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Search resuls for: "Economic Crime"


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Meta is facing calls from U.K. banks and payment firms like Revolut to financially compensate people who fall for scams on their services. Proposals to make tech firms liableTensions have been running high between banks and tech companies for some time. A key ask has been for the tech firms to share more detailed intelligence on how criminals are abusing their platforms. Social media firms not doing enough to combat and remove attempts to defraud internet users was another complaint from regulatory authorities at the event. Jones added that it was tough to "break the inertia" at tech companies to "really get them to get after it."
Persons: Jaap Arriens, it's, Meta, Woody Malouf, Matt Akroyd, Kate Fitzgerald, Rob Jones, Jones Organizations: Nurphoto, Getty, Systems, PSR, Payments Association, Facebook, NatWest, Metro Bank, Financial Times, Labour Party, CNBC, Stewarts, Social, Economic Crime, U.K, National Crime Agency, Tech, Meta, Intelligence Locations: London
In this debate tonight, you’re going to hear from the same old, tired playbook, a bunch of lies, grievances and name-calling. The Biden administration kept some Trump tariffs imposed on China, but Harris opposes Trump’s plan to impose new tariffs on all foreign goods. But he said he would have done things differently than Biden after Trump struck an agreement with the Taliban. One of the debate moderators asked if Trump thinks it’s appropriate to comment on the racial identity of his opponent. - TrumpHarris, on the other hand, said Trump has a history of trying to divide the country around race.
Persons: Kamala Harris, Donald Trump, Trump, You’re, Joe Biden, Harris, Harris Harris, Harris ’, Biden, MAGA, Harris Trump, Roe, Wade, It’s, Trump’s, Sen, JD Vance, Bush, Mitt Romney, John McCain, Dick Cheney, Liz Cheney, Defense Mark Esper, Biden’s, Trump Harris, Viktor Orban, don’t, Tim Walz, We’re, it’s, they’ve, Trump Trump, Queens –, Barack Obama’s Organizations: CNN —, ABC News, Trump, Trump Trump, Defense, Queens, Capitol Locations: Philadelphia, China, America, Ohio, Kansas, Afghanistan, Kabul, that’s, Russia, Ukraine, Israel, Hungary, Lago, Florida, Pennsylvania, Brooklyn
Arizona is refusing to extradite a suspect wanted in a murder case in New York City. But the murder rate in Phoenix is actually higher than in New York, according to police data. "Having observed the treatment of violent criminals in the New York area by the Manhattan DA there, Alvin Bragg," Mitchell said. In his response to Mitchell, Bragg's office, however, noted that the murder rate is actually higher in Phoenix than in New York. AdvertisementStill, whether Mitchell's concerns about extraditing the suspect to New York are justified, they will likely strike a chord with Bragg's critics.
Persons: Manhattan DA Alvin Bragg, , Rachel Mitchell, Raad Almansoori, Joe Kenny, He's, Denisse, Mitchell, Alvin Bragg, Bragg, Kathy Hochul Organizations: Manhattan DA, Service, Arizona police, NYPD, Democratic New York Gov, NBC Locations: Arizona, New York City, Maricopa County, Manhattan, Phoenix, New York, Scottsdale , Arizona, United States, York, Pheonix , Arizona
This black market for foreign currencies is among the signs of the economic woes plaguing Algeria. In the oil-rich North African nation, business owners are rumored to be dumping their assets and scrounging up euros on the black market so their wealth isn't stuck. The government estimates roughly $7 billion worth of foreign currency trades hands on the country's black market. Traders are intimately aware that the gap between the official and black market exchange rate can narrow or widen by the day. The growing chasm between the official and black market rates meant fewer euros are getting into the country, he said.
