Money Laundering Cases in the United States: 8 Examples - Brown, LLC

Money Laundering Cases in the United States: 8 Examples

February 16, 2023


Money laundering is the process of disguising the proceeds of illegal activities as legitimate funds. In the United States, there have been numerous high-profile cases of money laundering in recent years. The following is a list of 9 examples of money laundering cases in the United States:

The 1MDB Scandal (2016) – Malaysia’s state investment fund, 1MDB, was found to have laundered billions of dollars through the U.S. financial system. Several individuals, including a former top executive at Goldman Sachs, were charged in connection with the case.

The “Panama Papers” Scandal (2016) – The release of the “Panama Papers” revealed the widespread use of off-shore shell companies to launder money and evade taxes. The scandal implicated several high-profile individuals and companies and is still playing out as of this writing.

The FIFA Scandal (2015) – Several high-ranking FIFA officials were charged with money laundering in connection with the organization’s corruption and bribery scheme.

The Cryptocurrency Scandal (2019) – The use of cryptocurrency has become a popular method for money launderers to move funds anonymously. Several high-profile cases involving the use of cryptocurrency in money laundering have come to light in recent years and further several implosions of companies like FTX may have money laundering implications.

The FinCEN Files (2020) – The release of the FinCEN Files, a collection of secret government documents, revealed that major banks have been involved in facilitating money laundering on a massive scale.

The Deutsche Bank Scandal (2020) – Deutsche Bank was accused of allowing money laundering to occur through its Moscow, London, and New York branches. The bank was fined $150 million in the case.

The MoneyGram Scandal (2021) – MoneyGram, one of the world’s largest money transfer companies, was found to have failed to maintain an effective anti-money laundering program. The company was fined $125 million in the case.

The Bank of Cyprus Scandal (2021) – The Bank of Cyprus was accused of turning a blind eye to money laundering activities, particularly those connected to Russian oligarchs. The bank was fined $40 million in the case.

These recent examples of money laundering cases in the United States show that the problem is widespread and affects various sectors, from financial institutions to sports organizations. It highlights the need for effective regulation and enforcement to combat money laundering and protect the integrity of the financial system which is why the new Anti-Money Laundering Whistleblower statute is so critical. The new AML whistleblower statute provides teeth to insiders who blow the whistle on money laundering and with billions laundered every year, a money laundering whistleblower could receive hundreds of millions in money laundering whistleblower rewards.