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UK: Over £5.5bn of Covid support funds lost to fraud or error

More than £5.5bn of taxpayer money from the government’s coronavirus assistance schemes including furlough, self-employed support and “eat out to help out” was paid out to fraudsters or given out incorrectly. It emerged on Thursday that £5.2bn paid out by the government under the coronavirus job retention scheme, widely known… Read More

Embracing technology and innovation in Compliance and Risk Management – A Perspective from MAS

T. S. Elliot’s words from 1934 continue to ring true, in the current age of innovation and big data. We are collecting much more data – the foundation of any decision making, because of improving technologies, changing business needs, to satisfy regulatory requirements and to enhance risk management capabilities in… Read More

Chinese Police Make First Arrest For CBDC Money Laundering

Chinese officials have arrested members of a criminal group charged with alleged money laundering using the country’s CBDC, the digital yuan. The news implies the Chinese government and law enforcement will have greater control and oversight over financial activities in the country with its CBDC. By Tim Fries, The… Read More
5th November 2021
As part of the Twitch data breach, a prominent money laundering scheme on the platform has been exposed – with one Turkish politician calling for it to be investigated “immediately”. By Andy Brown, NME, 4 November 2021 Read more at NME RiskScreen: Eliminating Financial Crime with Smart Technology… Read More
4th November 2021
In the months after one of Pioneer Bank’s biggest business customers admitted to a $101 million bank fraud scheme, federal regulators found the bank’s anti-money laundering controls to be “fundamentally and materially deficient,” according to allegations made in a filing made last month in federal court. By Larry Rulison, Times… Read More
4th November 2021
The crown jewel of Moscow’s business district, a 97-story glass tower known alternately as Federation Tower East or Vostok, is a tribute to Russia’s post-Soviet economic influence and national strength. Promotional materials for the building, which was the tallest in Europe when it was completed in 2017 and is now… Read More
4th November 2021
Tse Chi Lop doesn’t look like the biggest drug lord in history. He looks like a bedraggled, exhausted, late-middle-aged trader in commodities, which is exactly what he is. Tse’s commodities just happen to be high-margin, addictive, illegal drugs—heroin, ketamine and methamphetamine. Tse runs a drug syndicate known to law enforcement… Read More
4th November 2021
A money-laundering trial in Germany is shining a light on the purchase of a luxury London penthouse by cryptocurrency scammer Dr Ruja Ignatova. Jamie Bartlett and Rob Byrne of The Missing Cryptoqueen podcast explain how she used British-based lawyers and wealth managers – who continued to offer their services after… Read More
3rd November 2021
Former Fifa officials Sepp Blatter and Michel Platini have been charged with fraud and other offences in Switzerland. Swiss prosecutors say Mr Blatter unlawfully arranged a transfer of two million Swiss francs ($2.19m; £1.6m) to Mr Platini in 2011. Prosecutors say the payment “damaged Fifa’s assets and unlawfully enriched Platini”. Read More
3rd November 2021
One of the most sweeping state-run “troll” operations was taken down this week after researchers uncovered hundreds of accounts linked to the Nicaraguan government that were focused on slandering its political opposition, Facebook announced on Monday. By Charles Davis, Business Insider, 1 November 2021 Read more at Business Insider… Read More
3rd November 2021
Climate change presents the most existential threat to people and nature today. The increasing frequency of extreme storms, floods, droughts and wildfires are bleak warnings of what we face if the global community does not act now. Climate change also presents a severe threat to livelihoods and economies. It is… Read More
3rd November 2021
The U.K.’s fraud prosecutor closed its investigation into individuals over bribery at Amec Foster Wheeler Plc, after the British engineering firm’s parent company settled the four-year probe earlier this year. John Wood Group Plc, which acquired Amec in 2017, agreed to pay $177 million as part of a… Read More
2nd November 2021
As world leaders gather this week at COP26 to negotiate their climate change commitments, we ask – will they include a credible commitment to fight corruption? Because if there is one thing that will scupper efforts to address the climate crisis, it is corruption. Yet corruption is strangely missing from… Read More