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Two jailed for £4m money laundering scheme uncovered by Barclays

Two men have been jailed for a total of 12 years and nine months following an international £2.4 million money laundering operation and attempt to launder a further £1.6 million. Following an investigation by the Met’s Economic Crime Unit, Vijaya Kumar Krishnasamy, 32, from Croydon, and Chandrasekar Nallayan, 44, of Swaffham, Norfolk, were sentenced on …

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NCA recovers $8 million linked to international organised crime

Millions of pounds of laundered criminal money has been recovered by the National Crime Agency (NCA) after an investigation into a corrupt Liberian business account. On 8 April 2020, the NCA issued a Notice of Forfeiture on the account’s balance of $8 million dollars (£6.4 million), which investigators argued was part of a fund operated …

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‘Common approach to cryptoassets needed in EU’

Regulatory measures to ensure a common approach to regulating cryptoassets across the EU is needed, according to a new EU-backed study. The study highlights a number of areas where the regulation of cryptoassets could be strengthened, particularly in the European financial crime regime for virtual currencies, and in legislation governing investment into cryptoassets. Financial services …

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Panama to be added to EU money-laundering blacklist

Panama, the Bahamas, and Mauritius are to be added to an EU blacklist of countries that “pose significant threats to the financial system of the European Union” on money-laundering grounds due to lax legislation at home, Reuters reports, citing a draft EU document. Barbados, Botswana, Cambodia, Ghana, Jamaica, Mongolia, Myanmar, Nicaragua and Zimbabwe are also …

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FATF report tackles increased threat of money laundering

Criminal gangs are exploiting the chaos caused by the global Covid-19 crisis, with a hike fraud, cybercrime, misdirection or exploitation of government funds and money laundering being reported. In a new report, the Financial Action Task Force (FATF) says the pandemic is impacting on the ability of government and the private sector to implement anti-money …

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