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World Money Laundering Report

World Money Laundering Report Volume 15 Number 1 is now available.

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Individual copies may be purchased, for e-readers, via the links below.

In this issue:

 

Morris-Cotterill The Ten Real Life Exploits Da'esh / ISIS use to Hack the World PUBLISHED March 2015 as a special issue of World Money Laundering Report Ten Exploits that Dae'sh / ISIS Use to Hack the World explains how Da'esh / ISIS has been able to become such a global force in such a short time and how the group has become the biggest threat to the world since the Ice Age.

FinCEN and FDIC have assessed First Bank of Delaware to a USD15m civil penalty as a result of breaches of the Bank Secrecy Act and other counter-money laundering laws and regulations. The bank has also settled DoJ charges.

Not for the first time, the Financial Action Task Force is having a bit of a moment over Turkey's failure to do as the FATF demands. But far from being an NCCT (or similar scheme) country, Turkey is a long-time member of the FATF.

Operation Cross Country is an FBI initiative conducted with local police forces across the USA. In the past three days, more than 100 pimps have been arrested and 79 juvenile prostitutes "recovered."

ON 21 May 2012, the U.S. Department of the Treasury announced the identification of Belarus-based JSC CredexBank (Credex) as a financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311). Treasury took this action because it has reason to believe that Credex has engaged in high volumes of transactions that are indicative of money laundering on behalf of shell corporations, and has a history of ownership by shell corporations whose own lack of transparency contributes to considerable uncertainty surrounding Credex’s true beneficial ownership.

James Ibori, the former Governor of Delta State in Nigeria has at last given up his efforts, widely regarded as worse than futile, to defend criminal charges of money laundering in London. He pleaded guilty to ten counts yesterday several months into the trial process but minutes before the trial proper began.

In 2011, Compliance Complete (Complinet) published a series of articles titled "What's Wrong with Counter-Money Laundering Laws?".

The articles promised that the author, Nigel Morris-Cotterill, Head, The Anti Money Laundering Network, would subsequently supply a draft law designed to improve on existing legislation.

London and Hong Kong: 26 November 2011 : 04:00 GMT

The Anti Money Laundering Network is delighted to announce that its subsidiary Vortex Centrum Limited has, after several years of repeated attempts, at last gained control of the internet domain name World Money Laundering Report.com

Ocean Bank of Miami, Florida, has been issued with penalties by the Federal Deposit Indemnity Corporation, Florida Office of Financial Regulation and FinCEN in respect of a series of breaches of the Bank Secrecy Act and other anti-money laundering laws and regulations. The bank neither admits nor denies the allegations.

The USA's Securities and Exchange Commission is, understandably, delighted: yesterday, it told a Court that USD230 million held in an offshore account in the name of a fund under investigation as a possible ponzi scheme has been transferred to the SEC pending the conclusion of investigations against Highview Point Partners and the operators of the fund.

Today is the 17th May. It's Tuesday. But in the USA, even on the East Coast, it's still Monday evening. That makes the deluge of enforcement announcements that the SEC has issued in the past few hours all the more impressive. Less impressive is that some related to action more than a week ago, and in some cases in February 2011 which renders them of less value for due diligence purposes where freezing orders have been obtained.

Canada is a wonderfully peaceful place - most of the time. But outlaw motorcycle gangs and widespread cannabis cultivation are omnipresent threats. No one expected to find similar problems in New Zealand - until yesterday.

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