Latest news with #moneylaundering
Yahoo
10 hours ago
- Yahoo
Pensacola man pleads guilty to laundering millions in cocaine money through casinos
A Pensacola man pleaded guilty to laundering millions of dollars through a cocaine trafficking scheme, the U.S. Attorney's Office announced June 27. Rayvaughn Andrews pleaded to federal charges including conspiracy to distribute and possess with intent to distribute cocaine, as well as money laundering. "Those who think they can profit and live lavish lifestyles off drug trafficking in the Northern District of Florida are sorely mistaken, and will soon find themselves in federal prison," said U.S. Attorney John Heekin. Andrews conspired to with others to distribute large amounts of cocaine between 2021 and 2024, which ended up on the streets of Escambia County. After receiving cash from selling millions in cocaine, he laundered $10 million through multiple casinos in Mississippi and Nevada. Andrews faces up to life in prison and the forfeiture of $40,000, along with a Chevrolet Corvette. This article originally appeared on Pensacola News Journal: Pensacola man Rayvaughn Andrews guilty of money laundering, drug sales
Yahoo
12 hours ago
- Business
- Yahoo
Mexican real estate trusts drop CIBanco as trustee after US sanctions
MEXICO CITY (Reuters) -Mexican real estate trusts Terrafina and Fibra Inn on Friday said they would remove lender CIBanco as their trustee, after U.S. sanctions over money laundering accusations caused Mexican authorities to step in to manage the bank earlier this week. The U.S. Treasury on Wednesday prohibited certain transactions with CIBanco, as well as bank Intercam and brokerage Vector Casa de Bolsa, under new fentanyl-related sanctions. All three firms deny the money laundering allegations. President Claudia Sheinbaum said on Thursday she had not received any evidence of money laundering from the U.S. Mexico's banking regulator will temporarily manage the three financial insitutions. Terrafina said in a filing that it was taking steps to address any potential risks posed by authorities' intervention of CIBanco, but that it did not expect to see a hit from the move. Fibra Inn, a hotel real estate trust, said CIBanco would serve as trustee until a new one was selected and appointed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12 hours ago
- Business
- Yahoo
Mexico's Terrafina to remove CIBanco as trustee after US sanctions
MEXICO CITY (Reuters) -Mexican real estate trust Terrafina said on Friday it planned to remove bank CIBanco as its trustee due to U.S. money laundering accusations, which resulted in Mexico's banking regulator stepping in to manage it. CIBanco has rejected the sanctions from the U.S. Treasury Department, which prohibit certain transactions with the firm. President Claudia Sheinbaum said on Thursday she had not received any evidence of money laundering from the U.S., which also sanctioned two other financial operators, Vector Casa de Bolsa and Intercam Banco. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Business
- Yahoo
Mexico's Terrafina to remove CIBanco as trustee after US sanctions
MEXICO CITY (Reuters) -Mexican real estate trust Terrafina said on Friday it planned to remove bank CIBanco as its trustee due to U.S. money laundering accusations, which resulted in Mexico's banking regulator stepping in to manage it. CIBanco has rejected the sanctions from the U.S. Treasury Department, which prohibit certain transactions with the firm. President Claudia Sheinbaum said on Thursday she had not received any evidence of money laundering from the U.S., which also sanctioned two other financial operators, Vector Casa de Bolsa and Intercam Banco.
Finextra
14 hours ago
- Business
- Finextra
Belgium prosecutors launch probe into local Worldline unit
In the wake of allegations about payments processor Worldline earlier this week, Belgian prosecutors have opened an investigation into potential money laundering activities at the firm's local unit. 0 Shares in French giant Worldline plummeted on Wednesday after a "Dirty Payments" investigation, which was led by the European journalism network EIC and 21 media outlets, alleged the company covered up client fraud to protect revenue. Now, the Brussels Public prosecutor says it has opened an investigation, entrusted to the Federal Judicial Police, amid claims that Worldline processed payments for companies involved in illegal activities. In a statement to Reuters, Worldline says it will cooperate with the authorities. Worldline has strongly defended itself against the allegations, stating that it has conducted a "thorough review" of its high-brand-risk portfolio, such as online casinos, stockbroking and adult dating services, since 2023. It added that it maintains "zero-tolerance" for non-compliance and engages regularly with regulatory authorities. In a call with analysts reported by Bloomberg, CEO Pierre-Antoine Vacheron, said Worldline had been 'attacked' by the media, and that there was 'nothing new' in the reports aside from an 'unacceptable narrative'.
