Laundering

FinCEN Introduces Stricter Measures to Combat Money Laundering: New AML Regulations Proposed

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Washington, D.C. – The Financial Crimes Enforcement Network (FinCEN), a federal bureau within the U.S. Department of the Treasury, has unveiled a proposal to intensify Anti-Money Laundering (AML) regulations. This move aims to close loopholes and strengthen oversight of financial activities, potentially reshaping how financial institutions manage risk and compliance. The proposed regulations specifically target the areas of money laundering vulnerabilities that have seen misuse by criminals to launder illicit funds through the U.S. financial system. This effort marks a significant advancement in the country’s fight against financial crimes, ensuring institutions across the board tighten … Read more

Former Mozambique Finance Minister Found Guilty in $2 Billion Money Laundering and Fraud Scheme

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NEW YORK — A United States federal jury has convicted Manuel Chang, the former finance minister of Mozambique, on charges of money laundering and participating in a $2 billion fraud scheme. The landmark case highlighted global financial system vulnerabilities and exposed a significant corruption scandal that has severe implications for Mozambique’s economy. Chang, who served as Mozambique’s finance minister from 2005 to 2015, was found guilty after a thorough examination of his involvement in a scheme that siphoned off funds meant for maritime projects in the southeastern African nation. These projects were ostensibly designed to … Read more

Former Indiana Resident Pleads Guilty to Sinaloa Cartel-Linked Drug Trafficking and Money Laundering Charges

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INDIANAPOLIS — A former Columbus resident linked to the notorious Sinaloa Cartip has reversed his initial refusal and agreed to plead guilty to serious charges spanning drug trafficking and money laundering, as confirmed by court filings in U.S. District Court in Indianapolis. This decision led to the cancellation of his scheduled trial on Aug. 26, indicating a major shift in legal strategy for the accused. U.S. District Judge James R. Sweeney II sanctioned the withdrawal of the trial date following Erlin Lucero-Asencio’s turnaround, who had previously declined a plea deal in May. The charges laid … Read more

Cypriot Lawyer Arrested on Charges of Fraud and Money Laundering Linked to Sale of Disputed Greek Cypriot Property

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NICOSIA, Cyprus — A Turkish Cypriot lawyer, Akan Kürşat, has been granted bail by a court in the Republic of Cyprus after pleading not guilty to charges of fraud and money laundering. The charges are related to the sale of disputed Greek Cypriot property to foreigners in northern Cyprus. The release of Kürşat on bail comes after his extradition from Italy, where he was arrested on New Year’s Eve. The lawyer is accused of providing legal counsel to Gary Robb, a British national who was convicted of fraud in 2011 and embezzlement in 2015 for … Read more