US prosecutors: Liberty Reserve ran $6bn money-laundering scheme

[malaise]

http://www.guardian.co.uk/business/2013/may/28/liberty-reserve-accused-money-laundering
<snip>
Federal prosecutors in New York have accused a Costa Rica-based company and its founder of running a $6bn money-laundering scheme that became a "bank of choice for the criminal underworld".

Digital currency company Liberty Reserve was involved in one of the biggest money-laundering operations ever uncovered, according to an indictment on Tuesday by Preet Bharara, the US attorney for the southern district of New York.

Liberty was the "financial hub of the cyber-crime world", according to the indictment. It facilitated "a broad range of online criminal activity, including credit card fraud, identity theft, investment fraud, computer hacking, child pornography, and narcotics trafficking".

Read the full article at: http://www.guardian.co.uk/business/2013/may/28/liberty-reserve-accused-money-laundering#ixzz2UfuYS8a2

[leftyohiolib]

1. i knew it was only a matter of time before the gvmnt shut down the competition

[piratefish08]

2. Wells Fargo hates competitiion

"How a big US bank laundered billions from Mexico's murderous drug gangs"

http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs