Plus: Merrill Lynch to Pay Millions in Money Laundering Penalty for Failing to File Hundreds of Suspicious Activity Reports…
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7/12/23

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Breaking News for Financial Crime Professionals

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Greetings! It’s July 12, and we’re tracking today’s top stories: Elon Musk accused of funneling Tesla funds for personal use, Chinese hackers breach US government accounts, Turkey drops Putin, Merrill Lynch slapped with $12M fine for unreported SARs, and much more…

 

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Featured Story

 

🎯 Musk Accused of Funneling Tesla Funds for Personal Use: Elon Musk has allegedly been using Tesla's finances to construct his personal domicile near the Austin-based Gigafactory, sparking an internal investigation. Engadget

 

Top Stories

 

🌎 China-based hackers breached US government email account: The full scope is unknown, but US officials and Microsoft have been scrambling to assess the impact and contain the fallout. CNN

 

🌎 Turkey Aims to Improve Ties with the West Amid Economic Struggles: President Tayyip Erdogan has shifted his foreign policy towards a more pro-Western stance in hopes of ameliorating Turkey's economy, an approach that has delighted the U.S. but irked Russia. Reuters

 

🌎 Merrill Lynch Slapped with a $12 Million Penalty for Neglecting Reporting Rules: The company failed to comply with anti-money laundering regulations by not filing hundreds of suspicious activity reports, garnering a hefty fine. WSJ

 

🌎 Engineer Charged Over First Decentralized Exchange Hack: Shakeeb Ahmed leveraged his expertise to pilfer $9 million in crypto, leading to federal charges. Decrypt

 

🌎 Serbian Intelligence Chief Sanctioned by the U.S. for Aiding Russia: Aleksandar Vulin, director of Serbia’s intelligence agency, faces U.S. sanctions for facilitating Russia's harmful activities that undermine the Western Balkans' stability. Politico

 

🌎 China's New Legislation Seeks to Counter U.S. Trade Sanctions: Just as the U.S. Treasury Secretary's visit to China concluded, the country has introduced a comprehensive new Foreign Relations Law that appears to counter U.S. trade sanctions. VOA

 

🌎 Key Silk Road Advisor Faces 20 Years Behind Bars: Ross Ulbricht's advisor, Roger Thomas Clark, who had a substantial influence on a murder-for-hire plot, has been sentenced. VICE

 

🌎 Soccer Leak Whistleblower Faces Charges in Portugal: The infamous hacker who revealed a slew of dirty dealings among Europe's most prominent soccer clubs now faces legal consequences in Portugal. The Record

 

🌎 El Chelelo's Extradition Delivers a Major Blow to Los Zetas: The extensive tale of notorious Mexican drug dealer Eleazar Medina Rojas, encompassing homicide, fraudulent identities, and legal disputes, is finally seeing a path towards justice. El Pais

 

🌎 Customer Data Breach Acknowledged by Deutsche Bank: Deutsche Bank has confirmed a breach in its account switching service that exposed customer data, marking a significant concern for one of the world's largest banks. Bleepingcomputer

 

🌎 HCA Healthcare Admits to Patient Data Breach: HCA, a leading healthcare provider in the U.S., has confirmed a hack compromising patients' critical personal information, with data now being sold by cybercriminals. CNBC

IN THE NEWS

China

 

🇨🇳 Texas, Beware of China Knocking at Your Door Fox News

 

🇨🇳 Volkswagen faces fresh investor doubts on independence of planned Xinjiang audit Reuters

 

🇨🇳 China Warns Its Citizens on ‘Entrapment’ by US Law Enforcement Bloomberg

 

🇨🇳 Nike Canada faces federal probe over allegations it uses forced Uyghur labour in China Globe and Mail

 

🇨🇳 US Lawmakers Consider Changes to TikTok Crackdown Bill Reuters

Russia

 

🇷🇺 Russia’s Handbook for Evading Sanctions Inkstick

 

🇷🇺 Russia’s Cash Flood Turns to Trickle as Energy Revenues Slide Bloomberg

 

🇷🇺 Wagner mercenaries reportedly tried to steal backpack-size nukes during mutiny NY Post

 

🇷🇺 In Moscow, Russia's Lavrov welcomes Gulf states' rapprochement with Iran Al-Monitor

Corruption & Financial Crime

 

💰 Bank of America accused of opening fake accounts and charging illegal junk fees CNN

 

💰 Supreme Court Justice Sotomayor’s staff prodded colleges and libraries to buy her books AP

 

💰 Saudi Arabia’s bid for control of the PGA isn’t just about golf  Responsible Statecraft

 

💰 An ESG Loophole Helps Drive Billions into Gulf Fossil Fuel Giants Bloomberg

 

💰 Spain Dismantles Sex Trafficking Ring That Treated Women like Slaves OCCRP

 

💰 US tech giants restructured to sidestep Australian tax law, following PwC advice ICIJ

Crypto & Cyber

 

🔐 Federal Prosecutors Investigate Former FTX Executive Over Campaign Law Violations CoinDesk

 

🔐 Teen hacked Uber, Revolut and Grand Theft Auto maker Reuters

 

🔐 Hackers exploit gaping Windows loophole to give their malware kernel access Ars Technica

 

🔐 The FCC aims to stop SIM swappers with new rules The Verge

 

🔐 Dubai crypto authority suspends BitOasis Al-Monitor

 "There are crimes of passion and crimes of logic. The boundary between them is not clearly defined."

– Albert Camus

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