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A new set of guilty pleas in California has pushed elder fraud back into the centre of the financial crime debate. U.S. prosecutors say the lead defendant and ten others admitted roles in a multinational fraud and money laundering scheme that targeted elderly victims across the United States and generated approximately $65 million in losses. The case is not only another example of vulnerable victims being manipulated by scam operators. It is a reminder that large-scale fraud

AUSTRAC has formally closed its enforceable undertaking with Sportsbet after confirming the company completed all required remediation work to fix significant weaknesses in its anti-money laundering and counter-terrorism financing (AML/CTF) systems. The enforceable undertaking, which was accepted in May 2024, followed concerns raised by AUSTRAC during a review of the corporate bookmaker industry. Those concerns related to compliance gaps in Sportsbet’s AML/CTF obligations.

Alibaba Group Holding Limited and its payment processing subsidiary, AUS Merchant Services, Incorporated, have agreed to a landmark $600 million settlement resolving federal allegations involving widespread anti-money laundering compliance deficiencies and the facilitation of illicit cross-border commerce. The resolution addresses what regulators described as systemic weaknesses in the compliance programs maintained by both organizations, weaknesses that allegedly enabled hig

Singapore authorities have charged the owner of Eminent Frog Porridge in connection with an alleged $3.8 million tax evasion scheme and offences involving suspected criminal proceeds, following a joint investigation by the Inland Revenue Authority of Singapore (IRAS) and the Commercial Affairs Department (CAD). The prosecution combines allegations of underreported business income, Goods and Services Tax (GST) evasion, and the possession of assets that authorities allege repre

South Korean authorities have extradited two individuals, referred to as suspect A and suspect B, from the United Arab Emirates after both were implicated in separate large-scale illegal online gambling operations. The extraditions conclude a prolonged international pursuit coordinated through multiple agencies across countries. The two suspects were flown into Incheon International Airport on July 4 following their arrest in the UAE, which was made possible through joint

Bangladesh has introduced a comprehensive new legal framework aimed at combating gambling in both physical and digital environments, with offenders facing prison sentences of up to 10 years for serious violations. According to BSS News, the country's official state news agency, the newly enacted Gambling Prevention Act, 2026 officially came into force on July 1 following its publication in the official gazette, replacing the long-standing Public Gambling Act of 1867 that ha

Finnish Customs has launched a wide-ranging preliminary investigation into an alleged aggravated regulation offence after determining that a Finnish logistics company circumvented international sanctions by transporting substantial quantities of commercial transport equipment into the Russian Federation. According to investigators, the operation took place during 2022 and 2023 and involved the movement of 135 heavy-duty trucks together with 29 specialized transport trailers t

Israel has launched a significant regulatory and enforcement operation targeting cryptocurrency wallets allegedly connected to the Islamic Revolutionary Guard Corps (IRGC), disrupting what authorities describe as an international shadow banking system responsible for transferring tens of millions of dollars over several years. The initiative, led by the National Bureau for Counter Terror Financing alongside specialized intelligence and defense agencies, underscores the increa

A coordinated international enforcement initiative led by the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) and the Department of Justice has dismantled a far-reaching illicit financial network in Brazil linked to the Primeiro Comando da Capital (PCC), widely regarded as Brazil's largest transnational criminal organization. According to authorities, the network relied on cryptocurrency transactions and an intricate web of corporate front c

Malaysia’s latest illegal betting crackdown shows how major sporting events continue to create immediate opportunities for unlicensed gambling networks. Police announced that 331 people had been arrested in a nationwide operation linked to World Cup betting, with local reporting putting the value of uncovered illegal transactions at approximately RM2.63 million. The operation, known as Ops Soga XI, was launched in anticipation of a surge in football-related betting activity a

Merrill Lynch has agreed to pay a $7.5 million civil penalty after the U.S. Securities and Exchange Commission found that the broker-dealer failed to file numerous Suspicious Activity Reports over a period of more than four years. The case adds another enforcement action to the growing list of regulatory interventions focused not only on whether financial institutions have AML systems in place, but whether those systems are calibrated, tested and escalated properly when they

Austria is moving closer to one of the most important online gambling reforms in Europe, but the transition may be just as important as the final framework. Industry reporting in late June said the country’s online market is expected to open in 2027, with a planned cooling-off period before new licences become available. That structure could create a temporary gap in which existing operators are forced out before the regulated market is ready to absorb players. The reform is

The U.S. Treasury Department has sanctioned Nobitex, Iran’s largest digital asset exchange, as part of a wider action targeting Iranian crypto infrastructure accused of supporting terrorist financing, sanctions evasion and regime-linked financial activity. The Office of Foreign Assets Control designated Nobitex on 2 June 2026, along with three other Iranian digital asset exchanges: Wallex, Bitpin and Ramzinex. OFAC also sanctioned several individuals connected to Nobitex, inc

A Vietnamese national has pleaded guilty in New York to participating in a major identity theft conspiracy connected to a transnational money laundering scheme that allegedly moved at least $67 million in illicit funds through accounts linked to a multinational media company. Le Van Hung, also known as “Hung Van Le” and “Van Hung Le”, admitted his role before a federal magistrate judge in the Southern District of New York on 29 June 2026. According to U.S. prosecutors, Hung w

Europe’s fight against organised crime is moving into a more uncomfortable phase. The latest analysis presented by Europol and the European Commission shows that the most threatening criminal networks in the EU are no longer defined only by smuggling routes, hidden cash or violent street-level enforcement. They are increasingly using the same legal infrastructure that ordinary businesses rely on: companies, logistics providers, professional intermediaries, online platforms, l

The collapse of Tricolor Holdings has taken another major turn after the company’s former chief operating officer pleaded guilty to fraud and conspiracy charges linked to the downfall of the bankrupt subprime auto lender. David Goodgame, Tricolor’s former COO, entered his plea before a federal judge in Manhattan and has agreed to cooperate with prosecutors. His cooperation could become important in the wider criminal case against Daniel Chu, Tricolor’s founder and former ch

Kalshi has added India to its restricted jurisdictions, marking another setback for prediction markets as governments increasingly treat event-contract platforms as gambling rather than purely financial products. The U.S.-based prediction market platform updated its member agreement on 17 June 2026 to prohibit users located in, domiciled in or organised in India from trading event contracts. The move followed action by India’s Ministry of Electronics and Information Technolog

Chinese businessman and self-styled dissident Guo Wengui has been sentenced to 30 years in U.S. prison, bringing one of the most politically charged financial crime cases in recent years to a decisive courtroom conclusion. Guo, also known as Miles Guo, Miles Kwok and Ho Wan Kwok, was sentenced in Manhattan after being convicted in July 2024 of multiple offences connected to a sprawling fraud that prosecutors said targeted his own online supporters. The case combined familiar

The Financial Action Task Force has issued a new warning on the misuse of social media, instant messaging applications and streaming platforms for terrorist financing, signalling that digital platforms are no longer only a propaganda or recruitment concern. They are increasingly part of the financial infrastructure used to raise, move and obscure funds. The new FATF publication, issued on 26 June 2026, focuses on how social media, messaging applications and streaming platform

The UK Gambling Commission has imposed a £122,835 regulatory settlement on gambling software provider Stakelogic BV after finding that several of its online slot games operated faster than permitted under the regulator’s responsible product design rules. The case highlights a growing area of gambling compliance risk: the mechanics of the product itself. For years, enforcement attention in the UK gambling sector has focused heavily on anti-money laundering, affordability check