Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity.

The assessment highlights a series of failings, including a lack of control of those who handle large sums of money, such as estate agents, adding that while Germany understood the risks, it had not done enough to tackle them.

The FATF criticised, for instance, the disjointed nature of supervision, with more than 300 regional authorities responsible for monitoring such players, as well as a shortage of personnel.

Germany's score lags far behind France, which the FATF also recently assessed. The poor ranking means Germany will now have to report annually to the body in the coming years about its progress in tackling shortcomings.

Germany's finance minister, Christian Lindner, has acknowledged the problem and pledged to centralise control, install additional staff and modernise the authorities' technology.

"We deal with the small fish, while the big fish get away," he told journalists earlier this week before the report's publication, adding that he would step up efforts to "follow the money".

The FATF said Germany prosecuted about 1,000 people for money laundering in 2020, despite opening more than 37,000 inquiries, a level of convictions it considered "very small".

Germany has more banks than other countries in the European Union while many Germans prefer using cash, which the FATF said made up three-quarters of transactions. There is no upper limit on the size of cash transactions.

The FATF also flagged money laundering risks from hawala payments, which means 'transfer' in Arabic. The system is widely used in the Middle East, moving payments through a trusted network of agents who operate outside banks.

Germany has 11 million international migrants, the third-largest globally, according to the report.

The FATF urged Germany to take "additional measures ... to more effectively mitigate the risks in relation to cash and hawala services".

Konrad Duffy of Finanzwende, a group that lobbies for financial transparency, said German authorities needed more powers to tackle money laundering and that rules should be tightened to prevent buying properties in cash.

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Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres. The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity. The assessment highlights a series of failings, including a lack of control of those who handle large sums of money, such as estate agents, adding that while Germany understood the risks, it had not done enough to tackle them. The FATF criticised, for instance, the disjointed nature of supervision, with more than 300 regional authorities responsible for monitoring such players, as well as a shortage of personnel. Germany's score lags far behind France, which the FATF also recently assessed. The poor ranking means Germany will now have to report annually to the body in the coming years about its progress in tackling shortcomings. Germany's finance minister, Christian Lindner, has acknowledged the problem and pledged to centralise control, install additional staff and modernise the authorities' technology. "We deal with the small fish, while the big fish get away," he told journalists earlier this week before the report's publication, adding that he would step up efforts to "follow the money". The FATF said Germany prosecuted about 1,000 people for money laundering in 2020, despite opening more than 37,000 inquiries, a level of convictions it considered "very small". Germany has more banks than other countries in the European Union while many Germans prefer using cash, which the FATF said made up three-quarters of transactions. There is no upper limit on the size of cash transactions. The FATF also flagged money laundering risks from hawala payments, which means 'transfer' in Arabic. The system is widely used in the Middle East, moving payments through a trusted network of agents who operate outside banks. Germany has 11 million international migrants, the third-largest globally, according to the report. The FATF urged Germany to take "additional measures ... to more effectively mitigate the risks in relation to cash and hawala services". Konrad Duffy of Finanzwende, a group that lobbies for financial transparency, said German authorities needed more powers to tackle money laundering and that rules should be tightened to prevent buying properties in cash. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Cash-rich Germany criticised by watchdog over money laundering

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Mexico's former President Enrique Pena Nieto is being investigated for suspected election-related crimes including money laundering (the process of hiding the source of money obtained from illegal sources and converting it to a clean source to avoid prosecution) and illicit enrichment (significant increase in the assets of a public official without proper explanation) as confirmed by the Office of the Attorney General of&nbsp;<meta charset="utf-8" /><a href="https://www.wionews.com/world/gunmen-attack-army-guardian-guatemalan-president-near-mexican-border-1-injured-502233">Mexico</a>.&nbsp;

<meta charset="utf-8" />The press statement referred to him only as “Enrique ‘P’” in line with Mexican policy of not identifying those accused of crimes. But an official with the prosecutor’s office confirmed that it concerned former President Peña Nieto.

<meta charset="utf-8" />The announcement comes nearly a month after the country's&nbsp;Financial Intelligence Unit revealed that Pena Nieto was facing a probe over international&nbsp;funds transfer of more than a million dollars.&nbsp;

The ex-President, who was in office from 2012-2018 and now lives in Madrid, has denied any misconduct.&nbsp;

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Some of the allegations involve Spanish construction company OHL, the Attorney General's Office said in a statement, without giving details.

"Progress in this investigation will allow prosecutions in the coming months," it said.

Pablo Gomez, head of the Financial Intelligence Unit, told reporters in July that Pena Nieto had received around 26 million pesos ($1.25 million) sent by a relative in Mexico.

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The movements had come under the radar because they were cash transfers and the origin of the funds was unknown, he said.

Gomes added that Pena Nieto is also believed to have connections with two companies that won lucrative contracts with the Mexican state during his tenure.

Pena Nieto tweeted in response that he was "certain that I will be allowed to clarify before the competent authorities any questions about my assets and demonstrate their legality."

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Mexican President Andres Manuel Lopez Obrador, a left-wing populist who replaced Pena Nieto in 2018, has repeatedly denounced alleged corruption under his predecessors.

A referendum by&nbsp;Lopez Obrador, the current President of Mexico, championed last year on whether former presidents should be prosecuted failed to draw anywhere near enough voters to the polls for the exercise to be binding.

(With inputs from agencies)

Mexico's former President Enrique Pena Nieto is being investigated for suspected election-related crimes including money laundering (the process of hiding the source of money obtained from illegal sources and converting it to a clean source to avoid prosecution) and illicit enrichment (significant increase in the assets of a public official without proper explanation) as confirmed by the Office of the Attorney General of Mexico.

Mexico's former President Enrique Pena Nieto is being investigated for suspected election-related crimes including money laundering (the process of hiding the source of money obtained from illegal sources and converting it to a clean source to avoid prosecution) and illicit enrichment (significant increase in the assets of a public official without proper explanation) as confirmed by the Office of the Attorney General of Mexico. The press statement referred to him only as “Enrique ‘P’” in line with Mexican policy of not identifying those accused of crimes. But an official with the prosecutor’s office confirmed that it concerned former President Peña Nieto. The announcement comes nearly a month after the country's Financial Intelligence Unit revealed that Pena Nieto was facing a probe over international funds transfer of more than a million dollars. The ex-President, who was in office from 2012-2018 and now lives in Madrid, has denied any misconduct. Some of the allegations involve Spanish construction company OHL, the Attorney General's Office said in a statement, without giving details. "Progress in this investigation will allow prosecutions in the coming months," it said. Pablo Gomez, head of the Financial Intelligence Unit, told reporters in July that Pena Nieto had received around 26 million pesos ($1.25 million) sent by a relative in Mexico. The movements had come under the radar because they were cash transfers and the origin of the funds was unknown, he said. Gomes added that Pena Nieto is also believed to have connections with two companies that won lucrative contracts with the Mexican state during his tenure. Pena Nieto tweeted in response that he was "certain that I will be allowed to clarify before the competent authorities any questions about my assets and demonstrate their legality." En relación con la denuncia presentada en mi contra por la Unidad de Inteligencia Financiera, estoy cierto que ante las autoridades competentes se me permitirá aclarar cualquier cuestionamiento sobre mi patrimonio y ... — Enrique Peña Nieto (@EPN) July 7, 2022 × Mexican President Andres Manuel Lopez Obrador, a left-wing populist who replaced Pena Nieto in 2018, has repeatedly denounced alleged corruption under his predecessors. A referendum by Lopez Obrador, the current President of Mexico, championed last year on whether former presidents should be prosecuted failed to draw anywhere near enough voters to the polls for the exercise to be binding. (With inputs from agencies)

Mexico: Former President Enrique Pena Nieto under scrutiny for alleged corruption

The ringleader of one of United Kingdom’s biggest money laundering operations has been sentenced to nearly a decade in jail. Abdullah Mohammed Ali Bin Beyat Alfalasi, the ringleader of the money laundering operation, will serve nine years and seven months in jail. He set up a network of couriers that sent about USD 127 million of street cash out of UK within two years. The cash was mainly sent to Middle East. Screws around Alfalasi were tightened after investigators caught hold of couriers in the money laundering network who were carrying the cash on flights in bags stuffed in suitcases.

The persons carrying the cash used tricks to fool sniffer dogs trained to locate hidden cash in baggage. The smugglers sprinkled coffee granules among the notes or sprayed air fresheners.

“There is no doubt that this was a considerable network under your charge, not your sole charge, you were a principal but it is clear that there were others involved,” said Judge Simon Davis while handing down the sentence. The judge was quoted by Bloomberg.

Middle East and, especially, United Arab Emirates (UAE) have been in focus due to smuggling of cash into the region. In March, global financial crimes watchdog placed UAE on gray list for failing to do enough to uncover illicit funds.

Alfalasi himself is an Emirati. He was arrested by police last year from a building in London’s upmarket Mayfair district. The building is owned by his wife.

Prosecutors said Alfalasi aided crime organisations in the UK and other European countries.

The ringleader of one of United Kingdom’s biggest money laundering operations has been sentenced to nearly a decade in jail. Abdullah Mohammed Ali Bin Beyat Alfalasi, the ringleader of the money laundering operation, will serve nine years and seven months in jail.

The ringleader of one of United Kingdom’s biggest money laundering operations has been sentenced to nearly a decade in jail. Abdullah Mohammed Ali Bin Beyat Alfalasi, the ringleader of the money laundering operation, will serve nine years and seven months in jail. He set up a network of couriers that sent about USD 127 million of street cash out of UK within two years. The cash was mainly sent to Middle East. Screws around Alfalasi were tightened after investigators caught hold of couriers in the money laundering network who were carrying the cash on flights in bags stuffed in suitcases. The persons carrying the cash used tricks to fool sniffer dogs trained to locate hidden cash in baggage. The smugglers sprinkled coffee granules among the notes or sprayed air fresheners. “There is no doubt that this was a considerable network under your charge, not your sole charge, you were a principal but it is clear that there were others involved,” said Judge Simon Davis while handing down the sentence. The judge was quoted by Bloomberg. Middle East and, especially, United Arab Emirates (UAE) have been in focus due to smuggling of cash into the region. In March, global financial crimes watchdog placed UAE on gray list for failing to do enough to uncover illicit funds. Alfalasi himself is an Emirati. He was arrested by police last year from a building in London’s upmarket Mayfair district. The building is owned by his wife. Prosecutors said Alfalasi aided crime organisations in the UK and other European countries.

