Article: How the pandemic became an EU goldmine for crime

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How the pandemic became an EU goldmine for crime

ANDREW RETTMAN, 13 April 2021

The recession set to hit Europe after the pandemic will help organised crime penetrate legitimate business and recruit out-of-work specialists, the EU’s joint police agency, Europol, has warned.

“Businesses operating in sectors suffering particularly negative economic pressures, such as the hospitality, catering and tourism sectors, are becoming more vulnerable to criminal infiltration,” it said in a report out on Monday (12 April). Continue reading “Article: How the pandemic became an EU goldmine for crime”

Article: Online Vendor Pleads Guilty to $5 Million Postage Fraud Scheme

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Online Vendor Pleads Guilty to $5 Million Postage Fraud Scheme

Daniel C. Silva, 13 April 2021

SAN DIEGO ­– Cuong H. Nguyen pleaded guilty in federal court today to conspiring to engage in a wide-ranging postage counterfeiting, forging, and tampering scheme that, over the course of multiple years and more than 160,000 packages, deprived the U.S. Postal Service of approximately $5 million of postage due and owing.

Special Agents from U.S. Postal Inspection Service, IRS Criminal Investigation, and the Financial Investigations and Border Crimes Task Force (the “FIBC” – a multiagency Task Force based in San Diego and Imperial Counties, and funded by the Treasury Executive Office of Asset Forfeiture) led the investigation. Continue reading “Article: Online Vendor Pleads Guilty to $5 Million Postage Fraud Scheme”

Article: Can the US Economy Withstand a $3 Trillion Cash Injection?

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Can the US Economy Withstand a $3 Trillion Cash Injection?

Tim Fries, 12 April 2021

It is not often noted that the U.S. Treasury too injects the economy with cash flow, on top of various stimulus packages. With a precarious economic balance such as it is, excess liquidity may yet be another trigger to make inflation worse.

Controlled Demolition of the Economy
At this point, it’s safe to say this decade began with a string of anomalies colossal in scope. Novel, harsh lockdowns were introduced for a fast-spreading, largely unknown virus. This led to historic wealth transfer from workers to corporate conglomerates close to $4 trillion, not to be confused with the other historic wealth transfer from boomers to millennials. Continue reading “Article: Can the US Economy Withstand a $3 Trillion Cash Injection?”

Article: The war against money-laundering is being lost

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The war against money-laundering is being lost

The Economist, 12 April 2021

The global system for financial crime is hugely expensive and largely ineffective.

YET ANOTHER bank is preparing to face the music over alleged failings in its efforts to curb flows of dirty money. In the coming weeks NatWest, one of Britain’s largest lenders, is set to appear in court in London to respond to charges that it failed to properly scrutinise a gold-dealing client that deposited £365m ($502m) with the bank—£264m of it in cash. Continue reading “Article: The war against money-laundering is being lost”

Article: Alibaba shares jump after record $2.8bn anti-monopoly fine

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Alibaba shares jump after record $2.8bn anti-monopoly fine

Mark Sweney, 12 April 2021

Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn (£2bn) fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.

Top executives at the company, founded by the billionaire Jack Ma, told investors that while Chinese regulators continued a wider investigation into the sprawling conglomerates in the country’s tech industry, they believed the multibillion dollar fine announced at the weekend marked the end of the focus on Alibaba. The company is listed in Hong Kong and its shares climbed as much as 9% on the management’s comments. Continue reading “Article: Alibaba shares jump after record $2.8bn anti-monopoly fine”

Article: Greensill scandal: government orders inquiry into Cameron lobbying

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Greensill scandal: government orders inquiry into Cameron lobbying

Jessica Elgot, 12 April 2021

No 10 is to a launch an independent investigation into former prime minister David Cameron’s lobbying for the now-collapsed Greensill and the role of the scandal-hit financier Lex Greensill in government.

The independent review, commissioned by Boris Johnson, will be led by the legal expert Nigel Boardman, a non-executive board member of the Department for Business, Energy and Industrial Strategy. Continue reading “Article: Greensill scandal: government orders inquiry into Cameron lobbying”

Article: GameStop Slips as Skeptic Warns That Reddit Rally Will Fade

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GameStop Slips as Skeptic Warns That Reddit Rally Will Fade

Bailey Lipschultz, 12 April 2021

(Bloomberg) — GameStop Corp.’s Reddit-fueled trading surge is likely going to fade as threats from digital game downloads sink in, according to one skeptical Wall Street analyst.

The stock slumped after Ascendiant Capital Markets analyst Edward Woo downgraded the retailer to sell from hold, saying increasing digital sales for video-game publishers is a looming risk given GameStop’s minimal market share. He warned clients in a note about the long-term prospects for the company as the market for new gaming systems matures after new launches from Microsoft Corp. and Sony Group Corp. Continue reading “Article: GameStop Slips as Skeptic Warns That Reddit Rally Will Fade”

Article: FICO Survey Finds UK Banks Struggled With Covid-19 Financial Crime Surge

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FICO Survey Finds UK Banks Struggled With Covid-19 Financial Crime Surge

Polly Jean Harrison, 10 April 2021

As cases of fraud and money laundering rose during the pandemic last year, banks in the UK faced unforeseen challenges. In a new study by global analytics software provider FICO and independent research firm OMDIA, 79 per cent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention.

