Convicted drug trafficker must repay £1.2m

Career criminal Thomas ‘Tommy’ Adams has been ordered to repay £1,243,270.75 for his part in a dirty cash laundering network. Adams ran a money laundering operation with his associates, which was foiled in 2014 when undercover police heard him discussing the illicit activity at a central London café. Adams’ associates…

Eight EU states warned over non-compliance with new directive

Eight EU countries including Cyprus, Portugal, the Netherlands and Hungary have been officially warned over their delays in applying new anti-money laundering rules. All 27 EU states were required to bring into force tighter rules in January to counter risks in a wide range of sectors, including cryptocurrency exchanges, prepaid…

Multi-agency action targets City money laundering

A day of action by National Economic Crime Centre (NECC) partners is to target money service businesses (MSB) at risk of being used by criminals to launder money. Officers from HMRC and City of London Police will visit every MSB in the City. These businesses have been identified as potentially…

Jersey bank branch fined $600k over money laundering risk

The Jersey branch of a Middle Eastern bank has been fined £475,000 for failing to act when two customers made a series of ‘suspicious’ withdrawals totalling £920,000. The case marks the first time a company has been convicted and sentenced for failing to comply with Jersey’s legislation on money laundering…

Seven arrested in £215m money laundering investigation

Seven people have been arrested for allegedly running a £215 million money laundering operation based in Northern Ireland. Officers from the Police Service of Northern Ireland’s (PSNI) Economic Crime Unit searched 15 properties across the province in its biggest economic crime operation to date. Eight searches were carried out on…

Irish terrorist group hit by civil recovery order

The National Crime Agency (NCA) has secured a civil recovery order for around £120,000 allegedly linked to the South East Antrim Ulster Defence Association (UDA) under the Proceeds of Crime Act. The investigation, carried out by NCA financial and tax investigators working as part of the Paramilitary Crime Task Force…

HMRC spearheads worldwide tax fraud probe

HMRC has helped spearhead a global day of action (22 January) against the suspected tax evasion and money laundering of more than £200m in the UK alone. The action occurred as part of a series of investigations in Australia, Canada, the Netherlands, the US and the UK into a Central…

Gang netted £2.6m by washing money through IT recycling firm

A crime gang based in the north of England used an IT recycling firm to clean money from VAT fraud to build a £2.6million empire. Ringleaders Ibbtsam Ul Hamid, Zuwal Qarnain Sajawal and Nadeem Noor spent years pulling off a carefully orchestrated fraud to steal millions from the public purse,…

FCA now AML supervisor for UK cryptoassets

The Financial Conduct Authority (FCA) has become the anti-money laundering and counter terrorist financing (AML/CTF) supervisor for businesses carrying out certain cryptoasset activities. Any UK business conducting specific cryptoasset activities falls within scope of the regulations and will need to comply with their requirements. Amongst other things, the FCA requires…

Danske Bank ML probe expands

Authorities in Estonia are expanding their investigations into money laundering through Danske Bank’s Estonian operations, and are now focusing on more than 10 cases thought to involve suspicious transactions worth €1.8 billion. Prosecutors were previously looking into suspect money flows worth €270 million relating to two separate cases, the Organised…
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