Leader of one of UK's largest money laundering racket gets 10 years in jail

As India's financial crime-fighting agency Enforcement Directorate (ED) continues to raid offices of Chinese smartphone maker Vivo, as per a report by IANS, directors of one of the firms associated with the brand have fled the country. The Indian financial agency started its raid on Vivo on Tuesday (July&nbsp;6th). According to a Reuters report, the searches were part of an investigation into suspected money laundering. Reacting to news of the raids, China has expressed hope that India will conduct the investigations in a “fair” and “non-discriminatory” manner. Two Chinese directors of a Himachal Pradesh-based company associated with Vivo are believed to have fled, reported IANS quoting sources. The report further alleged that the Chinese nationals were made directors of the Indian firms by making use of fake documents.

Watch |&nbsp;Gravitas: Indian officials raid Vivo offices

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However, in an email, a Vivo representative stated that the company was cooperating with the authorities to provide them with all required information."

"As a responsible corporate, we are committed to be fully compliant with laws."

Zhao Lijian, a spokesman for the Chinese Foreign Ministry, responded to questions about the ongoing raids on Vivo offices in many cities throughout India by saying that his country is actively monitoring the situation.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/despite-border-tensions-boycotts-and-bans-india-china-trade-grew-to-record-125-billion-in-2021-444763">Despite border tensions, boycotts and bans, India-China trade grew to record $125 billion in 2021</a>

He said, “As I have stressed many times, the Chinese government always asks Chinese companies to abide by laws and regulations when doing business overseas", adding that, "we firmly support Chinese companies in safeguarding their lawful rights and interests.”

“We hope the Indian side will conduct investigations and law enforcement in accordance with laws and regulations and earnestly provide a fair, just and non-discriminatory business environment for Chinese companies investing and operating in India,” he said.

According to ED sources, the enforcement agency has so far learned of money laundering worth approximately $1200 million (INR 10,000 crore) during the raid operations.

Also read |&nbsp;<a href="https://www.wionews.com/world/xiaomis-assets-worth-rs-55-billion-seized-by-ed-over-forex-violations-475162">Xiaomi's assets worth Rs 55 billion seized by ED over forex violations</a>

The Vivo raids come months after the Enforcement Directorate opened an inquiry into Xiaomi Corp., one of India's top smartphone vendors, for alleged unlawful payments sent abroad under the pretence of "royalties." A total of around $725 million (INR 5,551 &nbsp;crore) was seized during the said searches.

Xiaomi has denied any wrongdoing and claimed in court that when being questioned by representatives from the Directorate, its top executives were subjected to coercion and threats of "physical violence." The claims were refuted by the agency.

(With inputs from agencies)

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As India's financial crime-fighting agency Enforcement Directorate (ED) continues to raid offices of Chinese smartphone maker Vivo, as per a report by IANS, directors of one of the firms associated with the brand have fled the country.

As India's financial crime-fighting agency Enforcement Directorate (ED) continues to raid offices of Chinese smartphone maker Vivo, as per a report by IANS, directors of one of the firms associated with the brand have fled the country. The Indian financial agency started its raid on Vivo on Tuesday (July 6th). According to a Reuters report, the searches were part of an investigation into suspected money laundering. Reacting to news of the raids, China has expressed hope that India will conduct the investigations in a “fair” and “non-discriminatory” manner. Two Chinese directors of a Himachal Pradesh-based company associated with Vivo are believed to have fled, reported IANS quoting sources. The report further alleged that the Chinese nationals were made directors of the Indian firms by making use of fake documents. Watch | Gravitas: Indian officials raid Vivo offices However, in an email, a Vivo representative stated that the company was cooperating with the authorities to provide them with all required information." "As a responsible corporate, we are committed to be fully compliant with laws." Zhao Lijian, a spokesman for the Chinese Foreign Ministry, responded to questions about the ongoing raids on Vivo offices in many cities throughout India by saying that his country is actively monitoring the situation. Also read | Despite border tensions, boycotts and bans, India-China trade grew to record $125 billion in 2021 He said, “As I have stressed many times, the Chinese government always asks Chinese companies to abide by laws and regulations when doing business overseas", adding that, "we firmly support Chinese companies in safeguarding their lawful rights and interests.” “We hope the Indian side will conduct investigations and law enforcement in accordance with laws and regulations and earnestly provide a fair, just and non-discriminatory business environment for Chinese companies investing and operating in India,” he said. According to ED sources, the enforcement agency has so far learned of money laundering worth approximately $1200 million (INR 10,000 crore) during the raid operations. Also read | Xiaomi's assets worth Rs 55 billion seized by ED over forex violations The Vivo raids come months after the Enforcement Directorate opened an inquiry into Xiaomi Corp., one of India's top smartphone vendors, for alleged unlawful payments sent abroad under the pretence of "royalties." A total of around $725 million (INR 5,551 crore) was seized during the said searches. Xiaomi has denied any wrongdoing and claimed in court that when being questioned by representatives from the Directorate, its top executives were subjected to coercion and threats of "physical violence." The claims were refuted by the agency. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

As India's ED raids Chinese smartphone firm Vivo's offices, Beijing says hopes for a 'fair' investigation

India's Enforcement Directorate (ED) has summoned Indian National Congress (INC) party president Sonia Gandhi and her MP son Rahul Gandhi for questioning in a money laundering case worth millions of rupees.&nbsp;The case is linked to the National Herald newspaper. Rahul Gandhi has been asked to appear on June 2nd while Sonia Gandhi has been summoned to depose before the federal agency on June 8th.&nbsp;Speaking at a press conference, Congress leader Abhishek Manu Singhvi said that the president will comply with the summons.&nbsp;Rahul Gandhi, on the other hand, has requested a postponement till after June 5 on account of not being present in India at the moment.

Singhvi further called this a conspiracy on the part of the leading Bharatiya Janata Party (BJP) and said that "the Modi government should know that by registering such fake and fabricated cases, they cannot succeed in their cowardly conspiracy."

"The entire party and every worker will stand shoulder to shoulder with them and we will fight and win this attack on the country's democracy."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/delhi-hc-to-hear-on-january-15-appeal-of-ajl-publisher-of-national-herald-189143">Delhi HC to hear on January 15 appeal of AJL, publisher of National Herald</a>

The summons is related to a nine-year-old complaint filed by Subramanian Swamy,&nbsp;a lawmaker from Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) against Congress President Sonia Gandhi and her son Rahul.

Swamy, a lawmaker, accused the Gandhis of creating a shell corporation and obtaining ownership of properties worth $300 million unlawfully.

The assets in dispute belonged to a company that published the National Herald newspaper, which was created in 1937 by Jawaharlal Nehru, Rahul Gandhi's great grandfather and India's first prime minister.

Watch |&nbsp;Pakistan and India have a lot to gain from mutually beneficial trade, says Pak PM Shehbaz Sharif

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A case was registered&nbsp;to investigate potential financial irregularities at the party-backed Young Indian, which owns the National Herald newspaper.

Officials said the agency wants to record Sonia and Rahul Gandhi's comments under the criminal sections of the Prevention of Money Laundering Act (PMLA).

(With inputs from agencies)

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India's Enforcement Directorate (ED) has summoned Indian National Congress (INC) party president Sonia Gandhi and her MP son Rahul Gandhi for questioning in a money laundering case worth millions of rupees.

India's Enforcement Directorate (ED) has summoned Indian National Congress (INC) party president Sonia Gandhi and her MP son Rahul Gandhi for questioning in a money laundering case worth millions of rupees. The case is linked to the National Herald newspaper. Rahul Gandhi has been asked to appear on June 2nd while Sonia Gandhi has been summoned to depose before the federal agency on June 8th. Speaking at a press conference, Congress leader Abhishek Manu Singhvi said that the president will comply with the summons. Rahul Gandhi, on the other hand, has requested a postponement till after June 5 on account of not being present in India at the moment. Singhvi further called this a conspiracy on the part of the leading Bharatiya Janata Party (BJP) and said that "the Modi government should know that by registering such fake and fabricated cases, they cannot succeed in their cowardly conspiracy." "The entire party and every worker will stand shoulder to shoulder with them and we will fight and win this attack on the country's democracy." Also read | Delhi HC to hear on January 15 appeal of AJL, publisher of National Herald The summons is related to a nine-year-old complaint filed by Subramanian Swamy, a lawmaker from Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) against Congress President Sonia Gandhi and her son Rahul. Swamy, a lawmaker, accused the Gandhis of creating a shell corporation and obtaining ownership of properties worth $300 million unlawfully. The assets in dispute belonged to a company that published the National Herald newspaper, which was created in 1937 by Jawaharlal Nehru, Rahul Gandhi's great grandfather and India's first prime minister. Watch | Pakistan and India have a lot to gain from mutually beneficial trade, says Pak PM Shehbaz Sharif A case was registered to investigate potential financial irregularities at the party-backed Young Indian, which owns the National Herald newspaper. Officials said the agency wants to record Sonia and Rahul Gandhi's comments under the criminal sections of the Prevention of Money Laundering Act (PMLA). (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: Sonia Gandhi, son Rahul summoned in money-laundering case, Congress party calls it conspiracy

As per reports by Pakistan's local media, a special court of the country's Federal Investigation Agency (FIA) has issued an order for the indictment of the new Prime Minister Shehbaz Sharif and his son, Punjab Chief Minister-elect Humza in a money laundering case amounting to USD 75 million.

The court was to indict the duo and the other alleged participants of this case earlier this month, but the process was delayed due to Sharif's unavailability.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/naya-pakistan-against-sharia-make-banking-system-interest-free-by-dec-2027-federal-shariat-court-tells-govt-474728" hreflang="en">Naya Pakistan? Shariat court calls banking system against Sharia, tells govt to make it interest-free by 2027</a>

"It is being made clear to all the parties that on the next hearing, we will indict them [...] all the suspects should ensure their attendance," Geo News quoted the special court as saying.

The order was issued on Wednesday, however, the Pakistani premier failed to show up even then. Now the court has via a written order summoned him, Hamza Sharif and the other accused on May 14. The accused have been asked to make sure of their attendance.

Watch |&nbsp;Shehbaz Sharif booked for money laundering case during 2008-18

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According to a PTI report, the court also ordered Shehbaz's lawyer, Advocate Amjad Pervez, to present arguments before the court on May 14 about his client's claim that he cannot be indicted in this matter.