“Just as the pandemic put huge stresses on the health care system, it put huge stresses on fraud and financial crime management teams,” explained Toby Carlin, senior director for fraud consulting at FICO. “Teams that collaborate in person and work with large software systems that have restricted access found that working from home hurt their productivity. This was compounded as the volume of fraud attacks rose.” Continue reading “Article: FICO Survey Finds UK Banks Struggled With Covid-19 Financial Crime Surge”

Article: How Cybercriminals Stole $1.8 Billion from Unsuspecting Older Americans in 2020

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How Cybercriminals Stole $1.8 Billion from Unsuspecting Older Americans in 2020

Katherine Skiba, 12 April 2021

Cybercrime complaints soared to a record high last year, when total losses surpassed $4.2 billion and losses to those 50 and older exceeded $1.8 billion, according to FBI data for 2020.

The nearly 792,000 in overall reports from all ages was a 69 percent jump from 2019. The increase was blamed on crooks who exploited the COVID-19 pandemic for financial gain. “In 2020, while the American public was focused on protecting our families from a global pandemic and helping others in need, cybercriminals took advantage of the opportunity to profit from our dependence on technology to go on an internet crime spree,” said the FBI’s Paul Abbate, a 25-year veteran who is the bureau’s deputy director, its second-highest official. Continue reading “Article: How Cybercriminals Stole $1.8 Billion from Unsuspecting Older Americans in 2020”

Article: The Illegal Wildlife Trade and the Banking Sector in China

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The Illegal Wildlife Trade and the Banking Sector in China

TRAFFIC, 12 April 2021

Cambridge, UK – 14 April 2021: Chinese banks must take action to prevent illegal wildlife traffickers from exploiting their networks to launder money says TRAFFIC. The non-governmental organisation, which works globally on trade in wild animals and plants in the context of both biodiversity conservation and sustainable development, is today releasing resources that indicate how Chinese banks are at risk of greater scrutiny and pressure from governments and institutional investors if they fail to act on the illegal trade of wildlife. Continue reading “Article: The Illegal Wildlife Trade and the Banking Sector in China”

Article: US cautions China-backed Port City could turn into money-laundering haven

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US cautions China-backed Port City could turn into money-laundering haven

The Island Online, 12 April 2021

(ANI) US Ambassador to Sri Lanka and Maldives, Alaina Teplitz on Saturday warned Sri Lanka of unintended consequences of ‘nefarious actors’ who may try to misuse a China-backed Colombo Port City’s easy business rules as a permissive money laundering haven amid concerns of tax leaks.

Sri Lanka has unveiled draft legislation for a Colombo Port City Commission which allows for sweeping tax breaks, tax-free salaries and to be an offshore financial centre. Continue reading “Article: US cautions China-backed Port City could turn into money-laundering haven”

Article: Ex-Trader Sues RBS For £1.1M In Unpaid Bonuses

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Ex-Trader Sues RBS For £1.1M In Unpaid Bonuses

Joanne Faulkner, 12 April 2021

A former Royal Bank of Scotland trader is suing the lender for more than £1.1 million ($1.5 million), claiming he is being denied promised bonuses after being unlawfully dismissed during a regulatory investigation into the Libor rate-rigging scandal.

Arif Hussein, former managing director of a trading division, argues in a High Court claim that has recently been made public that RBS has wrongfully classified his firing from the lender in 2014 as “for cause.” This came despite an employment tribunal determining he had been unlawfully dismissed a year later, the claim added. Continue reading “Article: Ex-Trader Sues RBS For £1.1M In Unpaid Bonuses”

Article: ‘Scheming’ former Portage official gets year of probation; sentenced for felony conflict of interest

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‘Scheming’ former Portage official gets year of probation; sentenced for felony conflict of interest

AMY LAVALLEY, 12 April 2021

Former Portage Clerk-Treasurer Christopher Stidham will have to give up his law license and the chance of future work in the public sector, much less a run for office, after being sentenced Monday on a Level 6 felony count of conflict of interest.

“A white-collar crime is still a crime,” Porter Superior Court Judge Jeffrey Clymer said, later noting Stidham’s “scheming” in the case. Continue reading “Article: ‘Scheming’ former Portage official gets year of probation; sentenced for felony conflict of interest”

Article: Yellen Plans to Spare China From Currency Manipulator Label

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Yellen Plans to Spare China From Currency Manipulator Label

Saleha Mohsin, 12 April 2021

Treasury Secretary Janet Yellen will decline to name China as a currency manipulator in her first semiannual foreign-exchange report, according to people familiar with the matter, a move that allows the U.S. to sidestep a fresh clash with Beijing.

The report, which is not yet finalized, is due on Thursday, although it is unclear when the department will release it. During the Trump era, the Treasury Department was accused of politicizing the report after it abruptly designated China a manipulator in mid-2019 outside its usual release schedule, only to lift the label five months later to win concessions in a trade deal. Continue reading “Article: Yellen Plans to Spare China From Currency Manipulator Label”

Article: Could The U.K. Secretly Strip Encryption From WhatsApp?

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Could The U.K. Secretly Strip Encryption From WhatsApp?

Barry Collins, 11 April 2021

The U.K. government could secretly force Facebook to strip end-to-end encryption from apps such as WhatsApp, a civil liberties organization has claimed.

The U.K. government has waged a long campaign against end-to-end encryption in consumer apps because it makes interception of communications more difficult. End-to-end encryption thus facilitates crimes such as child abuse, politicians such as the U.K.’s Home Secretary, Priti Patel, have argued. Continue reading “Article: Could The U.K. Secretly Strip Encryption From WhatsApp?”