Persons: isn't, Belamane, Nourdine Sadaoui, Hicham Safar, , , Abdelmajid Tebboune, Karim Allam Organizations: Associated Press, Traders, , Bank of Locations: ALGIERS, Algeria, Algiers, Mecca, Europe's, Lebanon, Nigeria, Bank of Algeria, Ukraine, Europe, Russian
Ex-Goldman Sachs analyst found guilty of insider dealing
  + stars: | 2024-02-15 | by ( ) edition.cnn.com   time to read: +2 min
London — A former Goldman Sachs analyst was convicted Thursday of using inside information to buy shares in listed companies and make more than 140,000 pounds ($175,650). Mohammed Zina, 35, was employed by Goldman Sachs International, a subsidiary of the bank, in London. A Goldman Sachs spokesperson said: “Mohammed Zina betrayed the trust we placed in him, and his misuse of client information was in direct contradiction of our values. Prosecutor Peter Carter told jurors at the start of the trial that Mohammed Zina had used “private, confidential, price-sensitive information” to invest on the stock exchange. He said the internal policies of Goldman Sachs strictly forbid any use of confidential information acquired by the investment bank or its employees.
Persons: Goldman Sachs, Mohammed Zina, SoftBank, Zina, “ Mohammed Zina, Steve Smart, Suhail Zina, Clifford Chance, Peter Carter Organizations: London, Goldman, Goldman Sachs International, Prosecutors, Tesco Bank, UK Financial, Authority, Southwark Crown Locations: London, British, Southwark
There are three classic theories:Deterrence: Severe sentences send a message to would-be criminals and prevent crimes. “If you’re going to deter, you have to reach an audience,” John Coffee, a Columbia University law professor and an expert on white-collar crime, told DealBook. Incarceration for economic crimes has an “expressive value,” Taub said. Bankman-Fried was famously obsessed with calculating risk — an effective sentence would signal to others like him that it’s not worth rolling the dice. — Ephrat LivniWe want to hear from you: How should judges approach sentencing for white-collar crime?
Persons: ” John Coffee, DealBook, Coffee, warranting, Judge Kaplan, Jennifer Taub, Taub, ” Taub, Fried, it’s, — Ephrat Livni, Biden, Sienna, Donald Trump Organizations: Columbia University, Alameda Research, Democratic, Biden, Times Locations: Western, England, Alameda, Virginia , Kentucky , Ohio, Pennsylvania
GroupM is an ad-buying unit of WPP. Photo: Toby Melville/REUTERSWPP said it terminated the executive currently detained in China on charges of bribery and is conducting its own investigation into the matter. On Saturday, the Shanghai police’s economic crimes investigation division said that three suspects at an unnamed advertising company had been detained on criminal charges of accepting bribes as nonpublic officials. That statement referred to one current and two former employees of GroupM, an ad-buying unit of WPP, The Wall Street Journal previously reported.
Persons: Toby Melville Organizations: WPP, Street Locations: China, Shanghai
Older adults, many of whom have saved their entire careers for retirement, can have the most to lose. The Covid pandemic was a disproportionate threat to older adults, keeping Americans indoors and quickly pushing them online. Outcomes hinge on a complex web of federal and state rules that govern banking and elder financial fraud. Such "heightened procedures" to protect older adults are part of the bank's duty of care relative to older customers, the lawsuit said. Scammers had her wire funds from her PNC bank account to an account at the now-defunct Signature Bank in New York.
