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The US Government seizes vehicles for a wide range of reasons: used in crime, as assets representing proceeds of crime (money laundering), smuggled vehicles, vehicles taken as payment for taxes are just some of the reasons. The vehicles are auctioned off. But the condition of the vehicles is surprising. A survey of a pending auction shows that many of them have been severely abused.

CoNet Section: 

A riddle: if ACI Worldwide wants to buy S1 Corporation and S1 Corp wants to buy Fundtech and Fundtech wants to be bought by S1 but ACI does not want to buy Fundtech, who will buy who?

When Temple-Inland, a packaging and building products company in the USA spun off its Guaranty Bank subsidiary in 2009, the bank was "looted" and left in a parlous state, say the liquidators who have issued proceedings against Temple-Inland and several of its related companies, former officers and some executives who were still in post at the time the bank collapsed.

BIScom Subsection: 

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.

Japan's Honda Motors is recalling some 200,000 Stream and Civic cars after identifying a defective component in the engine bay.

CoNet Section: 

Indonesian authorities are mounting a global manhunt for Muhammad Nazaruddin after he fled the country via Singapore.

When Dubai wanted a model for its courts system for the (then) new financial centre, it chose that of the English legal system. Now the British government wants to capitalise on the standing and reputation of the UK Courts and ancillary services, including arbitration, and turn London into the world's leading "law tourism" centre.

CoNet Section: 

Mobile payment systems provider is facing a nice day as venture capitalists value the little business at some USD1,000 million.

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.

US company SurePass says that it has developed a two-factor authentication system that avoids problems with the "RSA Breached Token Devices" so as to "deliver secure two-factor authentication via free mobile apps, text and electronic card"

An anonymous posting, purporting to be by a solicitor in private practice, has appeared on the website of The Law Society's Gazette, the organ of the Law Society of England and Wales. If there was ever a reason to question the quality of the profession, this is probably high on the list.

CoNet Section: 

The USA's Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) have announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the previously notified filing date of 30 June, 2011.

BIScom Subsection: 

Three people have been arrested, and cash, goods and items used in the commission of offences seized in Hong Kong as police investigate a rapid-fire ATM scam involving data written to mag stripe cards and used in just two ATMs over a two week period.

BIScom Subsection: 

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.

The Philippines Central Bank, Bangko Sentral ng Pilipinas, says that is has seen continued growth in remittances from Filipino workers overseas as the effects of the global financial crisis are factored out - but in March, the rate of growth was slower than in February.

BIScom Subsection: 




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