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, according to data obtained by ACAMS moneylaundering.com. Last month, a consortium of investigative journalists and a Russian newspaper mapped out, on the basis of newly obtained transactional records, how a group of oligarchs, politicians and criminals used at least 740 shell companies and 112 bank accounts in 96 countries to move almost $21 billion derived from embezzlement and other crimes out of Russia and into the licit global economy. Chinese banks and...
U.S. law enforcement officials are increasingly focusing their attention on the use by Mexican drug cartels of shell companies and corporate bank accounts in China and Hong Kong to launder proceeds from narcotics sales, sources told ACAMS moneylaundering.com.
More than 50 Italian financial institutions processed tens of millions of dollars on behalf of Russian politicians, oligarchs and criminals accused of misappropriating and laundering nearly $21 billion in state funds from 2011 to 2014.
New York regulators Friday issued a $215 million fine against China's third-largest bank for intentionally violating the state's rules against financial crime, possibly marking the largest U.S. penalty ever assessed against a Chinese lender accused of compliance misconduct.
Two Chinese nationals face up to 65 years in prison after being convicted on 15 counts, including racketeering and money laundering. Their wives face nearly 20-year sentences. The four siphoned money from Bank of China, using shell companies to move it to U.S. and international banks and casinos.