Snippings

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Singapore police have seized about S$1bn ($735m; £578m) – including luxury homes, cars and watches – in one of its biggest anti-money laundering probes.

From: Cash, cars and homes seized in $735m Singapore anti-money laundering raids – BBC News.

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Gold bars, designer handbags, wine and S$23m in cash were among the items seized in the raids.

From: Cash, cars and homes seized in $735m Singapore anti-money laundering raids – BBC News.

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The Tax Office has admitted paying out more than $1.6 billion in fake GST claims as part of a $4.6 billion fraud based on a simple scheme promoted on social media platform TikTok – a total that is twice previous reports and the biggest tax fraud in Australian history.

From: Tax Office TikTok fraud blows out to $4.6b.

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Data exchange is desirable because among other things to do with productivity and efficiency, in the finance sector it is vital as (as McKinsey note) “a critical enabler of financial inclusion”. Open financial data can create economic value by benefiting financial institutions, individuals and businesses in many ways. For example, open data sharing can enable customers (or, more likely, customers’ agents’) to buy and use financial services they might not be able to otherwise access.

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Prime Trust

September 7 2022:

“Prime Trust is trailblazing the future of finance with the vision to build a bridge between traditional and decentralized finance,’‘ said Lizzie Bildner, CMO, Prime Trust.

August 14, 2023:

Prime Trust, LLC and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

From: The Crypt, updated | Financial Times.

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The police searched the criminal’s family home after receiving an intelligence tip-off. They found a black book with twelve “recovery seeds” inside.

From: UK Prosecutors Use Recovery Order to Obtain £750k in Crypto.

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Our investigations have found that scams on Facebook, WhatsApp or Instagram — all platforms owned by the social media behemoth Meta — account for an astonishing 16 per cent of all the crimes recorded in the UK.

From: How social media scams claim more victims than robbery, burglary, homicide and knife crime combined | This is Money.

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Their solution to the peso’s credibility problem has been simply to make it harder to buy dollars.
There are now as many as a dozen different exchange rates, depending on who wants to access the US currency and why.

From: How Argentina learned to love the US dollar – BBC News.

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AI is more likely to help Big Tech companies cement their dominance. They are the ones with the resources to develop and maintain the most powerful AI models, and they are already moving quickly to bundle LLMs with their existing services. These developments come at a time when antitrust authorities around the world are already growing increasingly concerned about tech companies’ market power.

From: Unlocking AI’s Potential for Everyone by Diane Coyle – Project Syndicate.

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