FIA had booked Shehbaz Sharif and his two sons, Hamza and Suleman under various sections of the Prevention of Corruption Act and Anti Money Laundering Act in November 2020.

Also read |&nbsp;<a href="https://www.wionews.com/world/imran-khan-if-pakistan-burns-you-will-have-blood-on-your-hands-474678" hreflang="en">Imran Khan, if Pakistan burns, you will have blood on your hands</a>

Suleman has eluded capture and is currently residing in the United Kingdom.

As per FIA's investigation, 28 Benami accounts amounting to $75 million or 14 billion Pakistani rupees allegedly belonging to the Sharif family were detected.

The money is believed to have been laundered during a 10 years period from 2008 to 2018.

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(With inputs from agencies)

As per reports by Pakistan's local media, a special court of the country's Federal Investigation Agency (FIA) has issued an order for the indictment of the new Prime Minister Shehbaz Sharif and his son, Punjab Chief Minister-elect Humza in a money laundering case amounting to USD 75 million.

As per reports by Pakistan's local media, a special court of the country's Federal Investigation Agency (FIA) has issued an order for the indictment of the new Prime Minister Shehbaz Sharif and his son, Punjab Chief Minister-elect Humza in a money laundering case amounting to USD 75 million. The court was to indict the duo and the other alleged participants of this case earlier this month, but the process was delayed due to Sharif's unavailability. Also read | Naya Pakistan? Shariat court calls banking system against Sharia, tells govt to make it interest-free by 2027 "It is being made clear to all the parties that on the next hearing, we will indict them [...] all the suspects should ensure their attendance," Geo News quoted the special court as saying. The order was issued on Wednesday, however, the Pakistani premier failed to show up even then. Now the court has via a written order summoned him, Hamza Sharif and the other accused on May 14. The accused have been asked to make sure of their attendance. Watch | Shehbaz Sharif booked for money laundering case during 2008-18 According to a PTI report, the court also ordered Shehbaz's lawyer, Advocate Amjad Pervez, to present arguments before the court on May 14 about his client's claim that he cannot be indicted in this matter. FIA had booked Shehbaz Sharif and his two sons, Hamza and Suleman under various sections of the Prevention of Corruption Act and Anti Money Laundering Act in November 2020. Also read | Imran Khan, if Pakistan burns, you will have blood on your hands Suleman has eluded capture and is currently residing in the United Kingdom. As per FIA's investigation, 28 Benami accounts amounting to $75 million or 14 billion Pakistani rupees allegedly belonging to the Sharif family were detected. The money is believed to have been laundered during a 10 years period from 2008 to 2018. Watch WION LIVE HERE: (With inputs from agencies)

Pakistan PM Shehbaz Sharif and son to be indicted in $75 million money laundering case

Weeks after taking oath as the Prime Minister, Lahore special court has Shehbaz Sharif in the $75 million money laundering case on the 14th of May. The court has clearly said that no further adjournments will be made and all accused in the case need to be present in court.

Shehbaz Sharif booked for money laundering case during 2008-18

Pakistan has been retained in the ‘grey list’ of the global terror financing watchdog Financial Action Task Force (FATF) over failure to address the remaining deficiencies in its financial system.

The FATF added the United Arab Emirates to its increased monitoring list, also known as the grey list, of countries with inadequate controls over terrorism financing.&nbsp;

Pakistan has been placed on the list since 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.

At the conclusion of its plenary meeting, the Paris-based watchdog announced that Pakistan has completed 26 of the 27 action items in the 2018 action plan, the Dawn newspaper reported.

And it has completed seven action items of the 2021 action plan of the watchdog’s Asia Pacific Group on Money Laundering (APG) ahead of the deadlines.

The FATF encouraged Pakistan to continue making progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terror financing investigations and prosecutions target most wanted terrorists and chiefs of UN-designated terrorist groups.

The statement further said that since June 2018, Pakistan has shown “continued political commitment” that has led to “significant progress across a comprehensive CFT action plan”.

Pakistan has so far avoided being on the blacklist with the help of close allies like China, Turkey and Malaysia.

The FATF currently has 39 members including two regional organisations - the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group.

(With inputs from agencies)

Pakistan has been retained in the ‘grey list’ of the global terror financing watchdog Financial Action Task Force (FATF) over failure to address the remaining deficiencies in its financial system.

Pakistan has been retained in the ‘grey list’ of the global terror financing watchdog Financial Action Task Force (FATF) over failure to address the remaining deficiencies in its financial system. The FATF added the United Arab Emirates to its increased monitoring list, also known as the grey list, of countries with inadequate controls over terrorism financing. Pakistan has been placed on the list since 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019. At the conclusion of its plenary meeting, the Paris-based watchdog announced that Pakistan has completed 26 of the 27 action items in the 2018 action plan, the Dawn newspaper reported. And it has completed seven action items of the 2021 action plan of the watchdog’s Asia Pacific Group on Money Laundering (APG) ahead of the deadlines. The FATF encouraged Pakistan to continue making progress to address, as soon as possible, the one remaining item by continuing to demonstrate that terror financing investigations and prosecutions target most wanted terrorists and chiefs of UN-designated terrorist groups. The statement further said that since June 2018, Pakistan has shown “continued political commitment” that has led to “significant progress across a comprehensive CFT action plan”. Pakistan has so far avoided being on the blacklist with the help of close allies like China, Turkey and Malaysia. The FATF currently has 39 members including two regional organisations - the European Commission and Gulf Cooperation Council. India is a member of the FATF consultations and its Asia Pacific Group. (With inputs from agencies)

Global terror financing watchdog FATF retains Pakistan on ‘grey list’

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment.

According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin.

BBC reported that the announcement was expected as pressure was growing on UK ministers to cut ties with Russia over the threat of invasion of Ukraine.

The “golden visa” scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.

The Tier 1 (investor) visa offered residency to those investing £2m or more in the UK.&nbsp;It also allowed&nbsp;their families to join them.

Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest.

But the UK government decided to close down the residency scheme saying that it “failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK”.

“I have zero tolerance for abuse of our immigration system. Under my new plan for Immigration, I want to ensure the British people have confidence in the system, including stopping corrupt elites who threaten our national security and push dirty money around our cities,” British Home Secretary Priti Patel said on Thursday.

“Closing this route is just the start of our renewed crackdown on fraud and illicit finance,” she added.

Patel said it was just the start of their government’s action plan against fraud, and that an Economic Crime Bill is in the offing that “will crack down on people abusing our financial institutions and better protect the taxpayer.”

(With inputs from agencies)

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment. According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin.

The UK has scrapped its much-touted “golden visa” scheme that allows wealthy foreign nationals to settle in the country in exchange for bringing investment. According to reports, the decision was taken to start a “renewed crackdown on illicit finance and fraud”, amid allegations of illicit finance linked to the Kremlin. BBC reported that the announcement was expected as pressure was growing on UK ministers to cut ties with Russia over the threat of invasion of Ukraine. The “golden visa” scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK. The Tier 1 (investor) visa offered residency to those investing £2m or more in the UK. It also allowed their families to join them. Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest. But the UK government decided to close down the residency scheme saying that it “failed to deliver for the UK people and gave opportunities for corrupt elites to access the UK”. “I have zero tolerance for abuse of our immigration system. Under my new plan for Immigration, I want to ensure the British people have confidence in the system, including stopping corrupt elites who threaten our national security and push dirty money around our cities,” British Home Secretary Priti Patel said on Thursday. “Closing this route is just the start of our renewed crackdown on fraud and illicit finance,” she added. Patel said it was just the start of their government’s action plan against fraud, and that an Economic Crime Bill is in the offing that “will crack down on people abusing our financial institutions and better protect the taxpayer.” (With inputs from agencies)

UK scraps ‘golden visas’ for ultra-rich foreign investors amid crack down on Russian money

In the wake of serious concerns raised about cryptocurrencies and the misuse of them for money laundering and hawala transactions by terrorists and criminals, a new report indicates that money laundering via non-fungible tokens (NFTs) is becoming a growing sector.

A&nbsp;report by Blockchain data platform Chainalysis indicates that money laundering is a small, but growing, part of the activity on NFT marketplaces.

Also read |&nbsp;<a href="https://www.wionews.com/world/explainer-what-is-the-hype-behind-pricey-pixels-why-people-spend-fortunes-on-nfts-or-digital-art-450100">Explainer: What is the hype behind pricey pixels, why people spend fortunes on NFTs or digital art?</a>

"While money laundering in physical art is difficult to quantify, we can make more reliable estimates of NFT-based money laundering thanks to the inherent transparency of the Blockchain," the report said late on Wednesday.

During the third quarter of 2021, illicit addresses sent over $1 million worth of cryptocurrency to NFT marketplaces.

Again, the figure grew in the fourth quarter, capped at just under $1.4 million.

"In both quarters, the vast majority of this activity came from scam-associated addresses sending funds to NFT marketplaces to make purchases," the report informed.

Also read |&nbsp;<a href="https://www.wionews.com/photos/in-pics-in-seattle-a-nft-museum-opens-its-door-to-public-450047">In Pics: In Seattle, a NFT museum opens its door to public</a>

Additionally, both quarters saw a significant amount of stolen funds being transferred to marketplaces.

"Perhaps most concerningly, in the fourth quarter, we saw roughly $284,000 worth of cryptocurrency sent to NFT marketplaces from addresses with sanctions risk," said the researchers.

With NFTs, data can be stored on blockchains and those data can be paired with images, videos, audio, physical objects, memberships, etc.

The popularity of NFTs skyrocketed in 2021. According to Chainalysis, at least $44.2 billion worth of cryptocurrency is now being sent to ERC-721 and ERC-1155 smart contracts associated with NFT marketplaces and collections, up from just $106 million in 2020.

"Wash trading" is another way some NFT sellers make money.

Another area of concern for NFTs, Wash trading has a single person/party on both sides of the transaction, i.e. the same person acts as&nbsp;both the seller and the buyer, creating&nbsp;a false impression about an asset's value and liquidity.

Based on Blockchain analysis, the researchers identified 262 users who sold NFTs to self-financed addresses more than 25 times.

Watch |&nbsp;Non-Fungible token sales hit $25 Billion dollars in 2021

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/non-fungible-token-sales-hit-25-billion-dollars-in-2021-443780/embed" width="560"></iframe>

A total of nearly $8.9 million in profit was made by the 110 profitable wash traders, dwarfing the $416,984 lost by the 152 unprofitable traders.

