Latest news with #moneylaundering
Khaleej Times
2 days ago
- Business
- Khaleej Times
UAE: Exchange house fined Dh800,000 for violating anti-money laundering laws
The Central Bank of the UAE (CBUAE) has imposed a financial sanction of Dh800,000 on an exchange house operating within the country. The penalty was issued in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the Organisation of Financial Institutions and Activities, along with its subsequent amendments. The inancial sanction follows an examination conducted by the CBUAE, which uncovered that the exchange house had failed to comply with anti-money laundering and combating the financing of terrorism (AML/CFT) policies and procedures. These regulatory shortcomings were deemed serious enough to warrant financial penalty. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem
Daily Mail
2 days ago
- Daily Mail
Notorious crime family member 'helped finance £20million tax fraud', court hears
A member of one of Britain's most notorious crime families has been accused of helping finance a £20million tax fraud. Tommy Adams, 67, became notorious for his role in controlling the Clerkenwell Syndicate alongside his brothers Terry, 70, and Patrick, 69. The gang operated through extortion, drug dealing and money laundering and was linked to at least 25 murders. It has now been revealed Tommy Adams was also allegedly involved in an international tax fraud by company directors and accountants. A trial at Southwark Crown Court heard there had been a meeting between white collar fraudsters at a hotel in Manchester in September 2013 - which HM Revenue & Customs investigators bugged. It was there that one of the fraudsters discussed having a four-hour conversation with Adams in London as other co-conspirators became increasingly nervous at upsetting the gangster. The trial heard Adams had allegedly been demanding £450,000 he was owed as part of the operation which made £20.8million in less than three years in total. Twenty ring members were convicted of money laundering or conspiracy to cheat the public revenue by inducing or facilitating the submission of false VAT returns between 2011 and 2014 in four trials that concluded on Monday last week. One fraud gang member - William Lindfield - was previously embroiled in a blackmail case featuring Paul Stretford, the agent for then-England footballer Wayne Rooney. Stretford and Rooney are pictured here together As part of a separate operation, Adams was convicted of money laundering in 2017 after undercover police set up listening devices in Andrews Restaurant in Holborn, central London. He was caught laundering nearly £250,000 from 'criminal activity' during which time he used runners to move cash from Manchester to London between 2012 and 2014. Adams was previously cleared of laundering some of the £26million of gold bullion stolen in the 1983 Brink's Mat raid - and he was not prosecuted over his alleged role. Financing for the £20million tax fraud operation in which Adams stands accused of being involved was provided by Warren Bartlett, 51, who invested £350,000. His company, Bartel Networks, was used to process £6.5million of the evaded VAT on £32million of orders. Bartlett, who lives in a £1.4million home registered in the name of his girlfriend in Ongar, Essex, recruited other businessmen to invest in the fraud, also using the discredited former police officer, Jerry Young, to produce a fake report for HMRC. Speaking at the trial, Judge Dafna Spiro said: 'The conspiracy was complex and highly sophisticated, involving numerous individuals, companies, strands and layers: some in plain sight and others hidden beneath a multitude of veils.' She explained Bartlett had been actively involved in recruiting others willing to invest up to $1million (£750,000), The Times reports. The judge added: 'The "investors" were effectively "priming the pump" to get the fraud running and to keep it turning over, and the returns on their investment would come from the stolen VAT.' Fraudsters used networks involving companies around the world including the UK, the US, the Czech Republic, Spain, Cyprus, Canada, Vietnam, Hong Kong and the Seychelles. They centred their operations around a company called Winnington Networks Ltd, based in Crewe, Cheshire. It submitted 18 VAT returns, in which more than £20million owed to HMRC was not paid. The fraud was carried out through dishonestly offsetting VAT paid on fake purchases of 'voice over internet protocol' technology against tax the company would otherwise have paid on electrical and metal dealing. Masterminds behind the operation were John Fenton, 66, and Neil Pursell, 60, the owners and directors of Winnington. Both have been jailed for nine years. The fraud was openly discussed at secret meetings in hotels where conspirators told of how they could just 'invent the numbers' to falsely offset their output VAT claims. One fraud gang member - William Lindfield - was previously embroiled in a blackmail case featuring Tommy Adams, Paul Stretford - the agent for then-England footballer Wayne Rooney - and Kenny Dalglish, the former Scotland and former Liverpool player and manager. Stretford attended a meeting with associates of the rival agent to discuss Rooney's contracts, Warrington crown court was told in 2005. Adams, who had recently finished a seven-and-a-half-year prison sentence for drug smuggling was present at meetings at the Novotel near Euston, central London, and Le Meridien Hotel at Heathrow Airport in November 2002. Lindfield has claimed Adams was invited by Dalglish, director of football operations at Stretford's Proactive Sports Management agency.
