May 13 - The Public Security Bureau of Panshi City in Jilin Province has cracked down on an illegal operation involving underground banks and virtual currencies. The case, which involved approximately 2.14 billion yuan (around $300 million), led to the arrest of six individuals suspected of engaging in criminal activities related to money laundering between China and South Korea, according to a report from ChinaNews.com.

May 10 - When your most important ally swoops in and closes your third-largest bank while calling it a “money laundering institution,” it’s time to roll up your sleeves and get to work. That’s exactly what Latvia did when confronted by the U.S. Treasury Department in 2018: It cleaned up its banking sector and passed strict anti-money laundering laws. If that American slap on the wrist hadn’t arrived six years ago, Latvia “would have been in a much more difficult position to enforce sanctions after Russia’s invasion of Ukraine,” Paulis Iļjenkovs, the country’s top financial investigator, told POLITICO.

May 09 - FINTRAC announced today that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance. This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

May 09 - Provincial authorities have applied for the forfeiture of a Richmond townhouse, claiming it was acquired as a result of unlawful activity. In a lawsuit filed at the B.C. Supreme Court on May 6, Yanqui Huang is alleged to have acquired the property at #15-8399 Jones Rd., either directly or indirectly as a result of unlawful activity and the property was used to engage in unlawful activity.