"Even worse, that $8.9 million is most likely derived from sales to unsuspecting buyers who believe the NFT they're purchasing has been growing in value, sold from one distinct collector to another," said Chainalysis.

"NFTs offer potential for abuse. It's important that as our industry considers all the ways this new asset class can change how we link the blockchain to the physical world," said the report.

(With inputs from agencies)

In the wake of serious concerns raised about cryptocurrencies and the misuse of them for money laundering and hawala transactions by terrorists and criminals, a new report indicates that money laundering via non-fungible tokens (NFTs) is becoming a growing sector.

In the wake of serious concerns raised about cryptocurrencies and the misuse of them for money laundering and hawala transactions by terrorists and criminals, a new report indicates that money laundering via non-fungible tokens (NFTs) is becoming a growing sector. A report by Blockchain data platform Chainalysis indicates that money laundering is a small, but growing, part of the activity on NFT marketplaces. Also read | Explainer: What is the hype behind pricey pixels, why people spend fortunes on NFTs or digital art? "While money laundering in physical art is difficult to quantify, we can make more reliable estimates of NFT-based money laundering thanks to the inherent transparency of the Blockchain," the report said late on Wednesday. During the third quarter of 2021, illicit addresses sent over $1 million worth of cryptocurrency to NFT marketplaces. Again, the figure grew in the fourth quarter, capped at just under $1.4 million. "In both quarters, the vast majority of this activity came from scam-associated addresses sending funds to NFT marketplaces to make purchases," the report informed. Also read | In Pics: In Seattle, a NFT museum opens its door to public Additionally, both quarters saw a significant amount of stolen funds being transferred to marketplaces. "Perhaps most concerningly, in the fourth quarter, we saw roughly $284,000 worth of cryptocurrency sent to NFT marketplaces from addresses with sanctions risk," said the researchers. With NFTs, data can be stored on blockchains and those data can be paired with images, videos, audio, physical objects, memberships, etc. The popularity of NFTs skyrocketed in 2021. According to Chainalysis, at least $44.2 billion worth of cryptocurrency is now being sent to ERC-721 and ERC-1155 smart contracts associated with NFT marketplaces and collections, up from just $106 million in 2020. "Wash trading" is another way some NFT sellers make money. Another area of concern for NFTs, Wash trading has a single person/party on both sides of the transaction, i.e. the same person acts as both the seller and the buyer, creating a false impression about an asset's value and liquidity. Based on Blockchain analysis, the researchers identified 262 users who sold NFTs to self-financed addresses more than 25 times. Watch | Non-Fungible token sales hit $25 Billion dollars in 2021 A total of nearly $8.9 million in profit was made by the 110 profitable wash traders, dwarfing the $416,984 lost by the 152 unprofitable traders. "Even worse, that $8.9 million is most likely derived from sales to unsuspecting buyers who believe the NFT they're purchasing has been growing in value, sold from one distinct collector to another," said Chainalysis. "NFTs offer potential for abuse. It's important that as our industry considers all the ways this new asset class can change how we link the blockchain to the physical world," said the report. (With inputs from agencies)

After cryptocurrencies, money laundering via NFTs is next big worry

Cybercriminals laundered $8.6 billion in cryptocurrencies last year, up 30% from 2020, according to a report from blockchain analysis firm Chainalysis released on Wednesday.

Overall, cybercriminals have laundered more than $33 billion worth of crypto since 2017, Chainalysis estimated, with most of the total over time moving to centralized exchanges.

The firm said the sharp rise in money laundering activity in 2021 was not surprising, given the significant growth of both legitimate and illegal crypto activity last year.

Money laundering refers to that process of disguising the origin of illegally obtained money by transferring it to legitimate businesses.

About 17% of the $8.6 billion laundered went to decentralized finance applications, Chainalysis said, referring to the sector which facilitates crypto-denominated financial transactions outside of traditional banks.

That was up from 2% in 2020.

Mining pools, high-risk exchanges, and mixers also saw substantial increases in value received from illicit addresses, the report said. Mixers typically combine potentially identifiable or tainted cryptocurrency funds with others, so as to conceal the trail to the fund's original source.

Wallet addresses associated with theft sent just under half of their stolen funds, or more than $750 million worth of crypto in total, to decentralized finance platforms, according to the Chainalysis report.

Chainalysis also clarified that the $8.6 billion laundered last year represents funds derived from crypto-native crime such as darknet market sales or ransomware attacks in which profits are in crypto instead of fiat currencies.

"It's more difficult to measure how much fiat currency derived from off-line crime — traditional drug trafficking, for example — is converted into cryptocurrency to be laundered," Chainalysis said in the report.

"However, we know anecdotally this is happening."

Cybercriminals laundered $8.6 billion in cryptocurrencies last year, up 30% from 2020, according to a report from blockchain analysis firm Chainalysis released on Wednesday.

Cybercriminals laundered $8.6 billion in cryptocurrencies last year, up 30% from 2020, according to a report from blockchain analysis firm Chainalysis released on Wednesday. Overall, cybercriminals have laundered more than $33 billion worth of crypto since 2017, Chainalysis estimated, with most of the total over time moving to centralized exchanges. The firm said the sharp rise in money laundering activity in 2021 was not surprising, given the significant growth of both legitimate and illegal crypto activity last year. Money laundering refers to that process of disguising the origin of illegally obtained money by transferring it to legitimate businesses. About 17% of the $8.6 billion laundered went to decentralized finance applications, Chainalysis said, referring to the sector which facilitates crypto-denominated financial transactions outside of traditional banks. That was up from 2% in 2020. Mining pools, high-risk exchanges, and mixers also saw substantial increases in value received from illicit addresses, the report said. Mixers typically combine potentially identifiable or tainted cryptocurrency funds with others, so as to conceal the trail to the fund's original source. Wallet addresses associated with theft sent just under half of their stolen funds, or more than $750 million worth of crypto in total, to decentralized finance platforms, according to the Chainalysis report. Chainalysis also clarified that the $8.6 billion laundered last year represents funds derived from crypto-native crime such as darknet market sales or ransomware attacks in which profits are in crypto instead of fiat currencies. "It's more difficult to measure how much fiat currency derived from off-line crime — traditional drug trafficking, for example — is converted into cryptocurrency to be laundered," Chainalysis said in the report. "However, we know anecdotally this is happening."

Crypto money laundering rises 30% in 2021: Report

A Pakistani TikTok star has landed into trouble and is facing a money-laundering probe after she claimed of carrying a “heavy amount of cash” while travelling to UK.

According to the Federal Board of Revenue’s website, a passenger is allowed to bring any amount of foreign currency to Pakistan, but has limited the amount of exchanging domestic currencies to foreign ones up to $10,000.

In the video, TikTok star Hareem Shah was purportedly seen with two stacks of the British pound, while asking others to carry more cash as the Pakistani currency had been depreciating compared to euros and dollars.

"The government had promised to increase the (value) of the currency, increase the (value) of the [Pakistani] passport, but they didn't do anything. They could only talk," she said.

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Hareem Shah reaches London <a href="https://t.co/aehGbDLGJC">pic.twitter.com/aehGbDLGJC</a>
— Murtaza Ali Shah (@MurtazaViews) <a href="https://twitter.com/MurtazaViews/status/1481217721060802560?ref_src=twsrc%5Etfw">January 12, 2022</a></blockquote>
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Shah said that every Pakistanis feel sad whenever they exchange rupees for euros or dollars.

The TikTok celebrity then went on to say that those intending to travel with significant sums of money should be “careful”. “They catch you,” she said, adding that there was a difference in her case.

Shortly after her video went viral, originally shared on social media platform Snack Video, the Federal Investigation Agency said that a money-laundering inquiry had been initiated against her, reports the Dawn newspaper.

"The FIA has decided to write a letter to the UK's National Crime Agency to take action against Hareem Shah whose real name is Fiza Husain,” the statement said

According to the statement, Shah had travelled from Karachi international airport to Doha, Qatar on January 10.

(With inputs from agencies)

A Pakistani TikTok star has landed into trouble and is facing a money-laundering probe after she claimed of carrying a “heavy amount of cash” while travelling to UK.

A Pakistani TikTok star has landed into trouble and is facing a money-laundering probe after she claimed of carrying a “heavy amount of cash” while travelling to UK. According to the Federal Board of Revenue’s website, a passenger is allowed to bring any amount of foreign currency to Pakistan, but has limited the amount of exchanging domestic currencies to foreign ones up to $10,000. In the video, TikTok star Hareem Shah was purportedly seen with two stacks of the British pound, while asking others to carry more cash as the Pakistani currency had been depreciating compared to euros and dollars. "The government had promised to increase the (value) of the currency, increase the (value) of the [Pakistani] passport, but they didn't do anything. They could only talk," she said. Hareem Shah reaches London pic.twitter.com/aehGbDLGJC — Murtaza Ali Shah (@MurtazaViews) January 12, 2022 × Shah said that every Pakistanis feel sad whenever they exchange rupees for euros or dollars. The TikTok celebrity then went on to say that those intending to travel with significant sums of money should be “careful”. “They catch you,” she said, adding that there was a difference in her case. Shortly after her video went viral, originally shared on social media platform Snack Video, the Federal Investigation Agency said that a money-laundering inquiry had been initiated against her, reports the Dawn newspaper. "The FIA has decided to write a letter to the UK's National Crime Agency to take action against Hareem Shah whose real name is Fiza Husain,” the statement said According to the statement, Shah had travelled from Karachi international airport to Doha, Qatar on January 10. (With inputs from agencies)

Money laundering probe against Pakistani TikTok star who boasted of carrying huge cash while travelling

Seven years ago, Lakewood Church, the Houston megachurch led by Joel Osteen, the prominent televangelist, reported that $200,000 in cash and $400,000 in checks had been stolen from a church safe.

Last month, the money may have been discovered — not by detectives or church personnel, but rather by a plumber fixing a toilet inside a church bathroom.

The plumber revealed the discovery Thursday when he called into a Houston radio show.

“There was a loose toilet in the wall, and we removed the tile,” he said on 100.3 FM’s morning show. “We went to go remove the toilet, and I moved some insulation away and about 500 envelopes fell out of the wall.”

His reaction? “Oh, wow.”

