Money Laundering | featured news

Lt. Gov. Jennifer Carroll abruptly resigned amid law enforcement questions about a Florida Internet sweepstakes company at the center of a nationwide criminal investigation. Florida Department of Law Enforcement interviewed Carroll Monday about her connections to the company, Allied Veterans of the World, a Florida-based non-profit that operates a chain of Internet cafes.

Inside a 13th-century monastery in a sleepy village north of Rome, Father Salvatore Palumbo was allegedly serving more than one higher authority. Italian prosecutors say a Ferrari-driving lawyer who defrauded insurance companies used the priest as a front man, with Father Palumbo stashing the illicit cash inside the secretive Institute for Works of Religion.

HSBC, the British banking giant, will pay $1.9 billion to settle a money-laundering probe by federal and state authorities in the United States, a law enforcement official said Monday.

Regulators, led by the Office of the Comptroller of the Currency, are said to be close to taking action against JPMorgan Chase for insufficient safeguards.

US prosecutors are looking into whether British bank HSBC was involved in laundering money for Mexican drug cartels and moving cash for Saudi Arabian banks with ties to terrorists, The New York Times reported Saturday.

New York’s top banking regulator had charged the British bank with laundering $250 billion in tainted money for Iranian clients.

Standard Chartered is in talks with multiple law-enforcement officials, including New York's banking regulator, to resolve a probe into improper Iranian money transactions by the British bank, according to people familiar with the situation.

The world's largest poker company and its rival have settled federal money laundering and fraud charges, agreeing to pay hundreds of millions of dollars, authorities said. PokerStars, which is based on the Isle of Man, off the coast of Ireland, agreed to forfeit $731 million, including $547 million that will be available to reimburse U.S. customers of the rival, Full Tilt Poker. Full Tilt also agreed to settle and will cease independent operations.

A "pervasively polluted" culture at HSBC Holdings Plc allowed the bank to act as financier to clients seeking to route shadowy funds from the world's most dangerous and secretive corners, including Mexico, Iran,the Cayman Islands, Saudi Arabia and Syria, according to a scathing U.S. Senate report issued on Monday.

Drug money has a way of sprawling. And some of it may have reached Bank of America.A federal probe into Los Zetas, a Mexican drug cartel, claims that the group has been laundering money through accounts at BofA, according to a recent report in The Wall Street Journal.