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Regulatory Watch News

• Two Foreign Nationals Arrested for Laundering At Least $73M Through Shell Companies Tied to Cryptocurrency Investment Scams

  May 18, 2024

  An indictment was unsealed in the Central District of California yesterday charging two Chinese nationals alleging they played leading roles in a scheme to launder proceeds from cryptocurrency investment scams.

  Daren Li, 41, a dual citizen of China and St. Kitts and Nevis, and a resident of China, Cambodia, and the United Arab Emirates, was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport and subsequently transported to the Central District of California. Yicheng Zhang, 38, a Chinese national and resident of Temple City, California, was arrested yesterday in Los Angeles.

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  Setting up the new EU Anti-Money Laundering Authority for success

  Central Bank of Ireland

  May 17, 2024

  Speaking at the European Anti-Financial Crime Summit today, Deputy Governor of the Central Bank of Ireland Derville Rowland said: “The commitment of European leaders to introduce a single rulebook for Anti-Money Laundering (AML) and the creation of a new European AML supervisory and financial intelligence coordination authority is truly historic, and we are at an inflection point in the journey of financial crime prevention.

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  NCA secures first Unexplained Wealth Order in Northern Ireland

  National Crime Agency

  May 17, 2024

  The National Crime Agency (NCA) has secured the first Unexplained Wealth Order in Northern Ireland against a man suspected of involvement in serious organised crime. The Order compels the man and his wife to explain the source of funds used to construct a property in County Armagh worth approximately £275,000. It was obtained at the High Court in Belfast on Friday (17 May) as part of an ongoing NCA civil recovery investigation.