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20211210 Today's Top Five

Editorial Staff

Here's our pick of the day's top five financial crime related stories picked up around the 'web.

1/ AUS and Croatia enter into financial supervision MoU

Not strictly a crime story but MoUs are always interesting because they are often more porous than first announced. So while this relates to alternative investment funds (which some wrongly term "hedge funds") it opens the door to information exchange relating to information about e.g. suspicious conduct being exchanged between regulators, even before criminal investigators start to look into a fund.

Of course, ASIC don't tell us that in the media release at https://asic.gov.au/about-asic...

2. ASIC wraps up the last civil case arising from the Royal Commission.

Another day, another settlement. This time it's ANZ. ASIC has commenced civil penalty proceedings in the Federal Court against Australia and New Zealand Banking Group Ltd (ANZ) for failing to provide certain benefits it had agreed to give customers with offset transaction accounts or a ‘Breakfree’ package.

https://asic.gov.au/about-asic...

It's the last case arising from the Royal Commission into financial service and charges which spilled over into, amongst other things, a range of financial crime compliance issues including money laundering.

https://asic.gov.au/regulatory...

3. The old ways still work.. kidnap for ransom

In these days of high-tech crime and other fashionable topics, its worth remembering that good old kidnap for ransom is still a money-spinner for criminals and terrorists.

In the USA, a jury has returned an indictment against six members of a Tijuana, Mexico-based hostage-taking organisation that kidnapped nine victims and murdered six of them.

https://www.fbi.gov/contact-us...

4. Court acquits banker, wife of money laundering charges

The USA's FBI passed information to Nigeria's FIU which alleged the involvement of a banker and his wife in "man in the middle" e-mail attacks and of laundering the proceeds. They have been found not guilty of all charges.

https://www.vanguardngr.com/20...

5. Owen, Warren and Morrow

It sounds like a blue-chip law-firm, one of those long established WASP practices that don't attract attention to themselves but do a really solid job. But no. They were the owners of a company in San Diego Florida which was used as a vehicle for laundering substantial sums for a drugs cartel in Mexico. Known as San Diego Gold Exchange, the business operated an informal value transfer business - and was unlicensed to do money transfer business.

https://www.justice.gov/usao-s...

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