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AML, Financial Crime, North America

Texas man handed 11-year prison sentence for stealing and laundering millions in government relief money

Premium July 29, 2021
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NEWS: India stalls Alipay+ payments link over security and data concerns

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LATEST: US finance firm Capital One pressed for details over alleged Trump debanking

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NEWS: Treasury reissues order requiring MSBs along US southwest border to report cash transactions

By Dan Byrne for AMLi

A man in the United States faces eleven years behind bars after pleading guilty to defrauding the US government of more than $24M.

Dinesh Sah – based just outside of Dallas, Texas – was sentenced following guilty pleas on counts of wire-fraud and money laundering in March of this year.

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NEWS: India stalls Alipay+ payments link over security and data concerns

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LATEST: US finance firm Capital One pressed for details over alleged Trump debanking

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NEWS: Treasury reissues order requiring MSBs along US southwest border to report cash transactions

Regulatory Watch News

  • ENRC litigation concluded

    Serious Fraud Office

    Eurasian Natural Resources Corporation Limited, the Director of the Serious Fraud Office, Dechert LLP and David Neil Gerrard have concluded the proceedings between them on terms which are confidential. Between 2013 and 2023, the SFO investigated Kazakh mining company ENRC over suspected bribery and corruption linked to mining assets in the Democratic Republic of Congo and elsewhere. The investigation concluded without charges due to insufficient admissible evidence. ENRC brought a civil claim against its former lawyers in 2017 and the SFO in 2019. The court found the SFO was in breach of its duties, including engaging with and taking unauthorised information between 2011 and 2013. The court also found that, but for this conduct, the investigation would not have opened.

  • Treasury seeking to appoint new FSA Chair and Board Member

    Isle of Man Financial Services Authority

    The Treasury is seeking candidates with the skills and experience to make an important contribution to the Island’s reputation as a well-regulated international finance centre.   Applications are currently being invited for the role of Chair of the Isle of Man Financial Services Authority. Applications are also invited for a further Member of the Authority’s Board.   The Chair position represents an opportunity to work with the Authority’s senior Executive to provide strategic leadership of the financial services regulator at an important point in its development.   The Chair and the Board Member will play a key role in engaging with senior leaders across government and industry, building relationships with influential stakeholders, and supporting initiatives to safeguard the Island’s status as an outstanding place to do business.  

  • Scam alert related to banks

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press releases issued by the banks listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which have been reported to the HKMA.  Hyperlinks to the press releases are available on the HKMA website.  

           Bank        Type of Scam
    Bank of China (Hong Kong) Limited Phishing instant messages
    DBS Bank (Hong Kong) Limited Phishing emails
    The Bank of East Asia, Limited Fraudulent websites and internet banking login screens
    Shanghai Commercial Bank Limited Fraudulent websites and internet banking login screens
    Chong Hing Bank Limited Fraudulent websites and internet banking login screens
    Chiyu Banking Corporation Limited Fraudulent websites and internet banking login screens
     

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