The plumber said he contacted a maintenance supervisor and then gave the church the envelopes. On Friday, Houston police confirmed that the money appeared to be connected to the 2014 theft.

In a statement on Twitter, the department said that officers responded to a report of property discovered at the church on November&nbsp;10 and were told by church members that a “large amount of money, including cash, checks and money orders” had been found inside a wall during a renovation project.

Burglary and theft investigators responded and an undisclosed amount of money was inventoried, documented and left in the custody of the church since it had been found on Lakewood’s property, police said.

“Evidence from the recovered checks suggests this November case is connected to a March 9, 2014, theft report of undisclosed amounts of money at the church,” police said, adding that the investigation was continuing.

In a statement, Lakewood Church confirmed the discovery.

“Recently, while repair work was being done at Lakewood Church, an undisclosed amount of cash and checks were found,” the church said. “Lakewood immediately notified the Houston Police Department and is assisting them with their investigation. Lakewood has no further comment at this time.”

Osteen is among the country’s best-known televangelists, and his church, which holds services in the former Compaq Center, once home to the Houston Rockets, seats about 16,000 people. Before the pandemic, the church had been drawing an average of about 42,000 people to services every week, according to a church spokesperson.

The 2014 theft from the church’s safe was discovered by a church employee, a Houston police spokesperson told The Houston Chronicle that year.

Lakewood Church said in a statement at the time that the “funds were fully insured, and we are working with our insurance company to restore the stolen funds to the church,” the newspaper reported. The church and Crime Stoppers of Houston had offered $25,000 for information that led to the arrest of those responsible for the theft, according to the Chronicle.

The plumber, who identified himself only as Justin, revealed that he had found the money when he called “The Morning Bullpen with George Mo and Erik” on Thursday.

The hosts had asked callers to share stories of the valuable things they had found and had fielded calls about a lost wedding ring and a $100 bill when they heard from the plumber, according to George Lindsey, a host of the show.

“It was the most unique and incredible phone call I have had in my 25-plus year radio career — without a doubt,” Lindsey said Friday. He said the show went to a commercial break to confirm that the caller wasn’t pulling a prank and then let the plumber tell his story on air.

“I wish we had video of all of our faces as he was telling the story because it was like, 'Are you kidding me?' ” Lindsey said, adding that the 2014 theft was “big news” in Houston.

During the call, the plumber noted that there was a $25,000 reward offered, saying with a laugh, “I need some compensation.” He said he never thought about pocketing any of the envelopes.

“I’m an honest man,” he said.

Rania Mankarious, CEO of Crime Stoppers of Houston, said $20,000 of the reward had been offered by Lakewood Church, which donated the money to Crime Stoppers after a year passed with no breaks in the case.

The organization still has a $5,000 reward for the case, she said, but the money would be given only for information that helped investigators identify, charge or arrest a suspect.

Someone who found the money would not qualify for the reward, unless the discovery led the police to a suspect, she said.

Lindsey said he believed that the plumber was frustrated that he hadn’t heard anything from the church or the police since he found the stash November 10.

“Nobody said thank you,” Lindsey said. “Nobody has said a word to this guy. He has solved a case that has been on the books for seven years.”

Seven years ago, Lakewood Church, the Houston megachurch led by Joel Osteen, the prominent televangelist, reported that $200,000 in cash and $400,000 in checks had been stolen from a church safe.

Seven years ago, Lakewood Church, the Houston megachurch led by Joel Osteen, the prominent televangelist, reported that $200,000 in cash and $400,000 in checks had been stolen from a church safe. Last month, the money may have been discovered — not by detectives or church personnel, but rather by a plumber fixing a toilet inside a church bathroom. The plumber revealed the discovery Thursday when he called into a Houston radio show. “There was a loose toilet in the wall, and we removed the tile,” he said on 100.3 FM’s morning show. “We went to go remove the toilet, and I moved some insulation away and about 500 envelopes fell out of the wall.” His reaction? “Oh, wow.” The plumber said he contacted a maintenance supervisor and then gave the church the envelopes. On Friday, Houston police confirmed that the money appeared to be connected to the 2014 theft. In a statement on Twitter, the department said that officers responded to a report of property discovered at the church on November 10 and were told by church members that a “large amount of money, including cash, checks and money orders” had been found inside a wall during a renovation project. Burglary and theft investigators responded and an undisclosed amount of money was inventoried, documented and left in the custody of the church since it had been found on Lakewood’s property, police said. “Evidence from the recovered checks suggests this November case is connected to a March 9, 2014, theft report of undisclosed amounts of money at the church,” police said, adding that the investigation was continuing. In a statement, Lakewood Church confirmed the discovery. “Recently, while repair work was being done at Lakewood Church, an undisclosed amount of cash and checks were found,” the church said. “Lakewood immediately notified the Houston Police Department and is assisting them with their investigation. Lakewood has no further comment at this time.” Osteen is among the country’s best-known televangelists, and his church, which holds services in the former Compaq Center, once home to the Houston Rockets, seats about 16,000 people. Before the pandemic, the church had been drawing an average of about 42,000 people to services every week, according to a church spokesperson. The 2014 theft from the church’s safe was discovered by a church employee, a Houston police spokesperson told The Houston Chronicle that year. Lakewood Church said in a statement at the time that the “funds were fully insured, and we are working with our insurance company to restore the stolen funds to the church,” the newspaper reported. The church and Crime Stoppers of Houston had offered $25,000 for information that led to the arrest of those responsible for the theft, according to the Chronicle. The plumber, who identified himself only as Justin, revealed that he had found the money when he called “The Morning Bullpen with George Mo and Erik” on Thursday. The hosts had asked callers to share stories of the valuable things they had found and had fielded calls about a lost wedding ring and a $100 bill when they heard from the plumber, according to George Lindsey, a host of the show. “It was the most unique and incredible phone call I have had in my 25-plus year radio career — without a doubt,” Lindsey said Friday. He said the show went to a commercial break to confirm that the caller wasn’t pulling a prank and then let the plumber tell his story on air. “I wish we had video of all of our faces as he was telling the story because it was like, 'Are you kidding me?' ” Lindsey said, adding that the 2014 theft was “big news” in Houston. During the call, the plumber noted that there was a $25,000 reward offered, saying with a laugh, “I need some compensation.” He said he never thought about pocketing any of the envelopes. “I’m an honest man,” he said. Rania Mankarious, CEO of Crime Stoppers of Houston, said $20,000 of the reward had been offered by Lakewood Church, which donated the money to Crime Stoppers after a year passed with no breaks in the case. The organization still has a $5,000 reward for the case, she said, but the money would be given only for information that helped investigators identify, charge or arrest a suspect. Someone who found the money would not qualify for the reward, unless the discovery led the police to a suspect, she said. Lindsey said he believed that the plumber was frustrated that he hadn’t heard anything from the church or the police since he found the stash November 10. “Nobody said thank you,” Lindsey said. “Nobody has said a word to this guy. He has solved a case that has been on the books for seven years.”

Money found by plumber at Joel Osteen’s church is tied to 2014 burglary, police say

The wife of Mexican drug lord El Chapo, Emma Coronel Aispuro has been sentenced to three years in prison for helping her husband in drug trafficking and money laundering.

Wife of El Chapo sentenced to 3 years in prison for drug trafficking charges

Bangladesh's former Chief Justice SK Sinha has been sentenced to imprisonment for 11 years in a graft case. A top court in Dhaka has found him guilty of money laundering and breach of trust in the 467,000 taken from the Farmers Bank.

Money laundering case: Bangladesh's former chief justice SK Sinha gets 11 years in prison

Bangladesh's former Chief Justice SK Sinha has been sentenced to imprisonment&nbsp;for 11 years in a graft case.

A top court in Dhaka has found him guilty of money laundering and breach of trust in the 467,000 taken from the Farmers Bank.

In its verdict, the court acquitted Md Shahjahan and Niranjan Chandra Sha due to lack of evidence.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/bangladesh-anti-hindu-riots-sheikh-hasina-government-increases-security-around-dhaka-temples-424422" hreflang="en">Bangladesh anti-Hindu riots: Sheikh Hasina government increases security around Dhaka temples</a>

The Farmers Bank was formerly known as the Padma Bank. Its previous manager AKM Shamim has also been jailed for four years and has been fined almost $600.

Ranjit Chandra Saha and his wife Shanti Roy, who were accomplices of the former chief justice have also been sentenced to a punishment of three years in prison along with $120.

The accused had forged documents from the Gulshan branch of the then Farmers Bank and transferred it to Justice Sinha's personal account through pay-order.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-14-arab-royals-given-permit-to-hunt-endangered-houbara-bustard-427909" hreflang="en">Pakistan: 14 Arab royals given permit to hunt endangered Houbara bustard</a>

Sinha transferred the amount to another account in cash, cheques, and pay-orders later on.

In 2018, the anti-Corruption Commission (ACC) found evidence of fraud in the transactions under the Prevention of Corruption Act and the Prevention of Money Laundering Act.

Earlier, another case was against the former top judge by the ACC which accused him of abuse of office involving land plots allotted to him and a member of his family from Dhaka city development authority.

Sinha was appointed the chief justice of Bangladesh in 2015. His term ended three years later, in 2018.

Bangladesh's former Chief Justice SK Sinha has been sentenced to imprisonment for 11 years in a graft case. A top court in Dhaka has found him guilty of money laundering and breach of trust in the 467,000 taken from the Farmers Bank. In its verdict, the court acquitted Md Shahjahan and Niranjan Chandra Sha due to lack of evidence. Also read | Bangladesh anti-Hindu riots: Sheikh Hasina government increases security around Dhaka temples The Farmers Bank was formerly known as the Padma Bank. Its previous manager AKM Shamim has also been jailed for four years and has been fined almost $600. Ranjit Chandra Saha and his wife Shanti Roy, who were accomplices of the former chief justice have also been sentenced to a punishment of three years in prison along with $120. The accused had forged documents from the Gulshan branch of the then Farmers Bank and transferred it to Justice Sinha's personal account through pay-order. Also read | Pakistan: 14 Arab royals given permit to hunt endangered Houbara bustard Sinha transferred the amount to another account in cash, cheques, and pay-orders later on. In 2018, the anti-Corruption Commission (ACC) found evidence of fraud in the transactions under the Prevention of Corruption Act and the Prevention of Money Laundering Act. Earlier, another case was against the former top judge by the ACC which accused him of abuse of office involving land plots allotted to him and a member of his family from Dhaka city development authority. Sinha was appointed the chief justice of Bangladesh in 2015. His term ended three years later, in 2018.

