A federal jury Friday convicted two former Bank of China managers and their wives of defrauding the institution of more than $485 million and laundering millions of dollars through U.S. banks and casinos. The U.S. Justice Department stated that Xu Chaofan and Xu Guojun face up to 65 years in prison after being convicted on 15 counts of racketeering, money laundering, transporting in stolen property and passport and visa fraud charges. Their wives, Kuang Wan Fang and Yu Ying Yi, face nearly 20 years in prison. Sentencing is scheduled for November 24. Court documents state the group siphoned money from...
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.
Federal officials are investigating four of Nevada's most well-known casinos for potential violations of the Bank Secrecy Act, according to sources familiar with the matter and a regulatory disclosure published Monday.
Bank of China's decision to maintain accounts for individuals belonging to an Islamist terrorist group can be legally linked to the victims of the organization's suicide bombers, according to a federal judge.
The expansion of the casino industry to new states throughout the U.S. increases the likelihood that gaming will grow as a vehicle for money laundering, particularly since the federal agency charged with its oversight is understaffed, according to law enforcement officials and former IRS auditors.