Anti-money laundering measures keep evolving with every coming year, and despite numerous crackdowns on high-profile operations, law enforcement still hasn’t found a way to effectively prevent dirty money transactions. United Nations Office on Drugs and Crime estimates $2 trillion gets laundered every year on a global scale. A new report published by Bloomberg lays out the most significant dirty money crackdowns in recent years.
One such case shook the cryptocurrency world back in 2016, when the founder of Costa Rican platform Liberty Reserve, Arthur Budovsky, was convicted for running a $6 billion money laundering enterprise through the firm. Budovsky was sentenced to 20 years in prison for the crime.
The report also notes some of the largest fines issued as penalties for notorious monetary scandals involving financial institutions, including the $2.05 billion fine imposed on JPMorgan in 2014 for covering up the largest uncovered Ponzi scheme in U.S. history. The second largest fine mentioned was the $1.9 billion paid by London’s HSBC in 2012 in a settlement following a major money laundering scheme.