money laundering

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Regulators Go After US Banks on Money Laundering

JPMorgan Chase might face action soon over weak oversight

(Newser) - Big US banks are in for another round of bad publicity, this time over the good old-fashioned problem of money laundering. The New York Times reports that regulators are about to crack down on JPMorgan Chase and possibly Bank of America for failing to keep track of big transfers of...

Feds Seize $150M Linked to Hezbollah

Bank accused of helping group launder cash

(Newser) - The US has seized $150 million believed to have been part of a massive Hezbollah money-laundering scheme. Prosecutors say the money, held in a New York account linked to the now-defunct Lebanese Canadian Bank, was connected to a scheme in which the profits from drug trafficking and other crimes was...

British Bank Settles Laundering Case for $340M

Standard Chartered was accused of scheming with Iranian government

(Newser) - New York's financial regulator said his agency has reached a $340 million settlement with Standard Chartered Bank to resolve an investigation into whether the British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007. The bank will pay the civil penalty to the state...

Feds Probe Sands Casinos for Money Laundering

But Sands owner Sheldon Adelson isn't under investigation

(Newser) - Federal authorities are investigating the Sands casinos for allegedly helping shady figures launder millions of dollars, the Wall Street Journal reports. A businessman in Mexico and a former California executive—high rollers who have run afoul of the law—made the money transfers years ago. Now the US attorney's...

HSBC Exec Quits in Front of Senate Panel

Bank's anti-money laundering chief admits failure

(Newser) - Six people with top jobs at HSBC went before a Senate panel yesterday to answer charges of money laundering —and five left with those jobs intact. David Bagley, the British banking giant's head of compliance since 2002, announced his resignation in front of lawmakers, BusinessWeek reports. "I...

Senate: HSBC Handled Drug, Iran Money

Report slams bank's 'pervasively polluted' culture

(Newser) - Terrorists, drug lords, and pariah regimes looking for a way into the US financial system found British banking giant HSBC willing to assist, according to a damning report from a Senate probe. The report, the result of a year-long inquiry, found that safeguards at the bank's American affiliate were...

Feds Bust Cartel Boss' Horse Racing Team

'New York Times' blows lid off Zeta operation

(Newser) - Hundreds of federal agents descended on the stables of a New Mexico horse racing company today, busting up what appears to have been a staggeringly transparent drug money laundering operation. Tremor Enterprises was officially owned by brick mason/trucker José Treviño Morales, but was funded by his brother Miguel Á...

Vatican Bank Chief Bounced
 Vatican Bank Chief Bounced  
May 25, 2012 3:47 AM CDT

Vatican Bank Chief Bounced

'I have paid for my transparency,' Ettore Gotti Tedeschi says

(Newser) - The chief of the secretive Vatican bank has been given the boot for allegedly letting standards slip at the institution. Ettore Gotti Tedeschi was forced to resign after the bank's board of directors unanimously passed a no-confidence vote against him for failing "to carry out duties of primary...

Feds Helped Mexican Drug Honcho Move Millions

Transferred cash, drugs across international borders

(Newser) - The New York Times last month revealed that undercover US agents have laundered and smuggled millions of dollars for Mexico's drug cartels—and today the paper shines a light on one such operation, in which federal agents helped one drug trafficker and his Colombian supplier move cash and cocaine...

DEA Launders Money for Mexico Drug Cartels

Critics say laundering helps cartels, blurs sovereignty

(Newser) - One element of the United States' efforts to find and track Mexican drug money is surprising: Undercover US agents have laundered and smuggled millions of dollars for the drug cartels, reports the New York Times . American officials, particularly those with the DEA, say these laundering operations provide invaluable intel, allowing...

Feds: 'Psychic' Family Scammed $40M

Claimed they spoke to God, made a fortune

(Newser) - If only they were real psychics, maybe they would have seen this coming. A Florida family has been indicted for running a psychic advice business that scammed clients out of $40 million over two decades, reports the Miami Herald . In "Operation Crystal Ball," federal prosecutors charged 10 people...

Tom DeLay Gets 3 Years in Money Laundering Scheme

10 years of additional probation for former House majority leader

(Newser) - A judge today ordered former House Majority Leader Tom DeLay, lately of DWTS fame, to serve three years in prison for his role in a 2002 scheme to illegally funnel corporate money to Texas candidates. The sentence comes after a jury in November convicted DeLay on charges of money laundering...

Amid $31M Bank Probe, Vatican Creates Financial Watchdog

New laws will also fight terrorist financing

(Newser) - The Vatican today created a financial watchdog agency and issued new laws to fight money laundering and terrorist financing in a major effort to shed its image as a tax haven that for years has been mired in scandal and secrecy. The decrees, which go into effect April 1, were...

Prosecutors: Vatican Bank Covered for Mafia

Bank hid source of client funds, say officials

(Newser) - The Vatican Bank knowingly hid money for the mafia, breaking money laundering laws in the process, prosecutors allege in documents filed in Italian court. Investigators also suspect that several members of the clergy have acted as fronts for mobbed-up businessmen. The allegations spring from a money-laundering probe into the Church’...

For Tom DeLay, It Was About Power, Not Money
For Tom DeLay, It Was About Power, Not Money
analysis
Nov 26, 2010 1:41 PM CST

For Tom DeLay, It Was About Power, Not Money

Analysis: In that, he's unusual among politicians with rap sheets

(Newser) - Tom DeLay is unusual among politicians with legal trouble because he wasn't going after money—just power. Texas Tribune managing editor Ross Ramsey lays it out an analysis for the New York Times : In step one, DeLay's creative campaign donations helped elect Republican legislators to the Texas House, giving the...

DeLay Verdict May Change Campaign Finance

Prosecutors expected to target corporate fundraising

(Newser) - Prosecutors—and politicians—around the country are paying close attention to Tom DeLay's conviction on money laundering charges . The former House majority leader was found guilty of funneling corporate cash to fellow Republicans, thereby violating Texas laws that ban companies from contributing to candidates' campaigns, and legal experts expect the...

Tom DeLay Guilty of Money Laundering

Former House majority leader faces life in prison

(Newser) - Former House Majority Leader Tom DeLay—once one of the most powerful and feared Republicans in Congress—was convicted today on charges he illegally funneled corporate money to Texas candidates in 2002. Jurors deliberated for 19 hours before returning guilty verdicts against DeLay on charges of money laundering and conspiracy...

Ex-Footballer Faces Caning, Fraud Charges in Singapore

After overstaying visa, former FSU player in more legal trouble

(Newser) - An American citizen who faces caning in Singapore after overstaying his tourist visa has also been charged with fraud, the AP reports. The former Florida State football player was already at risk of being the first American to be caned in Singapore since 1994. Now he’s been slapped with...

Vatican Bank Probed for Money Laundering

$34M in mystery funds frozen by Italian authorities

(Newser) - Italian authorities have frozen $34 million at the heart of a money-laundering probe of the Vatican Bank. Two officials, including the chairman of the institution, are under investigation for failing to disclose the identity of clients linked to the funds, which is required by Italian law. The bank, whose main...

Manuel Noriega Gets 7-Year Sentence

France nails former dictator for laundering drug money

(Newser) - A Paris court today convicted former Panamanian dictator Manuel Noriega of laundering drug money in France in the 1980s and ordered him to spend seven years behind bars—a sentence that comes on top of his two decades already spent in a US prison. The three-judge panel also ordered the...

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