International Compliance Association (ICA) considers the following as financial crimes: fraud, ID theft, electronic crime, electronic fraud, embezzlement, plastic money fraud, insurance fraud, Tax evasion, money laundering, terrorist financing, bribery and corruption, market abuse and insider dealing, information security, etc.
A PEP is defined by many Financial Institutions and Regulators as “…an individual who is or has, at any time, been entrusted with prominent public functions and an immediate family member, or a known close associate, of such a person.”
Eligo Task Force has successfully uncovered 40 separate money-laundering operations across Australia, seized of AUD586million (USD550 million) worth of assets, drugs, and cash and identified almost 128 Serious organized crime activities previously unknown to law enforcement agencies.
The Perpetrator was Ruan Zhizhong who operated in China and Vietnam. In August 2009 Chinese law-enforcement raided an underground bank and money laundering gang that had sent an estimated USD1.46 billion abroad in illegal transfers. Chinese media reported that, “During a raid of the gang’s headquarters in Guangxi’s Fangchenggang City, Police seized 70 deposit books,Continue reading “Underground bank and Money Laundering Typologies – Viets & Sino”
The perpetrator was Carson Yeung, Hong Kong hairdresser turned businessman who made his fortune trading in penny stocks/shares, eventually becoming the president of English football club Birmingham city football club in 2009. After years of high living the charges brought against him included money laundering totaling a value of USD92.8 million from entities including casinosContinue reading “Organized Crime boss control empire from prison”
Banks in Sudanese have started moves to re-establish relations with foreign banks as the United States (US) prepares to remove Sudan from its state sponsor of terrorism (SSOT) list. Bankers and analysts say the process will likely be slow. Restoring international banking links could provide a vital boost to an economy still in crisis moreContinue reading “Sudanese Banks take steps to end isolation”
There is a paper entitled “The Devastating impact of Money Laundering and other Economic and Financial Crimes on the Economy of Developing Countries: Nigeria as a Case Study” by Yusuf and Ibrahim from the International Islamic University Malaysia. The paper makes very interesting reading. You are encouraged to read, if you have a moment toContinue reading “Nigeria – The African most populated giant Nation well-known for wrong reasons”
Ex-President of Taiwan Chen stated that “Money is dry, and cannot be laundered. The money is clean, it is not dirty, and does not need laundering.”
The late Pablo Escobar, famous for the wrong reasons, was regarded as the richest and most successful criminal in world history. In 1989, Forbes magazine declared Escobar as the seventh (7th) richest man in the world. He had an estimated personal fortune of US$9 billion then. Pablo and his brother’s drug operational emporium were soContinue reading “The Ugly Ones are NOT YET born”
In the field of Financial Crime Risk, operations, compliance, management, detection, investigations and prevention, the Professional and Certified Anti Money Laundering specialists (CAMS) and crime professionals have not yet all formally agreed on when or where the concept and act of “#money laundering” came from or invented. Some have argued that money laundering was notContinue reading “Genesis of Money Laundering – “Plata o Plomo””