A group of 20 money launderers from eastern Europe advertised their services on underground hacking forums and funneled millions of dollars from U.S. fraud schemes through hundreds of international bank accounts, federal prosecutors in Pittsburgh claimed Thursday. The group, QQAAZZ, allegedly used fake IDs and passports, as well as their true identities, to open shell companies and corporate accounts in Belgium, the Netherlands, Spain, Portugal, Germany and Turkey from 2016 through 2019. Some members flew across Europe just to register various firms and complete the onboarding process, according to a 22-page indictment. "Money mules were complicit in the scheme, meaning...
Spanish police arrested the suspected mastermind behind a cybercrime syndicate that used luxury goods, real estate and cryptocurrency to launder at least €1 billion stolen from more than 100 financial institutions in recent years, Europol disclosed Monday.
The FBI is preparing to apprehend dozens of money mules who appear to have ignored the bureau's warnings to cease opening and using bank accounts to launder the proceeds of fraud, a senior law enforcement official said.
The recent blacklisting of six Nigerian nationals accused of defrauding U.S. victims out of $7 million through online scams opens a new front in the Treasury Department's use of financial restrictions against criminals and U.S. adversaries, sources told ACAMS moneylaundering.com.