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Bloomberg
10-06-2025
- Business
- Bloomberg
Crypto's Share of German Suspicious Activity Reports at Record
A top German anti-money laundering watchdog said digital assets accounted for a record share of the suspicious activity reports it received last year from banks and financial-services companies. Notifications related to crypto rose 8.2% to 8,711 even as the overall number of SARs dropped following guidance to the industry on sticking to relevant reports, the Financial Intelligence Unit said on Tuesday in Cologne.
NDTV
23-05-2025
- Politics
- NDTV
Convicted Former 'Super Cop' And Wife To Pay Mexico Over $2.4 Billion
Mexico: A US court on Thursday ordered a former Mexican security chief convicted of drug trafficking and his wife to pay more than $2.4 billion to their country, Mexico's government said. Mexico sued Genaro Garcia Luna, who is imprisoned in the United States, for alleged corruption and money laundering involving dozens of public contracts. The ruling is the latest twist in the saga of the former high-flying minister who earned himself the nickname of "supercop" but instead aided and abetted drug traffickers. The money awarded by a Florida court is three times the amount that the Mexican government had originally sought, a government statement said. It said Garcia Luna was ordered to pay nearly $749 million and his wife Linda Cristina Pereyra is to pay a staggering $1.74 billion. "The judgment is consistent with seven guilty verdicts previously issued and enforced against Garcia Luna, his wife, and his five companies as a result of their failure to appear at trial," the statement added. It said that nearly $3 million had already been recovered from assets, including a company owned by the couple, as well as real estate. Garcia Luna, 56, was convicted by a US court in 2023 of taking millions of dollars in bribes to allow the Sinaloa Cartel to smuggle tons of cocaine. A New York judge sentenced him to more than 38 years in prison and a $2 million fine. Garcia Luna, who held high-ranking security positions in his country from 2001 until 2012, was the highest-ranking Mexican government figure ever to face trial in the United States. He served as chief of the Mexican equivalent of the FBI from 2001 until 2006, when he was elevated to secretary of public security, essentially running the federal police force and most counter-drug operations. Garcia Luna is considered an architect of the US-backed war on drugs launched in 2006 by Mexico's then president Felipe Calderon. In 2012, after retiring from public service, he moved to the United States and used his extensive contacts to win lucrative contracts with the Mexican government. He was arrested in December 2019 in Dallas, Texas. The Mexican government accused a business conglomerate belonging to Garcia Luna's family of obtaining 30 public contracts and obtaining funds totaling more than $745 million. Mexico's Financial Intelligence Unit alleged that the money was transferred abroad through the use of tax havens and the acquisition of property and other assets in Florida.
Time of India
23-05-2025
- Business
- Time of India
India's big crackdown! 20 export houses under scanner for illicit Pakistan trade using UAE route; trade-based money laundering suspected
The investigating authority is specifically examining transactions over the previous 14 months. (AI image) India cracks down on suspected goods trade with Pakistan! The Financial Intelligence Unit (FIU) of India is investigating approximately 20 export houses suspected of engaging in illicit money transfers with Pakistan through the UAE corridor. These export houses are being suspected for goods trade as a way to launder money to and from Pakistan via the UAE. The investigation centres on dubious financial activities, particularly cash in advance (CIA) payments and overseas agent commissions, which were potentially used to disguise money laundering. CIA transactions require purchasers to remit payment before goods dispatch. The transactions under investigation involve low-quality jewellery, semi-precious stones, cosmetics, fragrances, dry fruits and electrical equipment, amongst other items. Lens on laundering "We are looking at the trade-based money laundering between India and Pakistan where they used dummy business basically to send money out of India. About 20 export houses are under scanner," a senior official informed ET. The official confirmed that relevant authorities have been notified to investigate potential terrorism connections. The investigating authority is specifically examining transactions over the previous 14 months, where there are suspicions of significantly inflated product prices and commissions, with multiple accounts utilised to conceal the origin of funds. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo "Some transactions were exceptionally high for the product category and in one case the payment to the agent, based in UAE, was higher than the total cost of the consignment," the official added. Also Read | 'Big ban' actions: How India is shunning Pakistan and its allies like Turkey & Azerbaijan - top 5 measures To illustrate this, the official provided details about an ordinary electrical conductor component, typically valued at ₹100 per unit in the market, being imported at an extraordinarily high price range of ₹8,000-19,000 per unit. Additionally, basic costume jewellery, with a standard market value between ₹100-150, was sent to UAE and subsequently to Pakistan at an inflated price of ₹30,000 per piece. Cross-border cash transactions face increasing challenges due to stringent customs procedures and digital economy advancements, compelling criminals to devise new money laundering methods, the report said. Authorities worldwide maintain vigilance against trade-based money laundering activities, according to officials. The Directorate of Revenue Intelligence (DRI) collaborated with Hong Kong authorities last year to uncover a scheme involving synthetic diamonds. These low-cost diamonds were imported into India at values inflated by more than 100 times, facilitating illegal foreign currency transfers from India. Further investigations revealed that the importing entity was also engaged in exporting diamond-studded jewellery to Hong Kong and several other countries at substantially inflated values. Also Read | India-Pakistan ceasefire: How India's punitive measures will continue to hit Pakistan's fragile economy - explained Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Arabian Post
