Cyprus launches ultimate beneficial ownership register to combat money laundering and financial crime

Regulatory Watch News

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  Explainer: How corruption facilitates organized crime

  UNODC

  November 7, 2024

  Corruption and organized crime are often intertwined, with corruption playing a pivotal role in how organized crime groups operate and expand their criminal activities while evading punishment. Corruption enables criminal groups to smuggle illicit drugs, weapons, wildlife or even people within countries and across borders while evading detection and bypassing law enforcement.

  Corruption not only facilitates transnational organized crime but also allows criminal groups to infiltrate and weaken public administration in many countries. This undermines governance structures, destabilizes institutions and poses a serious threat to public order and security.

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  Second person charged in Sydney over $92 million meth importation

  Australia Federal Police

  November 7, 2024

  The AFP has charged a second person for their alleged role in a transnational drug trafficking plot to import 100kg of methamphetamine into Australia, worth an estimated $92 million. The Riverwood man, 31, appeared before Downing Centre Local Court yesterday (6 November, 2024) where he was formally refused bail. An AFP investigation, codenamed Operation Eumundi, began in October 2024 after Australian Border Force (ABF) officers detected about 100kg of methamphetamine concealed within computer towers.

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  Bank Manager Sentenced to Prison for Misusing Position to Steal Hundreds of Thousands of Dollars from Bank Customer

  US Department of Justice

  November 6, 2024

    A former New York-based branch manager was sentenced yesterday to 13 months in prison, three years of supervised release, and ordered to pay $208,938.68 in both restitution and forfeiture of criminal proceeds for misusing his position to steal approximately $208,938.68 from a customer’s accounts. According to court documents and statements made in court, from January 2020 to April 2020, James Gomes, 43, of New York, used his position as a branch manager of an international financial institution to improperly access a customer’s accounts and to steal a total of approximately $208,938.68.