Financial Crime Online

Last Thursday UNODC launched the report “The Globalization of Crime: A Transnational Organized Crime Threat Assessment“. It shows how organized crime has globalized and turned into one of the world’s foremost economic and armed powers. “..Among the findings in the new report, which features a number of high-impact maps and charts that illustrate illicit flows [...]

A new U.S.-Mexico government study estimates that $19 billion to $29 billion is shipped south, then laundered through cash purchases of land, luxury hotels, cars and other high-end items. Remember the recent arrest of Cancun mayor for aiding criminal groups setting up shop in Cancun? The amount of money involved shows the (financial) power of [...]

Reuters reports that the mayor of the Mexican beach resort of Cancun has been arrested and charged with money laundering and drug-related crimes, making him one of the highest-ranking public officials swept up in Mexico’s crackdown on narcotics traffickers. “He was moving so much money and it just didn’t match up with the amount he [...]

Swiss banks are no longer what they used to be. The ‘secrecy veil’ has been lifted to a large extent. Money launderers found ‘safer’ havens for their dirty money. This week it was announced that a Swiss banker, the former CEO of Tempus PrivatBank, is indicted for corruption and money laundering after a 7 (!) [...]

The Quadrangle Group agreed to pay $ 12 million to settle allegations of paying kickbacks to get business from a NY pension fund. The investment firm will pay $ 7 million to the pension fund and $ 5 million to the SEC. News of the settlement came on the same day that the state comptroller, [...]

German car producer Daimler and its Russia and China subsidiaries reached an agreement with the US Justice department to settle Foreign Corrupt Practices Act (FCPA) Charges.  The settlement follows allegations of widespread corruption within the company, or rather a corporate culture that encourages staff to bribe officials to secure contracts. Daimler acknowledged that is conspired [...]

Ikea has always had the reputation to combat corruption to the max. It launched its first store in Russia in 2000. That launch was hindered by bureaucracy  and ‘bribe seeking’ attention from local officials. 7 years later, Ikea still faces the same hurdles each time it opens a store location: The store’s opening has reportedly [...]

This week the FBI announced the results of one of the largest FCPA investigation ever. Moreover, it was a full scale undercover investigation; for FCPA cases that is a large step. “This ongoing investigation is the first large-scale use of undercover law enforcement techniques to uncover FCPA violations and the largest action ever undertaken by [...]

A disaster earthquake hit Haiti. Over a 110.000 people lost their lives. A lot more are homeless and without all basic needs. The world is helping by donating food. And money. Life has always been tough in Haiti, except for the lucky few. Corruption is a big issue in Haiti. In 2006 it was rated [...]

A Chicago police sergeant who heads a local sergeants association has been arrested on charges he stole more than $600,000 from the organization. Prosecutors allege he made withdrawals and wrote checks payable to himself on the association’s bank account. He allegedly laundered the proceeds to his personal credit card and bank accounts. Authorities claim the [...]