Inside Financial Crime: Big Cases & Major News
Welcome to the newest edition of our newsletter, where we uncover the intricate world of financial crime and the regulatory efforts to combat it.
Read our blogs about the top 5 fraud cases of all time and sophisticated money laundering techniques. In our news section, we cover the key outcomes from the FATF General Plenary in June 2024, delve into HSBC's recent regulatory troubles over money laundering failures, and report on the arrest of Epoch Times' CFO in a staggering $67 million money laundering scheme.
Enjoy your read!
Top 5 Fraud Cases of All Time
It is impossible to say that any financial or commercial sector is immune to fraud. To understand the scale and impact of it, analyzing the most notorious fraud cases in history is vital. Here are the top fraud cases of all time from five different sectors, each showing how devastating financial scams can be and why stronger oversight is essential.
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5 Money Laundering Techniques?
Imagine a vibrant city scene where businesses are flourishing, transactions are happening smoothly, and the economy is buzzing with activity. However, underneath this facade of normalcy, there exists a covert network of illegal financial activities aimed at concealing the sources of unlawfully obtained money. You will discover 5 methods utilized in the secretive realm of money laundering in this blog .
Recent News
Jamaica and Türkiye were removed from the FATF's increased monitoring list, while concerns about the DPRK were reiterated. The criteria for prioritizing countries under the ICRG process were revised, and the Plenary agreed on the assessment method for the updated FATF Standards. Joint assessments of India and Kuwait were also discussed and adopted.
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In a significant regulatory development, HSBC Private Bank (Suisse) has been found in breach of money-laundering regulations by Switzerland's Financial Market Supervisory Authority (Finma). The bank failed to conduct adequate checks on high-risk accounts associated with two PEPs, leading to a temporary ban on onboarding new high-risk clients until a comprehensive review of its business relationships is completed.
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Federal prosecutors have arrested Bill Guan, the Chief Financial Officer (CFO) of the Epoch Times, over his alleged involvement in a massive money laundering operation. The scheme is said to have laundered at least $67 million in illegal cash, benefiting both Guan and the news outlet.
Click here to access the news details.