Persons: Marjorie Bloom, she'd, Bloom, Roth, Ester, Ester Bloom, Rebecca Keithley, , they'd, I'm, Kathy Stokes, Keithley, General Merrick Garland, she'll, Marjorie Bloom Bloom, trekked, Mount, Kriangkrai, I've, There's, Sergio Flores, scammers —, Carla Sanchez, Adams, Sanchez, Banks, Marve Ann Alaimo, Porter Wright Morris, Arthur, Alaimo, Cryptocurrency, Scammers, scammers, it's, Patrick Wyman, Wyman, Al Drago Organizations: PNC Bank, Finance, CNBC, Federal Bureau of Investigation, PNC, FBI, Social, Department of Justice's, Vanguard Group, Federal, Consumer Finances, AARP, Microsoft, Department of Energy, Guaranty Corporation, U.S, North Dakota ., Everest Base, Social Security, North Bethesda Camera, PNC Bank —, District of Columbia, Bloomberg, Getty, National Consumer Law, Signature Bank, Asset Unit Locations: Chevy Chase , Maryland, U.S, Vietnam, Mount Everest, North Dakota, liquidating, Nepal, Marjorie Bloom Maryland, District, , Maryland, PNC, New York, Cayman Islands, Washington ,
Following is a list of some other high-profile Chinese executives who have been investigated or arrested under Xi's leadership. BAO FAN, FOUNDER OF CHINA RENAISSANCEThe founder of China Renaissance Holdings (1911.HK) was detained in February and the investment bank said in August he was co-operating with authorities as investigations continued. Wu was arrested in June 2017 amid Beijing’s campaign to curtail big-spending conglomerates as it cracked down on financial risk. YE JIANMING, FOUNDER OF CEFC CHINA ENERGYIn 2017, Ye's CEFC agreed to buy a nearly $9.1 billion stake in Russian oil major Rosneft. A year later, he was investigated for suspected economic crimes and disappeared from public view in March 2018.
Persons: Hui Ka Yan, Xi Jinping, ZHAO WEIGUO, Tsinghua Unigroup, Zhao, Bao, Morgan Stanley, Didi, XIAO JIANHUA, Xiao, CHEN FENG, TAN XIANGDONG, GROUP, Tan, WU XIAOHUI, Wu, JIANMING, Ye's CEFC, magazine's, Kane Wu, Selena Li, Anne Marie Roantree, Miyoung Kim, Lincoln Organizations: HK, Evergrande, TSINGHUA UNIGROUP, Tsinghua University, Tsinghua, OF CHINA, China Renaissance Holdings, Credit Suisse Group, OF, China's Communist Party elite, Reuters, HNA, Hainan Airlines, Deutsche Bank, Hilton Worldwide, Prosecutors, Thomson Locations: China, Chinese, Guangdong, Shanghai, Hong Kong, Hainan, CHINA
VIENNA, Sept 12 (Reuters) - Austrian anti-corruption prosecutors said on Tuesday they had dropped a bribery investigation into former conservative Finance Minister Gernot Bluemel for lack of proof. A concrete donation by the gambling company to the party could not be proven," the Central Prosecutors' Office for Economic Crimes and Corruption (WKStA) said in a statement. Kurz led his conservatives to victory in a parliamentary election following the government's collapse in 2019 but was forced to resign as chancellor in 2021 when he was placed under investigation over corruption allegations. He is also under investigation for possible perjury in testimony to a parliamentary commission. Their party remains in government and leads a coalition with the Greens formed in 2020.
Persons: Gernot Bluemel, Christian Strache, Strache, Sebastian Kurz, Bluemel, Kurz, Francois Murphy, Sharon Singleton Organizations: Finance, Party, Heinz, Central Prosecutors, Economic, Greens, Thomson Locations: VIENNA, Austrian, Austria
London CNN —The director of the British Museum has stepped down amid an investigation into the alleged theft of gold and artifacts from the famous London institution. Explaining his decision in a statement on Friday, Fischer said: “Over the last few days I have been reviewing in detail the events around the thefts from the British Museum and the investigation into them. “The British Museum has launched an independent review of security after items from the collection were found to be missing, stolen or damaged. “The matter is also under investigation by the Economic Crime Command of the Metropolitan Police.”In a statement provided to CNN, the Metropolitan Police said: “We have been working alongside the British Museum. Fischer described the incident as “highly unusual,” while George Osborne, chair of the museum, said it was a “sad day for all who love our British Museum, but we’re determined to right the wrongs and use the experience to build a stronger Museum.”
