Category: Compliance

Regulatory Watch News

• 

  Money launderers used romance fraud to scam 40 victims out of an estimated £3.25 million

  The Crown Prosecution Service

  April 4, 2025

  Five money launderers have been convicted for exploiting victims through romance fraud for a loss of £3.25 million. Fawaz Ali, 27, Ebenezer Tackie, 42, Michael Quartey, 28, were found guilty of money laundering related offences today at Guildford Crown Court after a trial. Earlier Kwabena Edusei, 36, pleaded guilty to charges of conspiracy to defraud and money laundering, while George Melseaux, 40, pleaded guilty to charges of money laundering and possession of ID documents with intent to misuse for fraudulent purposes

• 

  Transnational Manager for Colombia’s Clan del Golfo Drug Cartel Pleads Guilty to Drug Trafficking Conspiracy

  US Department of Justice

  April 3, 2025

  A Colombian national and lieutenant for Clan del Golfo (CDG) pleaded guilty today to conspiring to distribute large quantities of cocaine destined for the United States.

  According to court documents, Fabian Edilson Torres Caranton, also known as David and Cassius, 53, served as a coordinator, intermediary, and lieutenant for the Bloque Roberto Vargas Gutierrez of CDG — a Colombian paramilitary and multibillion-dollar Transnational Criminal Organization. CDG is one of Colombia’s largest and most powerful drug cartels with its membership in the thousands. CDG’s primary source of income is from cocaine trafficking, which it uses to fund its paramilitary activities.

• 

  Fraudscape 2025: Reported fraud hits record levels

  CIFAS

  April 3, 2025

    Cifas, the UK’s leading fraud prevention service, has published its annual Fraudscape report today (3 April) which reveals a staggering 421,000 cases were filed to the National Fraud Database (NFD) in 2024 – a 13% increase and the highest number on record. The sharp rise is one of the largest annual increases ever observed by Cifas, underscoring the growing scale and complexity of fraud in the UK. Its members also recorded a case to the NFD every two minutes, preventing over £2.1bn in fraud losses.