The UK’s financial watchdog has hit banking giant HSBC with a £63.9 million fine for failings in its anti-money laundering processes. The Financial Conduct Authority (FCA) issued the punishment after finding “serious weaknesses” across HSBC’s automated systems used to monitor hundreds of millions of transactions a month to identify possible criminal activity. It highlighted three…
Fashion District Company Owner Sentenced to Prison for Customs, Tax Violations
December 6, 2021
admin
ArchivedCrime and IncidentsFashion DistrictLocal NewsLos Angelesmoney launderingNewsRegional NewsRegional-Local NewsSouthern Californiatax avoidancetax fraudUS
0 Comment
LOS ANGELES—A Fashion District clothing company owner was sentenced Dec. 6 to a year in federal prison for scheming to undervalue imported garments and avoid paying millions of dollars in duties and taxes to the United States. Ambiance Apparel owner Sang Bum “Ed” Noh agreed to forfeit $81.5 million as part of his plea deal, according to the U.S….
Behind the Arrest of Macau’s ‘Junket Mogul’: Focus on Money Laundering
News Analysis Alvin Chau Cheok-wa, the head of Macau’s biggest casino junket operator Suncity Group, was arrested last week along with 10 others for allegedly running illegal cross-border gambling and a money-laundering syndicate. Junket operators are outfits that bring in high rollers to play at casinos. According to Macau police, all of the arrested have…
BC Grants Cullen Commission Six More Months to File Money Laundering Report
VANCOUVER—An inquiry commission has received a six-month extension to file its final report into money laundering in British Columbia. A statement from the Commission of Inquiry into Money Laundering in B.C. says the provincial government has approved a deadline extension to May 20 from Dec. 15. It says inquiry commissioner Austin Cullen asked for more…
Money Laundering Drives up Australian House Prices: Senate Hearing
A Senate hearing has heard how illegal financial gains from overseas are being pumped into the Australian property market, driving up house prices across the country. “Australia has become the destination of choice for illicit financial flows … which too often end up in the property market,” Serena Lillywhite, the CEO of Transparency International Australia, told a Senate…
State Department Posts $10 Million Reward for Colombian National Over Alleged Bribery Scheme
The State Department announced a $10 million reward on Oct. 22 for information leading to the arrest or conviction of a Colombian national that the United States accused of partaking in a bribery scheme. Colombian national Alvaro Pulido Vargas and four others were charged on Oct. 21 by the Department of Justice. They were accused of…
Commission on Money Laundering Plaguing BC Winds Up
B.C.’s inquiry into money laundering amid allegations of rampant drug crimes and crime proceeds injected into real estate—fuelling a housing affordability crisis—heard its closing submissions this week, ahead of its final report expected in December. Various stakeholders used their submissions to summarize their positions on the evidence heard, make general recommendations to the inquiry, assign…
Maduro Regime Suspends Negotiations With Opposition as Venezuelans Continue to Suffer 76 Percent Poverty
CARACAS/PRAIA—Venezuela on Saturday said it would suspend negotiations with the opposition that were set to resume this weekend. The announcement was made by Socialist party legislator Jorge Rodriguez, who heads the Maduro regime’s negotiating team. Rodriguez said the Venezuelan government would not attend the talks set to begin on Sunday after Cape Verde extradited Colombian…
‘Pandora Papers’ Show London Is a Key Hub for Tax Avoidance
LONDON—Transparency advocates are calling on Britain to tighten the country’s defenses against money laundering and tax avoidance after a massive leak of financial data showed how London is a key destination of choice for some of the world’s richest and most powerful people to conceal their cash. The cache of almost 12 million files shows…
German Watchdog BaFin Orders N26 to Pay $5 Million Fine
FRANKFURT—German financial regulator BaFin ordered online bank N26 to pay 4.25 million euros ($4.98 million) for delayed reports of suspicious activity in 2019 and 2020 in the area of anti-money laundering, the bank said in a statement. N26 said the fine was paid in full on July 14, adding all related proceedings have been closed….
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`