Organized crime syndicates in Italy are increasingly using legitimate businesses to launder their illicit proceeds, particularly cash-intensive firms and small mom-and-pop stores, according to a U.N. researcher.
Top compliance managers, supervisory board members and senior executives of Italy's fourth largest bank are suspected of willfully violating the nation's rules against illicit finance as part of an alleged conspiracy to enrich themselves at the lender's expense.
Chinese financial institutions feature prominently among more than a hundred banks recently revealed to have knowingly or unknowingly processed billions of dollars-worth of illicit payments originating from Russia.
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