News and analysis on the global fight against fraud
White-collar crime, an insidious and complex category of offenses, extends far beyond the conventional image of criminal activity. Understanding white-collar crime is crucial for individuals and finance, law and security professionals in our interconnected world. This guide delves into the multifaceted landscape of white-collar offenses, illuminating the covert operations that underpin them.
Read MoreAs the landscape of financial crime continues to evolve, financial institutions must stay vigilant and prepared to address emerging risks. In this regard, aligning anti-money laundering (AML) programs with the Financial Crimes Enforcement Network (FinCEN) AML Priorities becomes crucial. This article explores the significance of integrating the FinCEN AML Priorities into AML programs and provides step-by-step suggestions to ensure preparedness for regulatory examinations.
Read MoreThe European Union Agency for Law Enforcement Cooperation (Europol) was created in 1998 to combat cybercrime, terrorism and other forms of organized crime. Since 2016, Europol has conducted annual anti-money laundering operations known as European Money Mule Actions, or EMMA. On December 2, 2021, Europol announced the results of EMMA 7, which was conducted from September to November 2021 with the cooperation of 26 countries and multiple law enforcement partners, financial institutions and private-sector businesses.
Read MoreOn November 27, 2019, the South Korean cryptocurrency exchange Upbit released a statement confirming they had been subject to a malicious hack that transferred 342,000 ethereum (ETH) — around $50 million — from Upbit’s Ethereum hot wallet to an anonymous wallet. Since the transfer, the stolen Ethereum has evaded tracking by Upbit and the cryptocurrency community, calling into question the security protocols used by major exchange platforms.
Read MoreWhen the FBI shut down the infamous darknet black market website Silk Road in 2014, the bureau embarked on investigations to seize bitcoin quantities earned through illegal transactions on the website, later selling those bitcoins for more than $48 million. Silk Road, founded in 2011 by Ross Ulbricht, played host to more than $200 million in cryptocurrency transactions during its online tenure. In 2015, Ulbricht was sentenced to serve a double life imprisonment for drug trafficking, computer hacking and money laundering, but because of the encrypted nature of cryptocurrency transactions, many of the site’s users who profited from the sale of illegal goods remain anonymous and untraceable.
Until now.
Read MoreNews and analysis on the global fight against fraud.
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