TEENAGERS as young as 14 are being used by cyber criminals to launder money after being recruited on social media, a report found. Hackers are using the platforms to net more than £2.25 billion each year through fake adverts, money mules, infected links and more to access unsuspecting victims’ computers. Unwitting millenials are being pulled into the online crime network by crooks offering jobs that promise big cash for little work. In one case a girl got a job with what she thought was a digital marketing company but only realised what she was doing was illegal when the money had gone through her account and her boss had disappeared. The teen had £3,000 put into her account by the cyber criminals and then transferred it as told after deducting her £250 fee as instructed. She added: “I didn’t think anything else of it till I saw a story in the news about people’s bank accounts being used by criminals and it all fell into place. “I got really … [Read more...] about Teenagers as young as 14 are being recruited by cyber criminals to launder money
What is laundered money
What is the ‘Troika Laundromat’? Essentially, it’s the name given to a collection of 70 offshore shell companies whose controllers used them to move billions of dollars of private wealth from Russia to the west. It was operated by staff at an independent arm of the Russian investment bank Troika Dialog, which has now been merged with one of Russia’s two big state-owned banks. Most of the money belonged to its clients, families whose wealth it helped manage. How did it work? The network operated like a washing machine: money arrived from multiple sources and was then “spun” between network companies and sometimes between multiple bank accounts belonging to a single company. These convoluted transactions mixed and blended the funds, so that legitimately earned private wealth became impossible to separate from money that appears to have come from major frauds. Most of the transfers took place at Lithuania’s Ukio Bank, which was closed by the … [Read more...] about Q&A: what is the ‘Troika Laundromat’ and how did it work?
Despite the United Kingdom never having adopted the euro, the upcoming Brexit will have consequences for EU monetary integration. The UK's withdrawal from the EU will heighten fears of marginalisation among the 'euro-outs', that is, the eight member states that have not adopted the euro. Britain's departure from the EU could compel non-euro EU countries to reconsider their ties with the euro area. The eight euro-outs (Bulgaria, Denmark, Croatia, Poland, Romania, Sweden, the Czech Republic and Hungary) are a heterogeneous group of countries, with different EU priorities and different relationships to the euro and the eurozone. This makes it difficult for the group to cooperate politically with one another within the EU. The UK's withdrawal represents a political power shift within the EU, as a major non-euro state will leave European decision-making processes, increasing the voting power of the EU-19. The impact of the superior weight of euro area countries on voting procedures in … [Read more...] about [Opinion] What is fate of non-euro EU states after Brexit?
"I've been working on a new electronic cash system," someone by the name of Satoshi Nakamoto wrote exactly one decade ago. "[It's] fully peer-to-peer, with no trusted third party." What Nakamoto went on to describe to the obscure mailing list of cryptographers and so-called 'cypherpunks' he was writing to, was a new form of money called bitcoin, which claimed to offer a revolutionary alternative to the traditional financial system. The paper, titled 'Bitcoin: A Peer-toPeer Electronic Cash System', explained how a computer network could support a decentralised cryptocurrency called bitcoin that replaced the need for banks with an online ledger known as a blockchain. 10 years later, bitcoin has grown into a payments network worth more than $100 billion, while simultaneously spawning more than 2,000 other cryptocurrencies and an entire industry of online exchanges, digital wallets and trading apps. So how far has bitcoin really come since 2008 and how much further could it and other … [Read more...] about What is bitcoin’s birthday? The revolutionary experiment that’s still in its infancy
AT least one professional football club is suspected to be a front for money laundering, MPs heard today. The Security Minister said there is an ongoing probe into allegations of criminal activity in UK football. But he refused to reveal which club is under investigation from the "British FBI" - and hinted more than one team could be involved. A number of top clubs have been taken over by overseas tycoons who made their fortunes in lightly regulated economies. Minister Ben Wallace told a Commons committee the sports industry is now at risk of being used to hide ill-gotten gains. Labour MP John Mann asked him: "When it comes to money laundering, how many professional football clubs have been deemed as requiring investigation currently?" Mr Wallace replied: "I know of a professional football club or clubs under investigation. "I couldn't reveal how many and what they are, for that is an operational matter." He added: "There are live investigations that go on all the time and to expand … [Read more...] about Mystery football club secretly investigated over fears it’s a front for money laundering – and it may not be the only one