Executive Summary An explosive whistleblower lawsuit reveals how Ernst & Young (EY) systematically enabled one of the largest money laundering operations in history, providing audit cover for a $100 billion criminal network operating through casino companies linked to Chinese organized crime syndicates. The case exposes how EY’s pattern of prioritizing
With decision of January 10, 2024 III Zr 57/23 the German Federal Supreme Court finally rejected a claim brought by a Wirecard shareholder for damages against BaFin (BGB § 839 para. 1 sentence 1 Ca; WpHG § 106 ff (F: until December 31, 2021). The Federal Supreme Court found that
EFRI`s open letter to the European Authorities in charge of anti-money laundering. Based on our findings of the activities of some European licensed Payment Institutions and e-money institutions in the online fraud industry (in specific Payvision B.V., Wirecard Bank AG, Moneynet Int LTD) we formulated some recommendations and established an
The phasing out process of PAYVISION ends today (June 30, 2022)! On October 28, 2021, ING announced that it would start phasing out the business activities of its subsidiary PAYVISION as a payment service provider (PSP) and acquirer. According to the announcement, this was done after a thorough evaluation of
At the end of June 2020, Wirecard, a DAX-listed financial services company, experienced a collapse. For over two decades, Wirecard has facilitated the receipt and distribution of illicit funds by fraudsters. We summarised our findings on Wirecard’s money-laundering activities in a complaint filed in January 2020. Wirecard as a cybercrime
Our Approach EFRI identifies the enablers of the scams and asks them for refunds! We organize the fund recovery process more like a membership model. We set up separate social media groups for victims of the different scams and guide the victims on how to approach relevant authorities. All