Bangladesh's former chief justice found guilty of money laundering

A close aide of Venezuelan President Nicolas Maduro has been extradited from Cape Verde to the United States. He's been charged with money laundering prompting fury from the President who called extradition a kidnapping on national television.

Aide of Venezuelan President extradited to US on charges of money laundering

Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said. 
 
The arrests came as authorities in China step up their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China`s cabinet, vowed to clamp down on bitcoin mining and trading. 
 
The public security ministry said that by Wednesday afternoon police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money. 
 
The money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges, the ministry said via its official Wechat account. 
 
China`s Payment &amp; Clearing Association said on Wednesday that the number of crimes involving the use of virtual currencies is on the rise. 
 
Because cryptocurrencies are anonymous, convenient and global in nature, "they have increasingly become an important channel for cross-border money laundering," the association said in a statement. 
 
Cryptocurrencies have already become a popular means of payment in illegal gambling activities. Nearly 13% of gambling sites support the use of virtual currencies, and blockchain technology has made it more difficult for authorities to track the money, according to the association.

Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said.

Police in China arrested over 1,100 people suspected of using cryptocurrencies to launder illegal proceeds from telephone and Internet scams in a recent crackdown, the Ministry of Public Security said. The arrests came as authorities in China step up their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China`s cabinet, vowed to clamp down on bitcoin mining and trading. The public security ministry said that by Wednesday afternoon police had busted more than 170 criminal groups involved in using cryptocurrencies to launder money. The money launderers charged their criminal clients a commission of 1.5% to 5% to convert illegal proceeds into virtual currencies via crypto exchanges, the ministry said via its official Wechat account. China`s Payment & Clearing Association said on Wednesday that the number of crimes involving the use of virtual currencies is on the rise. Because cryptocurrencies are anonymous, convenient and global in nature, "they have increasingly become an important channel for cross-border money laundering," the association said in a statement. Cryptocurrencies have already become a popular means of payment in illegal gambling activities. Nearly 13% of gambling sites support the use of virtual currencies, and blockchain technology has made it more difficult for authorities to track the money, according to the association.

China arrests over 1,100 suspects in crackdown on crypto-related money laundering

A Pakistani court has granted opposition leader and Pakistani Muslim League- Nawaz (PML-N) chief Shehbaz Sharif post-arrest bail in money laundering case.

The Lahore High Court on Thursday granted Shehbaz's bail. The three-judge bench, headed by Justice Ali Baqar Najafi, gave a unanimous verdict, Dawn reported.

According to the short court order, the PML-N leader was required to furnish two bail bonds worth Pakistani Rs 5 million each.

Shehbaz, the brother of former Pakistan Prime Minister Nawaz Sharif, was arrested on September 28, 2020, in the money laundering reference after the LHC refused to further extend his pre-arrest bail.

He was first granted interim pre-arrest bail last year on June 3. After his arrest, he remained in the bureau's custody for 23 days till the trial court sent him on judicial remand on October 20, 2020.

Shehbaz Sharif, the former Punjab Chief Minister, is accused of accumulating assets worth Pakistani Rs7,328 million in connivance with his co-accused family members, benamidars, front persons and close associations and for developing an organized system of money laundering.

The anti-graft watchdog has nominated a total of 20 individuals in the reference - Shahbaz's wife Nusrat, his sons Hamza and Suleman, and daughters Rabia Imran and Javeria Ali.

Previously, Shehbaz was also arrested by NAB on October 5, 2018 in Ashiana-i-Iqbal Housing Scheme and later in the Ramzan Sugar Mills case. The LHC had released him on bail in both cases on February 17, 2019.

A Pakistani court has granted opposition leader and Pakistani Muslim League- Nawaz (PML-N) chief Shehbaz Sharif post-arrest bail in money laundering case. The Lahore High Court on Thursday granted Shehbaz's bail.

A Pakistani court has granted opposition leader and Pakistani Muslim League- Nawaz (PML-N) chief Shehbaz Sharif post-arrest bail in money laundering case. The Lahore High Court on Thursday granted Shehbaz's bail. The three-judge bench, headed by Justice Ali Baqar Najafi, gave a unanimous verdict, Dawn reported. According to the short court order, the PML-N leader was required to furnish two bail bonds worth Pakistani Rs 5 million each. Shehbaz, the brother of former Pakistan Prime Minister Nawaz Sharif, was arrested on September 28, 2020, in the money laundering reference after the LHC refused to further extend his pre-arrest bail. He was first granted interim pre-arrest bail last year on June 3. After his arrest, he remained in the bureau's custody for 23 days till the trial court sent him on judicial remand on October 20, 2020. Shehbaz Sharif, the former Punjab Chief Minister, is accused of accumulating assets worth Pakistani Rs7,328 million in connivance with his co-accused family members, benamidars, front persons and close associations and for developing an organized system of money laundering. The anti-graft watchdog has nominated a total of 20 individuals in the reference - Shahbaz's wife Nusrat, his sons Hamza and Suleman, and daughters Rabia Imran and Javeria Ali. Previously, Shehbaz was also arrested by NAB on October 5, 2018 in Ashiana-i-Iqbal Housing Scheme and later in the Ramzan Sugar Mills case. The LHC had released him on bail in both cases on February 17, 2019.

Pakistan opposition leader Shehbaz Sharif granted bail in money laundering case

The UK government has added Pakistan to the list of undesirable 21 high-risk countries with unsatisfactory money laundering and terrorist financing controls.

UK adds Pakistan to its list of 21 high-risk countries

More than six years after his arrest in a major corruption investigation, Portugal's former Prime Minister Jose Socrates will stand trial, but only on lesser charges of money laundering and falsifying documents, a judge in Lisbon ruled on Friday.&nbsp;

In a decision that sent shockwaves through the country, Judge Ivo Rosa of Portugal's criminal court for preliminary hearings dismissed the corruption accusations against Socrates, 63, as weak, inconsistent or lacking sufficient evidence, and noted that the statute of limitations had run out on some of them.&nbsp;

"Prosecutors' arguments are based on speculation and fantasy," he said while reading out his decision.&nbsp;

Rosa also dismissed tax fraud charges against Socrates, who will be tried on three counts of money laundering worth some 1.7 million euros and three others of faking documents related to service contracts and the purchase and renting of an apartment in Paris.&nbsp;&nbsp;

Socrates has denied wrongdoing, labelling the investigation as politically motivated as he sought to avoid a trial.&nbsp;&nbsp;

Businessman Carlos Santos Silva, a friend of the former prime minister who is accused of acting as a middleman in the deals, will also stand trial. He also has denied the charges.&nbsp;

A socialist who served as prime minister from 2005 to 2011, Socrates was arrested at Lisbon's airport in November 2014 as part of Portugal's biggest-ever corruption investigation, codenamed Operation Marquis. It was the first time an ex-premier had been arrested in the country.&nbsp;

He spent months in jail before being placed under house arrest.&nbsp;&nbsp;

In a country notorious for its slow justice system, it took prosecutors three years after the arrest to formally charge Socrates with 31 crimes allegedly committed in the 2006-2015 period.&nbsp;

Those included passive corruption while in office, tax fraud and financial crimes in an alleged scheme involving the disgraced former heads of Banco Espirito Santo (BES) and Portugal Telecom. Ricardo Salgado, former head of the collapsed BES, will be tried for "confidence abuse". Salgado has denied wrongdoing.&nbsp;

"Something unique happened here today. All the great lies of the prosecution collapsed," Socrates told reporters, adding that he will fight the remaining accusations. A few protesters shouted "Shame!" as he spoke.&nbsp;

No trial date has been set and both sides are expected to appeal Rosa`s decision.&nbsp;

Socrates stepped down as prime minister in March 2011, during the middle of his second term, after a debt crisis forced him to request an international bailout for the Iberian nation.&nbsp;&nbsp;

A subsequent&nbsp;centre-right government imposed a painful austerity program including tax hikes and wage and pension cuts.&nbsp;&nbsp;

The Socialist Party returned to power in 2015 under current Prime Minister Antonio Costa, who had led the interior ministry for two years during Socrates' first term in office.&nbsp;

More than six years after his arrest in a major corruption investigation, Portugal's former Prime Minister Jose Socrates will stand trial, but only on lesser charges of money laundering and falsifying documents, a judge in Lisbon ruled on Friday.

More than six years after his arrest in a major corruption investigation, Portugal's former Prime Minister Jose Socrates will stand trial, but only on lesser charges of money laundering and falsifying documents, a judge in Lisbon ruled on Friday. In a decision that sent shockwaves through the country, Judge Ivo Rosa of Portugal's criminal court for preliminary hearings dismissed the corruption accusations against Socrates, 63, as weak, inconsistent or lacking sufficient evidence, and noted that the statute of limitations had run out on some of them. "Prosecutors' arguments are based on speculation and fantasy," he said while reading out his decision. Rosa also dismissed tax fraud charges against Socrates, who will be tried on three counts of money laundering worth some 1.7 million euros and three others of faking documents related to service contracts and the purchase and renting of an apartment in Paris. Socrates has denied wrongdoing, labelling the investigation as politically motivated as he sought to avoid a trial. Businessman Carlos Santos Silva, a friend of the former prime minister who is accused of acting as a middleman in the deals, will also stand trial. He also has denied the charges. A socialist who served as prime minister from 2005 to 2011, Socrates was arrested at Lisbon's airport in November 2014 as part of Portugal's biggest-ever corruption investigation, codenamed Operation Marquis. It was the first time an ex-premier had been arrested in the country. He spent months in jail before being placed under house arrest. In a country notorious for its slow justice system, it took prosecutors three years after the arrest to formally charge Socrates with 31 crimes allegedly committed in the 2006-2015 period. Those included passive corruption while in office, tax fraud and financial crimes in an alleged scheme involving the disgraced former heads of Banco Espirito Santo (BES) and Portugal Telecom. Ricardo Salgado, former head of the collapsed BES, will be tried for "confidence abuse". Salgado has denied wrongdoing. "Something unique happened here today. All the great lies of the prosecution collapsed," Socrates told reporters, adding that he will fight the remaining accusations. A few protesters shouted "Shame!" as he spoke. No trial date has been set and both sides are expected to appeal Rosa`s decision. Socrates stepped down as prime minister in March 2011, during the middle of his second term, after a debt crisis forced him to request an international bailout for the Iberian nation. A subsequent centre-right government imposed a painful austerity program including tax hikes and wage and pension cuts. The Socialist Party returned to power in 2015 under current Prime Minister Antonio Costa, who had led the interior ministry for two years during Socrates' first term in office.

