Either the dumbest people in Congress are smarter than the smartest people on Wall Street or Wall Street has just gotten more clever about money laundering methods for their lackeys in Congress. You be the judge. ...

Money Laundering Activities - Chinese money launderers moved approximately $312 billion in illicit transactions through U S banks and financial institutions [1] - The illicit funds were used to aid Mexican drug cartels and other criminals [1] Regulatory Oversight - The Treasury Department reported the illicit transactions [1]

Chinese money launderers appear to have moved some $312 billion in illicit transactions through U.S. banks and other financial institutions in recent years to aid Mexican drug cartels and other criminals, the Treasury Department said https://t.co/iyl0xkU09x ...

Regulatory Warning - US Treasury warns banks to monitor Mexican drug cartels utilizing Chinese money-laundering networks [1] Risk & Compliance - Banks face increased scrutiny regarding money-laundering activities involving drug cartels and Chinese networks [1]

Core Insights - JPMorgan has agreed to pay $330 million to settle claims related to the 1MDB sovereign wealth fund, with the settlement announced alongside Swiss regulators finding the bank guilty of failing to prevent money laundering [1][7]. Group 1: Settlement Details - The penalty is associated with approximately $217.4 million in international transfers managed by JPMorgan in Switzerland from October 2014 to July 2015, linked to oil trades allegedly backed by the Saudi government [2]. - As part of the settlement, JPMorgan and Malaysia will withdraw all pending appeals related to the lawsuit, and the payout will contribute to Malaysia's Assets Recovery Trust Account [4][7]. Group 2: Legal Context - In 2021, 1MDB filed a lawsuit against JPMorgan's unit and other banks, seeking to recover losses, with Malaysia demanding $800 million from JPMorgan [3]. - Two businessmen involved in the 1MDB PetroSaudi venture were convicted in a Swiss court for fraud, criminal mismanagement, and money laundering [2]. Group 3: Company Performance - Over the past six months, JPMorgan's shares have increased by 14.5%, compared to the industry's growth of 15.7% [6]. - JPMorgan currently holds a Zacks Rank 1 (Strong Buy) [8].

Regulatory Scrutiny - Taiwan authorities are investigating a significant crypto money laundering case [1] - The case involves $75 million laundered through CoinW [1] Financial Crime Impact - 1,539 individuals have been affected as victims of the money laundering scheme [1] Cryptocurrency Industry Risk - The incident highlights the potential risks associated with cryptocurrency exchanges and money laundering [1]

Regulatory Scrutiny - Taiwan prosecutors are investigating a large-scale money laundering case involving a physical virtual currency exchange [1] - The case involves 14 individuals associated with the CoinW exchange [1] Financial Crime - The individuals allegedly assisted a fraud ring in converting cash into virtual currency [1] - Approximately $75 million (百万) was laundered over a year [1] - The fraud targeted over 1,539 victims [1]

Regulatory Scrutiny - Australia's financial crimes agency ordered Binance's local arm to appoint an external auditor [1] - The order follows "serious concerns" regarding money laundering and terrorism financing controls at the cryptocurrency exchange [1] Compliance Concerns - The concerns relate to the adequacy of Binance's controls in preventing financial crimes [1]

Legal & Regulatory - The Tornado Cash trial highlights the high stakes for open source developers, requiring consideration of potential future misuse by criminals [1] - The jury reached a guilty verdict on 1 MTB (Money Transmitting Business) charge, but was hung on 2 other charges [1] - The appeal process for the Tornado Cash trial could take years to resolve [1] Security & Compliance - North Korea's Lazarus Group laundered $600 million (600M) through Tornado Cash [1] - No wallets directly sanctioned by OFAC (Office of Foreign Assets Control) used the Tornado Cash service [1] Technology & Development - Developers now need to consider how their creations could be used by criminals in the future, extending beyond just blockchains [1]

India moves legislation to ban online betting apps due to rising instances of addiction, money laundering and financial fraud https://t.co/naVzkonn9n ...