BBC News
3 days ago
- BBC News
Four arrested as police raid Birmingham gambling den
Four men have been arrested after police raided a gambling den in searched the premises on Ladywell Walk on Sunday morning and seized two gaming machines believed to be linked to fraud and money also found large amounts of cash, as well as drugs and weapons, West Midlands Police men, aged 56 and 32, were arrested on suspicion of money laundering while another two, aged 43 and 20, were arrested on suspicion of immigration offences. A police spokesperson said all four remained in custody for raid was carried out as part of Operation Fearless, which was launched to target issues including violence, drug dealing, anti-social behaviour and organised crime. Follow BBC Birmingham on BBC Sounds, Facebook, X and Instagram.
The Independent
6 days ago
- Business
- The Independent
Job hunters £5k out of pocket after falling prey to social media scam
Lloyds Bank has reported a 237 per cent surge in "advanced fee" job scams this year, warning job hunters of significant financial losses and potential criminal records. Victims typically lose £1,420, with some out of pocket by over £5,000, and young job seekers aged 18 to 34 are disproportionately targeted. These scams often originate on social media, luring victims with fake remote work offers like liking TikTok videos, then demanding upfront payments for purported necessities such as processing or training. More sophisticated schemes involve fake interviews, contracts, and impersonating genuine recruitment agencies, sometimes manipulating victims into unwitting money laundering. Lloyds advises job seekers to be wary of any requests for payment to apply for a job and to independently research the role and company being presented.
Yahoo
6 days ago
- Yahoo
Duo charged in alleged prostitution scheme at Illinois massage parlors
EAST ST. LOUIS, Ill. – Two individuals accused of operating a years-long prostitution scheme at several southern Illinois massage parlors now face felony charges. Prosecutors charged Jianhong Hu Allbright, 57, of Shoals, Indiana, and Yalong Cao, 25, of Schaumburg, Illinois, each with one count of conspiracy to commit an offense against the U.S. and one count of money laundering conspiracy. Albright is also charged with transporting an individual to engage in prostitution. According to federal court documents, the crimes allegedly took place between March 2022 and June 2024 at five massage parlors across southern Illinois and Indiana, including: Oriental Home Spa & Massage (Centralia) Sunflower Spa (Mount Vernon) Rose Spa (Harrisburg) Oasis Massage Spa (Vandalia) Oriental Massage Parlor (Corydon, Indiana) Allbright allegedly managed the parlors' day-to-day operations, accused of arranging transportation and providing supplies for the female employees to engage in commercial sex acts. New Missouri law bans 6 invasive plants for sale Meanwhile, Allbright and Cao are both accused of advertising illicit acts at their massage parlors on websites. 'Massage parlors engaged in prostitution are not the romanticized fantasy from the movie 'Pretty Woman'—they are criminal enterprises that create and exploit financial dependency to trap immigrants and others, coercing them into degrading subjugation,' said U.S. Attorney Steven D. Weinhoeft via a news release. 'The Justice Department will continue to vigorously prosecute sex trafficking and work to vindicate the rights of vulnerable victims across southern Illinois.' 'The Illinois State Police commitment to fighting human trafficking is unwavering,' said Illinois State Police Director Brendan F. Kelly. 'We are dedicated to protecting the most vulnerable, pursuing traffickers with every available resource, and working hand in hand with our partners to dismantle the networks that exploit human lives. This is not just law enforcement—it's a moral obligation.' The United States Department of Justice identified Allbright and Cao both as Chinese nationals. If convicted, Allbright faces up to 35 years in prison and Cao faces up to 25 years in prison. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
