Tax Officials Investigate Euro Pacific Bank in Puerto Rico

Tax enforcers from five nations are investigating Euro Pacific Bank, which operates in a U.S. territory criticized in the past for its lax financial regulation.

#banking-and-financial-institutions, #corporate-taxes, #euro-pacific-intl-bank-inc, #federal-taxes-us, #money-laundering, #peter-schiff, #puerto-rico, #tax-evasion, #tax-shelters

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Why We Let White-Collar Criminals Get Away With Their Crimes

In “Big Dirty Money,” Jennifer Taub, a law professor, shows how the justice system caters to wealthy white-collar criminals at the expense of American taxpayers.

#barr-william-p, #big-dirty-money-the-shocking-injustice-and-unseen-cost-of-white-collar-crime-book, #books-and-literature, #courts-and-the-judiciary, #frauds-and-swindling, #high-net-worth-individuals, #money-laundering, #taub-jennifer-s, #trump-donald-j

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Asif Ali Zardari, Ex-President of Pakistan, Indicted in Money Laundering Case

The case against Asif Ali Zardari, widower of former Prime Minister Benazir Bhutto, is the latest in a string of moves against opposition figures that his supporters say are politically motivated.

#corruption-institutional, #khan-imran, #legislatures-and-parliaments, #money-laundering, #pakistan, #sharif-shahbaz, #zardari-asif-ali

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Banks Suspected Illegal Activity, but Processed Big Transactions Anyway

A leak of thousands of “suspicious activity reports” that banks filed with regulators shows the widespread nature of illicit money flows.

#bank-of-america-corporation, #bank-of-new-york-mellon-corporation, #banking-and-financial-institutions, #buzzfeed-inc, #deutsche-bank-ag, #financial-crimes-enforcement-network-treasury-department, #frauds-and-swindling, #international-consortium-of-investigative-journalists, #jpmorgan-chasecompany, #money-laundering, #regulation-and-deregulation-of-industry, #standard-chartered-bank-plc

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A Job That Isn’t Hard to Get in a Pandemic: Swindlers’ Helper

Criminals are increasingly using people like Denise Newton to move their money, just as many have lost their jobs and are vulnerable.

#better-business-bureaus, #careers-and-professions, #computers-and-the-internet, #coronavirus-2019-ncov, #frauds-and-swindling, #hiring-and-promotion, #labor-and-jobs, #money-laundering, #unemployment, #united-states-economy

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International Crime Ring That Trafficked in Shark Fins Is Dismantled, U.S. Says

Law enforcement agents documented the harvest of more than six tons of shark fins, officials said.

#drug-abuse-and-traffic, #georgia, #hong-kong, #marijuana, #mexico, #money-laundering, #organized-crime, #search-and-seizure, #sharks, #soups, #united-states, #wildlife-trade-and-poaching, #xing-zhao-wu-terry

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Juan Carlos, Spain’s Former King, Quits Country Amid Multiple Investigations

The former king’s departure, which comes as he faces financial inquiries, may fuel Spain’s political and social debate over the future of the monarchy.

#felipe-vi-king-of-spain, #juan-carlos-i-king-of-spain, #money-laundering, #podemos-spanish-political-party, #politics-and-government, #royal-families, #spain

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Senate Report: Opaque Art Market Helped Oligarchs Evade Sanctions

Congressional investigators said companies tied to two Russians under sanctions were able to buy art using shell companies and an intermediary.

#art, #auctions, #baltser-grigory, #baltzer-llc, #christies, #embargoes-and-sanctions, #highland-ventures-ltd, #money-laundering, #moscow-russia, #new-york-state, #portman-rob, #putin-vladimir-v, #rotenberg-arkady-r-1951, #rotenberg-boris-1957, #senate, #senate-permanent-subcommittee-on-investigations, #sothebys, #steamort-ltd, #united-states-politics-and-government

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Najib Razak, Malaysia’s Former Prime Minister, Found Guilty in Graft Trial

The trial was the first of several related to the pilfering of billions from the 1MDB fund, a national scandal that led to the ouster of Mr. Najib’s party in 2018.

#1malaysia-development-berhad-1mdb, #corruption-institutional, #decisions-and-verdicts, #frauds-and-swindling, #goldman-sachs-group-inc, #malaysia, #money-laundering, #najib-razak, #politics-and-government, #united-malays-national-organization

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Deutsche Bank Settles Over Ignored Red Flags on Jeffrey Epstein

The German lender repeatedly overlooked suspicious transactions, including payments to people a New York regulator described as his co-conspirators.

