The Australian Transaction Reports and Analysis Centre (Austrac) announced on Wednesday it has concluded its investigation into Afterpay, having decided it will not pursue any further regulatory action.

Austrac ordered the appointment of an external auditor into Afterpay’s Australian operations in June last year. Specifically, the regulator asked for the examination of Afterpay’s compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).

“In response to the findings and recommendations identified in the external audit report, Afterpay has uplifted its AML/CTF compliance framework and financial crime function, and completed all remediation necessary to ensure compliance,” Austrac wrote on Wednesday.

“After considering the report and the response by Afterpay, Austrac has decided not to undertake further regulatory action.

Austrac said it has “reiterated the importance” for Afterpay to meet its compliance obligations in the future, and that it would continue to work with the company to ensure it understands

Read More

The former vice president of the Maldives has been sentenced to 20 years in prison after he pleaded guilty to money laundering and embezzlement under orders from the former president

MALE, Maldives — The former vice president of the Maldives has been sentenced to 20 years in prison after he pleaded guilty to money laundering and embezzlement under orders from the former president.

The Criminal Court on Monday night also fined Ahmed Adeeb $129,800. The prison sentence, which will be shortened by one year because he served time after a previous conviction on the same charges, also covered charges of corruption and possession of an unlicensed firearm.

Adeeb was a protege to former President Yameen Abdul Gayoom during the early years of his presidency between 2013 and 2018.

He had been sentenced to 33 years in

Read More

PROVIDENCE — When little-known Democratic political operative Jeffrey T. Britt goes on trial today for money laundering and making an illegal campaign contribution, much of the focus will be on a guy who’s not on trial: House Speaker Nicholas A. Mattiello.



a man wearing a suit and tie: Jeffrey T. Britt, left, stands with his defense attorney, Robert Clark Corrente, during his arraignment in November 2019, at Kent County Superior Court in Warwick, Rhode Island. Britt, a longtime political strategist, is charged with felony money laundering and making an illegal campaign contribution in the name of another person to support a candidate. (Bob Breidenbach/Providence Journal via AP, Pool)


© Bob Breidenbach
Jeffrey T. Britt, left, stands with his defense attorney, Robert Clark Corrente, during his arraignment in November 2019, at Kent County Superior Court in Warwick, Rhode Island. Britt, a longtime political strategist, is charged with felony money laundering and making an illegal campaign contribution in the name of another person to support a candidate. (Bob Breidenbach/Providence Journal via AP, Pool)

Britt’s lawyer says that Leo Skenyon, Mattiello’s chief of staff, told Britt to persuade a defeated GOP candidate to endorse Mattiello instead of the candidate from her own party who was seeking to unseat the Speaker in 2016. Britt has pleaded not guilty to the charge

Read More

The shadow chancellor, Anneliese Dodds, is calling for the government to introduce a long-promised register of foreign owners of UK properties, to prevent criminals using homes as “dodgy bank accounts”.



a smiling man in a blue shirt: Photograph: Alicia Canter/The Guardian


© Provided by The Guardian
Photograph: Alicia Canter/The Guardian

Reports of suspected money laundering have more than doubled since David Cameron used a speech in Singapore in 2015 to pledge that there would be “no place for dirty money in Britain”.

The then prime minister promised a register of overseas companies owning UK properties, to make the market more transparent and prevent money from corruption being parked in lavish houses in central London.

Related: If you think the UK isn’t corrupt, you haven’t looked hard enough | George Monbiot

But the proposal is still awaiting implementation. A draft registration of overseas entities bill was published in 2018, but has not yet been introduced to parliament.

Dodds will use a speech

Read More

SAN FRANCISCO — Federal prosecutors have asked for a “year of imprisonment” for a 78-year-old attorney and former California legislator convicted of laundering $685,000 meant for the construction of coffee shops at BART stations, court records show.

Terry Goggin, a San Bernardino-based legislator during the 1970s and 80s, is awaiting sentencing after pleading guilty to money laundering in a deal with federal prosecutors. His attorneys, citing Goggin’s age, heart problems, and the COVID-19 pandemic, have asked for a federal judge to sentence Goggin to home confinement and probation in lieu of jail.

But, citing the need to deter other white-collar criminals, prosecutors are holding the line on a jail or prison sentence for the former politician. The U.S. Attorney’s recommendation, 12 months and one day, is three months less than the term of incarceration recommended by U.S. Probation.

“While this risk is real, the government believes that it can be

Read More

BitMEX, a cryptocurrency exchange that allows you to trade digital assets with up to 100x times leverage, has been charged with failing to prevent money laundering and offering U.S. customers crypto illicit derivative trading services.

Arthur Hayes, 34, Ben Delo, 36, and Samuel Reed, 31, as well as it’s first employee Gregory Dwyer, 37, have been charged with violating the Bank Secrecy Act and conspiracy to violate the act by “willfully failing to establish, implement, and maintain an adequate anti-money laundering (“AML”) program.” According to the statement by the United States Office of Southern District of New York, Reed has been arrested while Hayes, Delo and

Read More

The recent $200 million hack of Singapore-based major cryptocurrency exchange KuCoin has been making headlines, but the difference between this attack and others in the past has been the hacker’s blatant utilization of everyone’s favourite new crypto frontier – DeFi (decentralized finance).

The KuCoin hacker must have had a lightbulb moment after the crypto media outlet Cointelegraph published the piece Regulatory risks grow for DeFi as a ‘money laundering haven’ not two weeks ago. Bing!

Generally it seems that the true innovation occurring in financial service is happening in DeFi. Imagine redesigning all financial products from scratch? The possibilities are endless. With $1 Billion locked into DeFi at the beginning of 2020, the figure has been increasing rapidly, currently standing at close to $10 Billion – a 10x increase. This is a very young sector with most of the operators not exceeding even 9 months.

Read More

ISLAMABAD, Pakistan — A former president of Pakistan, Asif Ali Zardari, was indicted on Monday in a money laundering case, the latest legal action against him and one that his supporters say is part of a wider trend against politicians opposed to Prime Minister Imran Khan.

Mr. Zardari is the widower of former Prime Minister Benazir Bhutto, who was assassinated in 2007. He served as president from 2008 to 2013, and is currently a member of Parliament. He is also facing a raft of court cases.

He was arrested in June 2019 by anticorruption officials in a separate money laundering case and released on bail on medical grounds in December.

During the court hearing on Monday, a sister of Mr. Zardari, Faryal Talpur, and 13 other people were also indicted. Mr. Zardari and his sister denied the charges.

The charges against Mr. Zardari are related to money laundering through suspicious

Read More

The financial sector was hit hard Monday following a report alleging that a number of banks – JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank and Bank of New York Mellon among them – have continued to profit from illicit dealings with disreputable people and criminal networks despite previous warnings from regulators.

According to the International Consortium of Investigative Journalists, leaked government documents show that the banks continued moving illicit funds even after being warned of potential criminal prosecutions. The documents were obtained by BuzzFeed News and shared with the ICIJ.

The report compounded a massive sell-off across global markets because of gloom and doom over COVID-19 infections and the economic damage from the pandemic.

The consortium reported that documents indicate that JPMorgan moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and the Ukraine. The bank also processed more than $50 million

Read More

Last week, a set of documents known as the FinCEN files were released, detailing how some of the biggest banks in the world move trillions of dollars in suspicious transactions for suspected terrorists, kleptocrats and drug kingpins. And the U.S. government has failed to stop it. 

Read More