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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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BREAKING: European Parliament officially adopts Europe’s new AML laws and establishment of AMLA

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NEWS: Barclays implements £20,000 annual cash deposit limit to combat money laundering

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NEWS: Frankfurt re-confirmed as AMLA seat at European Parliament, putting an end to speculation Spanish MEPs would seek new vote

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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Premium

BREAKING: European Parliament officially adopts Europe’s new AML laws and establishment of AMLA

 Premium

NEWS: Barclays implements £20,000 annual cash deposit limit to combat money laundering

 Premium

NEWS: Frankfurt re-confirmed as AMLA seat at European Parliament, putting an end to speculation Spanish MEPs would seek new vote

Regulatory Watch News

  • Former Comptroller General of Ecuador Convicted for $10M International Bribery and Money Laundering Scheme

    US Department of Justice

    A federal jury in Miami convicted the former Comptroller General of Ecuador yesterday for his role in a multimillion-dollar international bribery and money laundering scheme. According to court documents and evidence presented at trial, between 2010 to 2015, Carlos Ramon Polit Faggioni, 73, solicited and received over $10 million in bribe payments from Odebrecht S.A., the Brazil-based construction conglomerate. Polit, in his position as Comptroller General of Ecuador, was responsible for protecting public funds against fraud and rooting out corruption. Instead, Polit took bribes from Odebrecht in exchange for removing fines and not imposing fines on Odebrecht’s projects in Ecuador. Additionally, in or around 2015, Polit received a bribe from an Ecuadorian businessman in exchange for assisting the businessman with obtaining certain contracts with the state-owned insurance company of Ecuador.

  • Pakistani smuggling network busted in Romania

    Europol

    A cross-border investigation led by the Romanian Police (Poliția Română), supported by Europol and involving the Austrian Police (Landeskriminalamt Salzburg) and the Italian Carabinieri Corps (Arma dei Carabinieri), has resulted in the dismantling of an organised crime group involved in migrant smuggling. The group arranged the illegal arrival in Romania of migrants via fraudulently obtained work visas, before facilitating their further illegal movements towards other EU countries.

  • PSR seeks views on its proposed approach to supervision

    Payment Systems Regulator

    The Payment Systems Regulator (PSR) has published a call for views on its proposed approach to supervision, having established a Supervision and Compliance Monitoring division last year. The division was created to drive compliance with the PSR’s requirements, something that has become increasingly important as the regulator uses its powers to boost competition, increase choice and tackle payment fraud. The division will improve outcomes for everybody that uses payment systems by deterring and challenging poor practise within firms.

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