Portugal ex-PM Socrates to face trial for alleged money laundering; graft charges dropped 

A UK court will give a verdict on Diamond merchant Nirav Modi's extradition case. Nirav Modi is currently facing charges of fraud and money laundering.

UK judge to rule on Nirav Modi extradition case

Anti-Terrorist Squad of Uttar Pradesh Police on Sunday said that two Chinese nationals had been arrested from Noida for their alleged role in money laundering. &nbsp;Both of them, including a woman allegedly forged documents to bank accounts. The ATS said that the money was used criminal activities.

Names of the accused are Pochnli Tengli and Xu Xunfu.

"The UP ATS had earlier issued Red Corner Notices and Blue Corner Notices against the duo. Both the Chinese nationals were arrested on Saturday on the basis of evidence following an investigation into the money laundering case,"&nbsp;it added.

A Red Corner Notice is a kind of international arrest warrant for fugitives where Interpol requests its member countries to arrest or detain them, while a Blue Corner Notice is an enquiry notice.

(With agency inputs)

Anti-Terrorist Squad of Uttar Pradesh Police on Sunday said that two Chinese nationals had been arrested from Noida for their alleged role in money laundering. Both of them, including a woman allegedly forged documents to bank accounts.

Anti-Terrorist Squad of Uttar Pradesh Police on Sunday said that two Chinese nationals had been arrested from Noida for their alleged role in money laundering. Both of them, including a woman allegedly forged documents to bank accounts. The ATS said that the money was used criminal activities. Names of the accused are Pochnli Tengli and Xu Xunfu. "The UP ATS had earlier issued Red Corner Notices and Blue Corner Notices against the duo. Both the Chinese nationals were arrested on Saturday on the basis of evidence following an investigation into the money laundering case," it added. A Red Corner Notice is a kind of international arrest warrant for fugitives where Interpol requests its member countries to arrest or detain them, while a Blue Corner Notice is an enquiry notice. (With agency inputs)

Chinese nationals arrested near Delhi for alleged money laundering

A major avenue for global money laundering and tax evasion in the United States has been closed off, courtesy a new law requiring disclosure of owners of shell companies used to hide billions of dollars.

The Corporate Transparency Act was included in the US defence appropriations bill passed into law by Congress late Friday, overriding President Donald Trump's veto.

The law forces "beneficial owners" behind shell companies to report their identities to the US Treasury's Financial Crimes Enforcement Network, or FinCEN.

This is being considered as a huge step against kleptocrats, organised crime and rich tax evaders who have been able to anonymously wash their suspect wealth through the world's largest economy.

The United Nations estimates that $800 billion to $2 trillion is laundered through the global financial system every years.

While much of the attention on has focussed on tax havens like Panama and the Cayman Islands, experts say that the size of the US economy, and its ability to absorb billions of dollars without notice, has made it crucial for converting illicit funds into legitimate assets.

In early 2020, the Tax Justice Network ranked the Cayman Islands and the United States as the global leaders in helping people conceal their finances from law and tax enforcement.&nbsp;

To this end, Gary Kalman, the US director of Transparency International, said money has flowed into the United States from China and Russia because it was the easiest place to launder it, through properties, corporate assets, securities and art.

By forcing company owners to divulge their identities, he said, the US is establishing a "global norm" for the world's financial system.

The legislation sets penalties for not reporting a company's beneficial owners of up to two years in jail and a $10,000 fine.

FACT said the law could result in a sharp drop in all-cash business transactions, especially in real estate, a favoured way for outsiders to move large sums into the US economy.

FACT also says that anonymous companies underpin trade in counterfeit luxury goods, pharmaceuticals and industrial equipment.

(with inputs)

A major avenue for global money laundering and tax evasion in the United States has been closed off, courtesy a new law requiring disclosure of owners of shell companies used to hide billions of dollars.

A major avenue for global money laundering and tax evasion in the United States has been closed off, courtesy a new law requiring disclosure of owners of shell companies used to hide billions of dollars. The Corporate Transparency Act was included in the US defence appropriations bill passed into law by Congress late Friday, overriding President Donald Trump's veto. The law forces "beneficial owners" behind shell companies to report their identities to the US Treasury's Financial Crimes Enforcement Network, or FinCEN. This is being considered as a huge step against kleptocrats, organised crime and rich tax evaders who have been able to anonymously wash their suspect wealth through the world's largest economy. The United Nations estimates that $800 billion to $2 trillion is laundered through the global financial system every years. While much of the attention on has focussed on tax havens like Panama and the Cayman Islands, experts say that the size of the US economy, and its ability to absorb billions of dollars without notice, has made it crucial for converting illicit funds into legitimate assets. In early 2020, the Tax Justice Network ranked the Cayman Islands and the United States as the global leaders in helping people conceal their finances from law and tax enforcement. To this end, Gary Kalman, the US director of Transparency International, said money has flowed into the United States from China and Russia because it was the easiest place to launder it, through properties, corporate assets, securities and art. By forcing company owners to divulge their identities, he said, the US is establishing a "global norm" for the world's financial system. The legislation sets penalties for not reporting a company's beneficial owners of up to two years in jail and a $10,000 fine. FACT said the law could result in a sharp drop in all-cash business transactions, especially in real estate, a favoured way for outsiders to move large sums into the US economy. FACT also says that anonymous companies underpin trade in counterfeit luxury goods, pharmaceuticals and industrial equipment. (with inputs)

Key money-laundering channel in US shut down by new law

Pakistan has hired an American lobbying firm to push a pro-Islamabad line and wriggle out of the Financial Action Task Force (FATF) grey list

Pakistan hires US lobbying firm to move out of FATF grey list: Reports

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the CBDT said Tuesday.

The department raided at least two dozen premises in Delhi, Gurgaon and Ghaziabad as part of the action under which it covered the Chinese, some of their Indian associates and bank officials, the Central Board of Direct Taxes said in a statement issued here late night.

The CBDT is the policy-making body for the tax department.

It said the “subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India”.

The CBDT said the searches were launched based on “credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities.”

A Chinese man, who allegedly holds a fake Indian passport, is alleged to be the kingpin of the racket apart from few other nationals of that country.

They said the Chinese man had got prepared the fake Indian passport from Manipur and has been detained by the department as searches are continuing.

The tax officials have shared the information of alleged possession of fake Indian passport with police authorities who are expected to book him for violation of the Passport Act.

The police many later arrest him and even the Enforcement Directorate may take over the case for investigation under the criminal provisions of the Prevention of Money Laundering Act, they said.

“Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period,” the CBDT said in a statement without identifying the entities involved.

“Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action,” it said.

Evidences of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed, the CBDT said.

India recently banned 59 Chinese apps (Internet-based mobile applications) in the aftermath of a continuing standoff between the militaries of the two countries in Ladakh.

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the CBDT said Tuesday.

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the CBDT said Tuesday. The department raided at least two dozen premises in Delhi, Gurgaon and Ghaziabad as part of the action under which it covered the Chinese, some of their Indian associates and bank officials, the Central Board of Direct Taxes said in a statement issued here late night. The CBDT is the policy-making body for the tax department. It said the “subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India”. The CBDT said the searches were launched based on “credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities.” A Chinese man, who allegedly holds a fake Indian passport, is alleged to be the kingpin of the racket apart from few other nationals of that country. They said the Chinese man had got prepared the fake Indian passport from Manipur and has been detained by the department as searches are continuing. The tax officials have shared the information of alleged possession of fake Indian passport with police authorities who are expected to book him for violation of the Passport Act. The police many later arrest him and even the Enforcement Directorate may take over the case for investigation under the criminal provisions of the Prevention of Money Laundering Act, they said. “Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 crore over the period,” the CBDT said in a statement without identifying the entities involved. “Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action,” it said. Evidences of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed, the CBDT said. India recently banned 59 Chinese apps (Internet-based mobile applications) in the aftermath of a continuing standoff between the militaries of the two countries in Ladakh.

Rs 1,000-crore money laundering case: Income Tax department raids Chinese individuals

Global terror watchdog FATF requested more information and data from Pakistan on actions taken against madrassas belonging to proscribed groups after Islamabad submitted a report outlining the government's actions to curb terrorism and money laundering. #FATF #Pakistan #FAFTQuestionPakistan

WION Dispatch: FATF poses 150 questions to Pakistan, inquires on actions against madrassas

&nbsp;Former Maldives president Abdulla Yameen was convicted and sentenced to five years in prison for money laundering on Thursday - as dozens of his supporters gathered outside the courtroom saying his was innocent.

Yameen, who ran the Maldives with an iron hand for five years, unexpectedly lost an election last year and has since faced investigations over a number of deals sealed during his tenure.

He was accused of receiving $1 million of government money through a private company as part of a deal to lease a number of tropical islands for hotel development - charges he has repeatedly dismissed.

Judge Ali Rasheed, who headed a panel of five judges trying the case, told the criminal court it had been established beyond any reasonable doubt that Yameen had taken money that he knew was embezzled from the state.

"The judges took over 10 days to deliberate on this and this is the unanimous verdict of the five judges," Rasheed said.

Yameen drew the Indian Ocean island country closer to China during his tenure from 2013-2018. Opposition critics accused him of giving contracts, including a major bridge and an extension to the international airport, to Chinese companies at inflated prices. He denied any wrongdoing.

Former Maldives president Abdulla Yameen was convicted and sentenced to five years in prison for money laundering on Thursday - as dozens of his supporters gathered outside the courtroom saying his was innocent.

Former Maldives president Abdulla Yameen was convicted and sentenced to five years in prison for money laundering on Thursday - as dozens of his supporters gathered outside the courtroom saying his was innocent. Yameen, who ran the Maldives with an iron hand for five years, unexpectedly lost an election last year and has since faced investigations over a number of deals sealed during his tenure. He was accused of receiving $1 million of government money through a private company as part of a deal to lease a number of tropical islands for hotel development - charges he has repeatedly dismissed. Judge Ali Rasheed, who headed a panel of five judges trying the case, told the criminal court it had been established beyond any reasonable doubt that Yameen had taken money that he knew was embezzled from the state. "The judges took over 10 days to deliberate on this and this is the unanimous verdict of the five judges," Rasheed said. Yameen drew the Indian Ocean island country closer to China during his tenure from 2013-2018. Opposition critics accused him of giving contracts, including a major bridge and an extension to the international airport, to Chinese companies at inflated prices. He denied any wrongdoing.

