Illicit Finance

Lego toys manufactured in the Czech Republic continue to enter Russia through European trading companies more than two years after the Danish group halted direct sales, according to customs data cited in a new investigation by the Czech outlet Page Not Found and reporting by the Kyiv Independent.

HSBC Holdings Plc will take a $1.1 billion provision in its third-quarter results to cover potential liabilities tied to investor lawsuits linked to Bernard Madoff’s Ponzi scheme, Bloomberg reported.

Australia’s Federal Court has ordered Westpac’s mortgage brand RAMS Financial Group to pay A$20 million (about US$13 million) after finding widespread breaches in the way it arranged home loans, including approvals supported by falsified pay slips, Reuters said. 

A former Citibank relationship manager has pleaded guilty and been sentenced to two years in jail for helping a Chinese criminal network launder money in Singapore, the Financial Times reported. 

The U.S. Treasury Department disclosed the existence of roughly $9 billion in 2024 financial activity tied to Iranian “shadow banking,” mapping a web of front companies and intermediaries used to sell sanctioned oil, launder illicit proceeds, and procure banned technology.

President Donald Trump has granted a pardon to Changpeng “CZ” Zhao, the founder of Binance, after months of behind-the-scenes efforts by Zhao and his allies to secure clemency.