Persons: Hartwig Fischer’s, Fischer, , George Osborne, Organizations: London CNN, British Museum, Metropolitan Police, British, Economic, Command, CNN Locations: London
BERLIN, Aug 18 (Reuters) - Former Austrian chancellor Sebastian Kurz has been charged with giving false testimony before parliament, the Austrian prosecutor's office for economic crimes and corruption said on Friday. The conservative politician and his former chief of staff, Bernhard Bonelli, are accused of giving false testimony before the Ibiza committee of inquiry in the Austrian parliament "regarding the alleged corruptibility of his government," the office said in a statement. Kurz left office in 2021 after prosecutors placed him and nine others under investigation on suspicion of breach of trust, corruption and bribery with various levels of involvement. Since leaving office, Kurz has been working as a global strategist for tech investor Thiel Capital. Writing by Friederike Heine; Editing by Miranda Murray and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.
Persons: Sebastian Kurz, Bernhard Bonelli, Kurz, Heinz, Christian Strache, Karl Nehammer, Friederike Heine, Miranda Murray, Conor Humphries Organizations: Austrian, People's Party, Thiel Capital, Thomson Locations: Austrian, Ibiza, Vienna, Russian
CNN —An employee at the British Museum has been dismissed — and the Metropolitan Police has launched an investigation — after a number of items from the museum’s collection were found to be “missing, stolen or damaged,” the museum said in a statement Wednesday. “The British Museum has launched an independent review of security after items from the collection were found to be missing, stolen or damaged. A member of staff has been dismissed, and the Museum will now be taking legal action against the individual,” the museum said. “The matter is also under investigation by the Economic Crime Command of the Metropolitan Police.”“We have been working alongside the British Museum. The Trustees have taken decisive action to deal with the situation, working with the team at the Museum,” said George Osborne, chair of the British Museum.
Persons: , , , Hartwig Fischer, ” Fischer, ” “, George Osborne, Osborne, ” Osborne Organizations: CNN, British Museum, Metropolitan Police, British, Economic, Command, Museum Locations: British
Richard Marles, on his first visit to the Solomon Islands as defence minister, was also expected to meet members of the Solomon Islands International Assistance Force, which includes Australian police deployed in 2021 at Sogavare's request to quell anti-government riots. Marles, in comments before he arrived in the capital, Honiara, said Australia's partnership with Solomon Islands was "more important than ever". Australia is a major aid donor and has a decades-long security relationship with the Solomon Islands. Chinese police have taken an increasing role in training and equipping the Royal Solomon Islands Police Force in recent months, the force has indicated in statements. Solomon officials said Marles would meet Sogavare after a meeting with Foreign Minister Jeremiah Manele.
Persons: Manasseh Sogavare, Richard Marles, Sogavare, Xu Qu, Solomon, Marles, Jeremiah Manele, Kirsty Needham, Robert Birsel Organizations: SYDNEY, Pacific, Solomon, International Assistance Force, Australian, Royal Solomon Islands Police Force, Pacific Games, China Police, Thomson Locations: Solomon, China, Solomon Islands, Honiara, Australia, Canberra, Washington
Nigeria today faces record debt, unemployment is worryingly high, and power shortages have contributed to years of anaemic growth. "The path to political power in Nigeria, over time, has always been through these vested interests," said Bismarck Rewane, CEO at Financial Derivatives Company in Lagos. ENTRENCHED NETWORKSTinubu's ambitions to build a $1 trillion economy in eight years could come unstuck in part due to chronic power shortages. Getting the lights on would be a major win, but to do so some say Tinubu must remove grid subsidies and cut red tape. Tinubu suspended the head of the financial and economic crimes agency, but has yet to outline an anti-graft plan.