Maldives court gives former president Yameen 5-year prison term for money laundering

The European Union's largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc's banks.

In a joint statement, Germany, France, Italy, Spain, the Netherlands and Latvia said the 28-country EU needed a "central supervisor" to tackle the flow of dirty money within the bloc's financial system.

The move comes after European lenders were shut down over money laundering in Latvia, Malta and Cyprus, while top banks from the Baltic and Northern Europe were involved in dodgy transactions worth billions of euros of Russian dirty money through the Estonian branch of Danske Bank, in what is seen as the worst money-laundering scandal on the continent.

The need for an EU supervisor emerged after repeated failures by national watchdogs at spotting and countering money laundering, the statement said.

"Where large financial interests are at stake, there is a risk of national supervisors being influenced directly or indirectly by supervised institutions or interest groups," the statement said.

The six countries said the new supervisor could be a new body or an existing watchdog, the European Banking Authority (EBA), which would need to be beefed up.

The call for change comes just few months after the bloc has agreed to overhaul EBA's mandate to give the watchdog new powers to tackle money laundering.

That reform, proposed by EU finance commissioner Valdis Dombrovskis, a former prime minister of Latvia, quickly appeared as insufficient to many observers.

The move marks a major shift in Germany's position. While France, Italy and Spain have been calling for months for stronger rules against money laundering, Berlin had opposed more ambitious changes in recent overhauls.

The six states also call for new anti-money laundering rules, in what would be the sixth review of those provisions, just one year after their latest overhaul was agreed in a reform now judged as "not decisive" by the six countries.

Existing rules should be merged into a single piece of legislation directly applicable in EU states, the statement said, reversing the existing system that allows countries to adapt EU money-laundering rules to national prerogatives.

That has caused lenient application of the rules in several states that, the statement says, could offer "arbitrage opportunities" to lure financial firms.

The move comes after EU finance ministers discussed a reform of money-laundering rules at a meeting last month and before another gathering in December when a common EU stance is expected to be adopted on the matter.

The Finnish presidency of the bloc prepared in October a draft of the paper that should be adopted in December, which called for changes similar to those contained in the six-country statement.

The European Union's largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc's banks.

The European Union's largest states are pushing for the establishment of a new supervisory authority that would take over from states the oversight of money laundering at financial firms, after a series of scandals at the bloc's banks. In a joint statement, Germany, France, Italy, Spain, the Netherlands and Latvia said the 28-country EU needed a "central supervisor" to tackle the flow of dirty money within the bloc's financial system. The move comes after European lenders were shut down over money laundering in Latvia, Malta and Cyprus, while top banks from the Baltic and Northern Europe were involved in dodgy transactions worth billions of euros of Russian dirty money through the Estonian branch of Danske Bank, in what is seen as the worst money-laundering scandal on the continent. The need for an EU supervisor emerged after repeated failures by national watchdogs at spotting and countering money laundering, the statement said. "Where large financial interests are at stake, there is a risk of national supervisors being influenced directly or indirectly by supervised institutions or interest groups," the statement said. The six countries said the new supervisor could be a new body or an existing watchdog, the European Banking Authority (EBA), which would need to be beefed up. The call for change comes just few months after the bloc has agreed to overhaul EBA's mandate to give the watchdog new powers to tackle money laundering. That reform, proposed by EU finance commissioner Valdis Dombrovskis, a former prime minister of Latvia, quickly appeared as insufficient to many observers. The move marks a major shift in Germany's position. While France, Italy and Spain have been calling for months for stronger rules against money laundering, Berlin had opposed more ambitious changes in recent overhauls. The six states also call for new anti-money laundering rules, in what would be the sixth review of those provisions, just one year after their latest overhaul was agreed in a reform now judged as "not decisive" by the six countries. Existing rules should be merged into a single piece of legislation directly applicable in EU states, the statement said, reversing the existing system that allows countries to adapt EU money-laundering rules to national prerogatives. That has caused lenient application of the rules in several states that, the statement says, could offer "arbitrage opportunities" to lure financial firms. The move comes after EU finance ministers discussed a reform of money-laundering rules at a meeting last month and before another gathering in December when a common EU stance is expected to be adopted on the matter. The Finnish presidency of the bloc prepared in October a draft of the paper that should be adopted in December, which called for changes similar to those contained in the six-country statement.

European Union heavyweight states push for joint supervisor against money laundering

A special court in Delhi on Wednesday sent former union minister and <a href="https://www.wionews.com/india-news/inx-media-case-cbi-files-review-petition-in-supreme-court-against-chidambarams-bail-258140">Congress leader P Chidambaram</a> to judicial custody till November 13 in connection with INX media money laundering case being probed by the Enforcement Directorate (ED).

Special CBI Judge Ajay Kumar Kuhar sent the Congress leader to judicial custody rejecting the ED`s application seeking one day`s remand in the matter.

Considering his medical condition, the court also allowed Chidambaram home-cooked food, his spectacle, prescribed medicines and use of western toilet during the judicial custody.

Chidambaram was produced before the court on completion of his ED custody in the case.

The court had, on October 24, extended the Enforcement Directorate (ED) custody of Chidambaram till October 30 in connection with the case.

The ED, which is probing the money laundering charges against the leader, had arrested him on October 16.

This is the second time Chidambaram is being sent to Tihar jail. He was earlier sent to Tihar following his CBI arrest on August 21 in connection with the INX media case.

The CBI had registered an FIR alleging irregularities in a Foreign Investment Promotion Board (FIPB) clearance granted to the INX Media group for receiving overseas funds of Rs 305 crore in 2007, during Chidambaram`s tenure as finance minister.

Thereafter, the ED had lodged a money laundering case in this regard.

A special court in Delhi on Wednesday sent former union minister and Congress leader P Chidambaram to judicial custody till November 13 in connection with INX media money laundering case being probed by the Enforcement Directorate (ED).

A special court in Delhi on Wednesday sent former union minister and Congress leader P Chidambaram to judicial custody till November 13 in connection with INX media money laundering case being probed by the Enforcement Directorate (ED). Special CBI Judge Ajay Kumar Kuhar sent the Congress leader to judicial custody rejecting the ED`s application seeking one day`s remand in the matter. Considering his medical condition, the court also allowed Chidambaram home-cooked food, his spectacle, prescribed medicines and use of western toilet during the judicial custody. Chidambaram was produced before the court on completion of his ED custody in the case. The court had, on October 24, extended the Enforcement Directorate (ED) custody of Chidambaram till October 30 in connection with the case. The ED, which is probing the money laundering charges against the leader, had arrested him on October 16. This is the second time Chidambaram is being sent to Tihar jail. He was earlier sent to Tihar following his CBI arrest on August 21 in connection with the INX media case. The CBI had registered an FIR alleging irregularities in a Foreign Investment Promotion Board (FIPB) clearance granted to the INX Media group for receiving overseas funds of Rs 305 crore in 2007, during Chidambaram`s tenure as finance minister. Thereafter, the ED had lodged a money laundering case in this regard.

INX media case: Chidambaram sent to judicial custody till November 13, court allows home-cooked food

Congress leader DK Shivakumar, who was granted bail by Delhi High Court in a money laundering case, said on Saturday that he will fight for justice.

"They have made me stronger. There is no question of getting weak, no question of surrendering. I will fight for justice. If I have done anything wrong, let them hang me. Let the God and law punish me," Shivakumar said in a press conference here.

The Congress leader said that the Enforcement Directorate (ED) has moved the Supreme Court against his bail.

"I want to make one thing very clear, if I have done anything wrong in my election affidavit... an enquiry is on in the matter. Everything is in the public domain," Shivakumar said.

He said that he was worried why something like this happened to him and was also surprised at the support he got from people after his arrest.

"I'm worried how am I going to give back to people for the support they have given me. People from across the country stood by me and came to meet me. I don't think I will ever be able to pay them back," Shivakumar said.

He said that senior Congress leaders including Sonia Gandhi, Ahmed Patel and Anand Sharma visited him in the prison.

Earlier today Shivakumar arrived in Bengaluru where he got a warm welcome from his supporters.

He was released from Tihar Jail on October 23 after Delhi High Court granted bail to him.

Shivakumar was arrested on September 3 by the Enforcement Directorate (ED) and was sent to judicial custody till October 25.

The alleged money laundering case was registered against him by the ED in September last year, based on a complaint filed by the Income Tax department in which it had alleged tax evasion and hawala transactions amounting to crores.&nbsp;

Congress leader DK Shivakumar, who was granted bail by Delhi High Court in a money laundering case, said on Saturday that he will fight for justice. "They have made me stronger.

Congress leader DK Shivakumar, who was granted bail by Delhi High Court in a money laundering case, said on Saturday that he will fight for justice. "They have made me stronger. There is no question of getting weak, no question of surrendering. I will fight for justice. If I have done anything wrong, let them hang me. Let the God and law punish me," Shivakumar said in a press conference here. The Congress leader said that the Enforcement Directorate (ED) has moved the Supreme Court against his bail. "I want to make one thing very clear, if I have done anything wrong in my election affidavit... an enquiry is on in the matter. Everything is in the public domain," Shivakumar said. He said that he was worried why something like this happened to him and was also surprised at the support he got from people after his arrest. "I'm worried how am I going to give back to people for the support they have given me. People from across the country stood by me and came to meet me. I don't think I will ever be able to pay them back," Shivakumar said. He said that senior Congress leaders including Sonia Gandhi, Ahmed Patel and Anand Sharma visited him in the prison. Earlier today Shivakumar arrived in Bengaluru where he got a warm welcome from his supporters. He was released from Tihar Jail on October 23 after Delhi High Court granted bail to him. Shivakumar was arrested on September 3 by the Enforcement Directorate (ED) and was sent to judicial custody till October 25. The alleged money laundering case was registered against him by the ED in September last year, based on a complaint filed by the Income Tax department in which it had alleged tax evasion and hawala transactions amounting to crores.

DK Shivakumar arrives in Bengaluru, says 'will fight for justice'

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