports. "Groups of elite federal police and the Mexican army arrested Juan Manuel Alvarez... More »

Former Feds Busted for Boosting Bitcoins

Ex-DEA, Secret Service agents stole digital currency during Silk Road probe: report

(Newser) - What do you do if you're a federal agent who's part of an undercover operation to bust up a booming black-market drug-dealing website? One thing you don't usually do is skim a goodly portion of said site's digital currency into your pockets, but two former federal... More »

How Feds Grab Bank Accounts, No Crime Needed

IRS confiscates big bucks with 'civil forfeiture' law

(Newser) - Carole Hinders was successfully running a Mexican restaurant in Iowa when IRS agents gave her the bad news: They were seizing her $33,000 checking account. She had committed no crime, but raised suspicions by repeatedly depositing amounts lower than $10,000 in her bank. And Hinders isn't alone,... More »

CEO of Bitcoin Exchange Arrested

Charlie Shrem charged with money laundering in connection with Silk Road

(Newser) - A high-profile arrest in the world of Bitcoin: BitInstant CEO Charlie Shrem, 24, has been arrested and charged with money laundering; the same goes for alleged co-conspirator and "underground Bitcoin exchanger" Robert Faiella (aka BTCKing). Authorities say the two schemed to sell more than $1 million of Bitcoin to... More »

Art Auctions Are Just Money Laundering

Michael Wolff sees something sinister behind ever-rising prices for fine art

(Newser) - High art's auction seasons have become celebrated events, and "most of the hyperventilating commentary has been about the exhilaration" of the soaring prices works are fetching—just last week Christie's set a new record . What hardly anyone's talking about is just how sketchy all this is,... More »

Spain Busts 25 in Sex Slave Ring: Police

5 victims freed in operation

(Newser) - Spanish police say they've busted a gang of 25 Nigerians who were engaged in human trafficking, Internet fraud, and money laundering. Five women victims of sex slavery were released during the crackdown on the underground operation in Spain, the police say. The gang was using Spain as a springboard... More »

Illicit Online Bank Gave Account to 'Joe Bogus'

Undercover agent put address as 'Completely Made Up City, New York'

(Newser) - The folks who ran Liberty Reserve, which prosecutors say was a massive online money-laundering operation, apparently weren't all that concerned with authorities taking even a cursory look at the books. As Bloomberg reports, an undercover agent set up his account under the name of "Joe Bogus" with an... More »

Feds Bust Massive Online Money-Laundering Scheme

Seven charged in $6B Liberty Reserve operation

(Newser) - Calling it perhaps the biggest money-laundering scheme in US history, federal prosecutors charged seven people today with running what amounted to an online, underworld bank that handled $6 billion for drug dealers, child pornographers, identity thieves, and other criminals around the globe. The case was aimed at Liberty Reserve, a... More »

It Just Got Tougher to Launder Money in Vatican

Will exchange financial info with US under new deal

(Newser) - The Vatican is continuing efforts to scrub its financial reputation: It yesterday inked a deal with the US in which each will share information about financial transactions, the Wall Street Journal reports. The move is intended to help surface any money laundering. The Vatican Bank came under heavy scrutiny during... More »

Obama Declares Big Banks Too Big to Jail

Decision not to prosecute bank's money laundering sparks outrage

(Newser) - The Obama administration officially bought into the idea that big banks are "too big to jail" yesterday, by deciding to fine HSBC instead of criminally prosecuting its vast money laundering operation—which funneled cash to Mexican drug cartels and Saudi banks with ties to al-Qaeda. The stated reason? The... More »

HSBC to Pay $1.9B in Money-Laundering Probe

British banking giant was accused of helping cartels

(Newser) - A law enforcement official says HSBC will pay $1.9 billion to settle a money-laundering probe by federal and state authorities into Europe's biggest bank. According to the official, the bank will pay $1.25 billion in forfeiture and pay $655 million in civil penalties. The $1.25 billion... More »

More Bad News for JPMorgan

Regulators point finger at weaknesses in its anti-money-laundering procedures

(Newser) - More bad news for JPMorgan Chase: The banking giant is expected to be hit with formal action by US regulators over perceived weaknesses in its anti-money-laundering system, as part of a wider crackdown on the financial industry, reports the Wall Street Journal . It doesn't look like there will be... More »

Regulators Go After US Banks on Money Laundering

JPMorgan Chase might face action soon over weak oversight

(Newser) - Big US banks are in for another round of bad publicity, this time over the good old-fashioned problem of money laundering. The New York Times reports that regulators are about to crack down on JPMorgan Chase and possibly Bank of America for failing to keep track of big transfers of... More »

Feds Seize $150M Linked to Hezbollah

Bank accused of helping group launder cash

(Newser) - The US has seized $150 million believed to have been part of a massive Hezbollah money-laundering scheme. Prosecutors say the money, held in a New York account linked to the now-defunct Lebanese Canadian Bank, was connected to a scheme in which the profits from drug trafficking and other crimes was... More »

British Bank Settles Laundering Case for $340M

Standard Chartered was accused of scheming with Iranian government

(Newser) - New York's financial regulator said his agency has reached a $340 million settlement with Standard Chartered Bank to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007. The bank will pay the civil penalty to the state... More »

Feds Probe Sands Casinos for Money Laundering

But Sands owner Sheldon Adelson isn't under investigation

(Newser) - Federal authorities are investigating the Sands casinos for allegedly helping shady figures launder millions of dollars, the Wall Street Journal reports. A businessman in Mexico and a former California executive—high rollers who have run afoul of the law—made the money transfers years ago. Now the US attorney's... More »

HSBC Exec Quits in Front of Senate Panel

Bank's anti-money laundering chief admits failure

(Newser) - Six people with top jobs at HSBC went before a Senate panel yesterday to answer charges of money laundering —and five left with those jobs intact. David Bagley, the British banking giant's head of compliance since 2002, announced his resignation in front of lawmakers, BusinessWeek reports. "I... More »

Senate: HSBC Handled Drug, Iran Money

Report slams bank's 'pervasively polluted' culture

(Newser) - Terrorists, drug lords, and pariah regimes looking for a way into the US financial system found British banking giant HSBC willing to assist, according to a damning report from a Senate probe. The report, the result of a year-long inquiry, found that safeguards at the bank's American affiliate were... More »

Feds Bust Cartel Boss' Horse Racing Team

'New York Times' blows lid off Zeta operation

(Newser) - Hundreds of federal agents descended on the stables of a New Mexico horse racing company today, busting up what appears to have been a staggeringly transparent drug money laundering operation. Tremor Enterprises was officially owned by brick mason/trucker José Treviño Morales, but was funded by his brother Miguel Á... More »

Vatican Bank Chief Bounced

'I have paid for my transparency,' Ettore Gotti Tedeschi says

(Newser) - The chief of the secretive Vatican bank has been given the boot for allegedly letting standards slip at the institution. Ettore Gotti Tedeschi was forced to resign after the bank's board of directors unanimously passed a no-confidence vote against him for failing "to carry out duties of primary... More »

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