16-05-2025
- Business
- Arabian Post
Dunamu's Bitcoin Holdings Climb Amid Record Profits and Regulatory Scrutiny
Dunamu, the parent company of South Korea's largest cryptocurrency exchange Upbit, concluded 2024 with a substantial Bitcoin reserve of 16,839 BTC, valued at approximately $1.1 billion based on year-end prices. This accumulation primarily stems from trading and withdrawal fees collected over the years, reflecting the firm's dominant position in the domestic digital asset market. The disclosure of these holdings coincides with Dunamu's announcement of an 85.1% year-over-year increase in operating profit, reaching 1.18 trillion Korean won , and a 22.2% rise in net profit to 983.8 billion won for 2024. The company attributes this financial upswing to heightened trading activity following Bitcoin's halving event in April, which reduced mining rewards and historically leads to increased market volatility and investor interest. Contributing to the favorable market conditions were global macroeconomic factors, including expectations of U.S. interest rate cuts and a pro-cryptocurrency stance from the administration of President Donald Trump. These elements fostered increased liquidity and investor confidence, benefiting platforms like Upbit. In response to its robust financial performance, Dunamu announced a tripling of shareholder dividends, distributing 8,777 Korean won per common share, up from 2,937 won the previous year. The total dividend payout amounts to nearly 300 billion won , signaling the company's confidence in its sustained growth trajectory. Despite these achievements, Dunamu faces significant regulatory challenges. South Korea's Financial Intelligence Unit imposed a three-month suspension on Upbit, citing violations related to transactions with unregistered virtual asset operators and deficiencies in Know Your Customer protocols. The suspension specifically targeted new customer registrations and their ability to transfer virtual assets. Dunamu contested the FIU's decision, arguing that the sanctions were disproportionate and did not consider the company's compliance efforts. A Seoul court temporarily lifted the suspension, granting Dunamu a 30-day injunction to challenge the regulatory action. This legal reprieve allows Upbit to continue operations while the dispute is adjudicated. The regulatory scrutiny has had a tangible impact on Dunamu's market valuation. Reports indicate that the company's unlisted stock price declined by nearly 30% amid the ongoing investigations and enforcement actions. Analysts suggest that the outcome of the legal proceedings and Dunamu's ability to address compliance concerns will be critical in restoring investor confidence. Upbit maintains a commanding presence in South Korea's cryptocurrency market, accounting for over 70% of domestic trading volume. In February 2024, the exchange reported a monthly trading volume of $101 billion, underscoring its significance in the country's digital asset ecosystem. Arabian Post – Crypto News Network
Yahoo
13-05-2025
- Business
- Yahoo
Indian govt asks to monitor transactions in the wake of terrorist attack
The Indian government has asked crypto exchanges to closely monitor transactions linked to individuals based in Jammu & Kashmir and nearby border areas in the wake of the Pahalgam attack, The Economic Times reported on May 12. The Financial Intelligence Unit (FIU-IND), the agency under the central Finance Ministry that tackles money laundering and other financial crimes, asked the Indian crypto exchanges to watch out for potential money laundering activities, two individuals familiar with the matter told the publication. The crypto exchanges have been asked to pay particular attention to transactions involving "private wallets." Private wallets facilitate crypto transfers in such a way that it is difficult to trace the movement of funds transparently. These wallet make it nearly impossible for agencies to investigate financial crimes involving cryptocurrencies. The FIU has asked crypto exchanges to report trades — instead of Suspicious Transaction Reports (STRs) only — by individuals in border areas to the agency. In normal circumstances, exchanges regularly report only STRs to the agency. Earlier, a Supreme Court bench in India compared Bitcoin trading to "a refined way of Hawala business." Hawala is an informal system of money transfer outside the purview of the traditional banking and remittance systems. Though India has not formulated a crypto-focused regulatory regime so far, it taxes crypto gains at 30% and transactions at 1%. This is despite the fact that India led the global crypto adoption index in 2024, as per Chainalysis. Pakistan stood at the seventh position. Tensions between the two neighbors continue to simmer following the Pahalgam terror attack on Apr. 22 in which 26 tourists were killed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
