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Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
In one case, money laundering networks deposited funds in the U.S. and quickly withdrew them using ATMs in Colombia, ultimately laundering millions, the U.S. Justice department said in October.
A multibillion-dollar money laundering network run by two Russian millionaires and used by UK drug dealers to hide criminal cash has been brought down in an international sting.
In January 2010, the Kabul office of New Ansari Exchange, Afghanistan's largest hawala money transfer business, was closed following a raid by the Sensitive Investigative Unit, the country's national anti-political corruption unit, allegedly because this company was involved in laundering profits from the illicit opium trade and the moving of ...
A former Florida-based TD Bank employee was arrested for his alleged role in a massive money-laundering scheme by drug cartels for which the US government previously fined the bank $3 billion.
In April 2013, in Israel, Eran Mizrahi was convicted for multiple counts of fraud and money laundering and sentenced to 12 years [129] [130] [131] in a scheme which promised and investment in foreign-currency via Swiss banks, but in which outflows were paid from existing investor's funds which were also funneled to Mizrahi and his family.
The deal collapsed in May 2023 when it emerged that the money-laundering probe would obstruct government approval of the merger. TD Bank is the 10th-largest commercial bank in the U.S., with 1,100 ...
Lorenzo V. Tan, RCBC's president, said that the bank cooperated with the Anti-Money Laundering Council and the Bangko Sentral ng Pilipinas regarding the matter. [35] Tan's legal counsel has asked the RCBC Jupiter Street branch manager to explain the alleged fake bank account that was used in the money laundering scam. [36]