Persons: Bola Tinubu, Jason Tuvey, Bismarck Rewane, Tinubu, Tunau Taiwo, Nnamdi Obasi, Prince Ojeabulu, Muhammadu Buhari, jihadists, beholden, Joe Bavier, Conor Humphries Organizations: New, Capital Economics, Financial Derivatives Company, International, Rensource Energy, Nigeria Delta, Observers, Thomson Locations: Nigeria, LAGOS, New Nigerian, Lagos
The two pilots, however, would allow extensive information sharing between banks on large-scale financial crime, expand public-private data sharing initiatives and set up a similar platform to Britain's national fraud database for serious economic crime. The pilots could be formally launched by October when Britain's economic crime and corporate transparency bill, currently on its way through parliament, is expected to become law. This legislation aims to protect regulated firms from confidentiality rules if they share information to tackle economic crime, giving them the leeway to ramp up data sharing. One financial crime investigations lawyer, who declined to be named because of client sensitivities, said that information-sharing needed appropriate safeguards. The NCA told Reuters it was discussing the data sharing pilot with a number of banks to try and identify "actionable intelligence".
Persons: Dado Ruvic, Banks, Simon Fell, Iain Withers, Kirstin Ridley, Sinead Cruise, Jane Merriman Organizations: U.S, REUTERS, Lloyds, NatWest, Reuters, HSBC, Barclays, Crime Agency, UK Finance, Home Office, NCA, Thomson Locations: Russia, Britain, Ukraine
[1/2] British Minister of State for Security Tom Tugendhat addresses a press conference, with Kenya's Cabinet Secretary of the Ministry of Interior and National Administration Kithure Kindiki, during his visit, in Nairobi, Kenya May 10, 2023. REUTERS/Monicah Mwangi/File PhotoLONDON, June 18 (Reuters) - The Chinese embassy in London on Sunday condemned a meeting last week between Britain's security minister, Tom Tugendhat, and Taiwan's digital minister, saying it violated international relations. "This move seriously violates the one-China principle and the basic norms of international relations," a spokesperson for the Chinese embassy in London said in a statement. Although junior British ministers hold talks with their Taiwanese counterparts, the convention was that senior British ministers do not meet with Taiwanese officials. "We want to make it clear to the UK side that any actions that undermine China's interests will be met with resolute responses," the Chinese embassy spokesperson said.
Persons: Tom Tugendhat, National Administration Kithure Kindiki, Monicah, Tugendhat, Audrey Tang, Michael Holden, Sharon Singleton Organizations: British, State, Ministry of Interior, National Administration, REUTERS, Reuters, Taiwanese Digital Affairs, Thomson Locations: Nairobi, Kenya, London, Britain, China, Taiwan, Beijing, Taipei, Xinjiang
“Economic crime undermines the integrity of our financial system and weakens our national security,” said U.K. Home Secretary Suella Braverman. The U.K. government said it would hire 475 financial crime investigators and change laws around corporate crime as part of a new plan to crack down on economic crime. The three-year plan, unveiled Thursday, calls for new spending of £400 million, equivalent to $495 million, at several government agencies—£200 million of which will come from the government and £200 million from a levy on the private sector. The government will make a £100 million investment in data analytics and other technology to aid law enforcement.
CNN —Deputy Attorney General Lisa Monaco announced a new effort by the Justice Department on Thursday to target corporate sanctions evasion and other financial crimes that implicate national security. “To address the increasing intersection of corporate crime and national security, the Department is today announcing significant restructuring and resource commitments within the National Security Division,” Monaco at the American Bar Association National Institute on White Collar Crime Thursday. “Companies are on the front lines of today’s geopolitical and national security challenges,” she said. “Increasingly, corporate criminal investigations carry profound national security implications.”As part of that effort, Monaco said, the Justice Department’s National Security Division will hire more than 25 new prosecutors to investigate “sanctions evasion, export control violations, and similar economic crimes.” Monaco said. The Justice Department has brought several sanctions violations cases in the past year.
