Epoch Times CFO Charged for Money Laundering: IDMERIT UK Offers Solutions to Avoid Scams

epoch times

On Monday, the US Department of Justice proclaimed that Weidong Guan, the principal financial officer at The Epoch Times, had been charged with allegedly laundering more than $67 million in unemployment benefits obtained in an illegal manner. 

Guan, 61, was captured Sunday morning and is being held on $3 million safeguard. On Monday, he entered a not guilty plea on all counts. The Epoch Times, a right-leaning media organisation, has suspended Guan pending the outcome of the criminal charges and stated it will fully cooperate with the DOJ’s investigation. “The Epoch Times has a guiding principle that elevates integrity in its dealings above everything else,” the company said in a statement. 

The DOJ also claims that Guan headed the Age Times’ “Make Cash Online” group, which was involved in a fraud ring that purchased millions of dollars in fake unemployment assistance using cryptocurrency. Allegedly, from 2020 to May 2023, this team bought these benefits at reduced prices between about 70 and 80 cents per dollar by opening accounts with stolen personal identification information and transferring funds into bank accounts connected with The Epoch Times’ business. 

It is recorded in the charge sheet that during a period when it is alleged that money was laundered, The Epoch Times’ internal financial records reflected a several-fold increase in annual revenues from about $15m to approximately $62m.

epoch times

Today, this case has been given to Judge Victor Marrero.

How can IDMERIT UK help avoid such scams?

Given the level of financial crimes being perpetrated on significant scales, enterprises must raise their antennae and shore up compliance. We provide advanced anti-money laundering software as part of our identity verification solutions to secure companies against this kind of menace.

Our AML systems include real-time transaction monitoring, comprehensive identity verification and automated regulatory compliance checks. These solutions use pattern analysis and anomaly detection to identify fraudulent activities; hence only genuine transactions are processed. With IDMERIT’s AML solutions implemented, businesses can safeguard their financial integrity and remain ahead in the battle against financial crime.

This ensures that businesses remain compliant and ahead for regulatory standards fighting back towards financial crime through protecting their name and money.