#banking-and-financial-institutions, #child-abuse-and-neglect, #department-of-financial-services-nys, #deutsche-bank-ag, #epstein-jeffrey-e-1953, #money-laundering, #regulation-and-deregulation-of-industry, #sex-crimes

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Remessa Online raises $20 million to become the TransferWise of Latin America

Remessa Online, the Brazilian money transfer service, said it has closed on $20 million in financing from one of the leading Latin American venture capital firms, Kaszek Ventures, and Accel Partners’ Kevin Efrusy, the architect of the famed venture capital firm’s Latin American investments.

Since its launch in 2016, Remessa Online has provided a pipeline for over $2 billion worth of international transfers for small and medium-sized businesses in the country. The company now boasts over 300,000 customers from 100 countries and says its fees are typically one eighth the cost of the local money transfer options.

“We understand that transferring money is just the beginning, and we are eager to build a global financial system that will make life easier for global citizens and businesses alike,” Liuzzi said.

Money transfer services are a huge business that startups have spent the last decade trying to improve in Europe and the U.S. European money transfer company, TransferWise has raised over $770 million alone in its bid to unseat the incumbents in the market. Meanwhile, the business-to-business cross-border payment gateway, Payoneer, has raised roughly $270 million to provide those services to small businesses.

Remessa Online already boasts a powerful group of investors and advisors including André Penha, the co-founder of apartment rental company QuintoAndar, and the former chief operating officer of Kraft Heinz USA, Fabio Armaganijan. With the new investment from Kaszek Ventures, firm co-founder Hernan Kazah, also the co-founder of the Latin American e-commerce giant MercadoLibre, will take a seat on the company’s board.

“We developed an online solution that is faster and substantially cheaper than traditional banking platforms, with digital and scalable processes and omnichannel customer support offered by a team of experts”, said Remessa Online’s co-founder and strategy director Alexandre Liuzzi, in a statement.

Last year, the company expanded its money transfer service to the U.K. and Europe, allowing Brazilians abroad to invest money, pay for education or rent housing without documentation or paperwork. The company’s accounts now come with an International Banking Account Number that allows its customers to receive money in nine currencies.

With the new year, Remessa has added additional services for small and medium-sized businesses and expanded its geographic footprint to include Argentina and Chile.

Latin American countries — especially Brazil — have been hit hard by the COVID-19 pandemic. While much of the economy is still reeling, the broad trends that are moving consumers and businesses to adopt e-commerce and mobile payment solutions are just as pronounced in the region as they are in the U.S., according to investors like Kazah.

“This crisis is accelerating the digitization process of several industries around the world and Remessa Online has taken the lead to transform the cross-border segment in Brazil, specially for SMBs,” he said in a statement.

Founded in 2016 by Fernando Pavani, Alexandre Liuzzi, Stefano Milo and Marcio William, Remessa Online was born from the founders own needs to find an easier way to send and receive money from abroad, according to the company.

In 2018, after a $4 million investment from Global Founders Capital and MAR Ventures, the company developed international processing capabilities and a more robust compliance tool kit to adhere to international anti-money laundering and know your customer standards. In the latter half of 2019, the company entered the SMB market with the launch of a toolkit for businesses that had been typically ignored by larger financial services institutions in Brazil.

“We believe in a world without physical borders. Our mission is to help our clients with their global financial needs, so that they can focus on what matters: their international dreams,” said Liuzzi.

#accel-partners, #advisors, #argentina, #bank, #banking, #brazil, #chief-operating-officer, #chile, #co-founder, #e-commerce, #economy, #europe, #finance, #financial-services, #global-founders-capital, #kaszek-ventures, #kevin-efrusy, #mercadolibre, #money, #money-laundering, #new-years-day, #tc, #united-kingdom, #united-states, #venture-capital, #venture-capital-firms

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Goldman Sachs Is Said to Try to Avoid Pleading Guilty in 1MDB Scandal

The bank has asked the U.S. to review demands that any settlement include a guilty plea to a felony charge, according to people briefed on the matter.

#1malaysia-development-berhad-1mdb, #banking-and-financial-institutions, #corruption-institutional, #fines-penalties, #goldman-sachs-group-inc, #justice-department, #leissner-tim, #low-jho-1981, #money-laundering, #united-states-politics-and-government

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Regulators May Punish Deutsche Bank for Its Jeffrey Epstein Ties

Banking regulators in New York have been investigating the German bank’s yearslong relationship with the disgraced financier.

#banking-and-financial-institutions, #child-abuse-and-neglect, #deutsche-bank-ag, #epstein-jeffrey-e-1953, #human-trafficking, #money-laundering, #regulation-and-deregulation-of-industry, #sex-crimes

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Malaysia Drops Charges Against ‘Wolf of Wall Street’ Producer in 1MDB Case

Riza Aziz was accused of laundering money from a government investment fund and using it to finance his films. He agreed to return assets worth more than $107 million.

#1malaysia-development-berhad-1mdb, #aziz-riza-shahriz-abdul, #malaysia, #money-laundering, #najib-razak, #red-granite-pictures, #united-malays-national-organization

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