About Money Laundering
Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the money to the launderer in an obscure and indirect way.
US House votes to expel George Santos from Congress
... Mr Santos has been charged with 23 federal felony counts, including wire fraud, Money Laundering and theft of public funds, as well as separate allegations of campaign finance violations but denies the allegations and has yet to face trial...
George Santos faces expulsion in historic House vote
... He is currently facing 23 federal felony charges, including wire fraud, Money Laundering and theft of public funds, as well as separate allegations of campaign finance violations...
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... Its chief executive, Changpeng Zhao, resigned from the firm, having admitted Money Laundering violations...
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... Maggie Burns, 21, of Prescot, and Dannielle Marshall, 27, of Orpington, both pleaded guilty to Money Laundering and assisting an organised criminal gang...
The Chinese mafia's downfall in a lawless casino town
... Initially developed to take advantage of Chinese demand for gambling, which is illegal in China and many other neighbouring countries, Laukkaing s casinos evolved into a lucrative front for Money Laundering, trafficking and in particular for dozens of scam centres...
Richard Teng: Who is the new boss of Binance?
... It was also accused of breaking numerous US financial laws, including rules intended to thwart Money Laundering...
Binance chief pleads guilty to money laundering
...By James ClaytonBBC North America technology reporterThe chief executive of Binance, Changpeng Zhao, has resigned after pleading guilty to Money Laundering...
Italy mafia trial: 200 sentenced to 2,200 years for mob links
... Charges included murder, extortion, drug-trafficking, loan sharking, abuse of office and Money Laundering...
Richard Teng: Who is the new boss of Binance?
By Mariko OiBusiness reporter
The sudden resignation of Changpeng " CZ" Zhao has shocked the crypto world. But who is the New Boss of Binance, Richard Teng?
A native of Singapore, Mr Teng joined The World 's largest crypto exchange just over two years ago as The Ceo of his Home Country .
That was the year when Binance came under a Justice Department investigation, and as regulatory scrutiny of The Company and Mr Zhao intensified, Mr Teng was rapidly climbed the ranks in the background.
He only stayed in his original position as the Singapore CEO for 5 months, before he was promoted to Regional Head of Europe, Asia and the Middle East and North Africa in April 2023.
Mr Teng later moved on to become Head of Regional Markets this May before he was appointed to The Top job on Tuesday - just slightly More Than two years after he was first employed by Binance.
In announcing his successor, a " highly qualified leader" adding that " with over three decades of Financial Services and regulatory experience, he will navigate The Company through its next period of growth".
Prior to joining Binance, Mr Teng worked in the more traditional financial and regulatory sectors as a director of Corporate Finance at the Monetary Authority Of Singapore (MAS) and a chief regulatory officer of the Singapore Exchange (SGX).
He then moved on to the become CEO of the Abu Dhabi Global Market (ADGM), an international Financial Centre in The United Arab Emirates, where he stayed for Six Years . The ADGM regulates the trading of digital assets.
In a statement on Wednesday, Mr Teng said he was honoured to step into The Role , adding that he would Focus On reassuring Binance's 150m users about " the financial strength, security and safety of The Company ".
But his new role will come with its air share of challenges. Retaining customer confidence will be an item on Mr Teng's agenda, with Binance having suffered reputational damage in recent months.
In March, US regulators sought to ban The Company , alleging it had been operating in the country illegally. It was also accused of breaking numerous US financial laws, including rules intended to thwart Money Laundering .
The Justice Department later ordered Binance to pay $4. 3bn (£3. 4bn) in penalties and forfeitures.
Despite this, Mr Teng has reiterated that Binance was " here to stay" adding that company's foundation stands " stronger than ever".
Related TopicsSource of news: bbc.com
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