LONDON, Feb 16 (Reuters) - Norway has seized a record $5.8 million worth of cryptocurrency that was stolen by North Korean hackers last year, Norwegian police said in a statement on Thursday. North Korean hackers stole $625 million in March 2022 from a blockchain project linked to the crypto-based game Axie Infinity. "This is money that can be used to finance the North Korean regime and their nuclear weapons programme," Norway's senior public prosecutor, Marianne Bender, said in a statement. North Korea has denied allegations of hacking or other cyberattacks. Norway's national economic crime unit, known as Okokrim, said it had seized 60 million Norwegian crowns ($5.84 million) in "one of the largest seizures of money ever made in Norway" and a record amount for a crypto seizure.
Downing Street referred requests for comment to the business ministry, which oversees Companies House, Britain’s public registry of companies. And, in most cases, if foreign companies purchased the property before 1999 or hold UK property in a trust they don’t need to publicly disclose the beneficial owners. The Cyprus-based company, A. Corp Trustee Limited, wasn’t listed on Britain’s new property register as of Tuesday morning. A listing on the UK’s new property register for Hanley Limited identifies the beneficial owner as a Swiss company called Pomerol Capital Sa. Ravellot also wasn’t on the new property register.
A judge could rule Weisselberg violated the deal because jurors, by their verdict, found he lied. He has been promised a five-month jail sentence as part of his August plea deal. But that deal required Weisselberg, 75, to testify truthfully against former President Donald Trump's real-estate company, where he's worked since the 1970s. "Weisselberg says over and over, 'I, together with the Trump Organization,'" Florence, now in private practice, noted of his guilty plea. Trump Organization lawyers have already promised to appeal the verdict itself.
LONDON, Nov 25 (Reuters) - Britain's National Crime Agency (NCA) on Friday obtained a civil recovery order relating to nearly 54 million pounds ($65 million) of suspected criminal property held in accounts with Barclays (BARC.L). The NCA's lawyers told London's High Court that the money is likely "the proceeds of unlawful conduct", a view shared by Barclays which first approached the agency about the money. Judge Robin Knowles said he was prepared to make the civil recovery order "without hesitation". The NCA said that the case was "a great example of how the public and private sector can work together to recover proceeds of crime". "The proactive identification of these funds by Barclays was the reason we could take this action," said Adrian Searle, director of the National Economic Crime Centre within the NCA.
Danish train standstill on Saturday caused by cyber attack
  + stars: | 2022-11-03 | by ( ) www.reuters.com   time to read: +1 min
COPENHAGEN, Nov 3 (Reuters) - A major breakdown of Denmark's train network during the weekend was the result of a hacker attack on an IT subcontractor's software testing environment, Danish train operator DSB said on on Thursday. "We were contacted by our subcontractor who told us that their testing environment had been compromised by criminal hackers," DSB's chief of security, Carsten Dam Sonderbo-Jacobsen, told public broadcaster DR."It hasn't targeted infrastructure or DSB, it was economic crime," Sonderbo-Jacobsen told Reuters, adding that it was not clear who was behind the attack, but that investigations were ongoing. While not a direct attack on DSB, the attack prompted subcontractor Supeo to shut down its servers, which in turn affected locomotive drivers' ability to operate the trains for several hours on Saturday, according to DR. Reporting by Nikolaj Skydsgaard Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.
Ben Stansall/Pool via REUTERS/File PhotoLONDON, Sept 22 (Reuters) - Britain is moving ahead with plans for a sweeping overhaul of its public registry of companies in a bid to transform it into an active gatekeeper of corporate information and crack down harder on "dirty money", a government source said. Companies House is Britain's public registry of companies, their directors, significant shareholders who control the business and their financial filings. Anti-corruption groups have long called for reforms to the registry to improve transparency and tackle corruption through shell firms. At the moment, companies can be owned by nominees and many do not file full financial statements. ($1 = 0.8825 pounds)Register now for FREE unlimited access to Reuters.com RegisterWriting by Kirstin Ridley, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.
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