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Case Summary: 

A former "Home Finance Manager" (mortgage salesman) with a bank was jailed for three years after pleading guilty to abusing his position to make a dishonest gain for himself and others. He submitted for approval fraudulent applications, knowing they were untrue, for applicants to borrow money that they would then "invest" in a developer with which he had a connection.

Type of conduct: 
Consumer fraud

Economic and Financial Crimes Commission, EFCC, really has got the bit between its teeth in a way that few other anti-corruption bodies have managed elsewhere in the world. Yesterday, it brought two very high-profile figures before the court: a Senior Advocate of Nigeria (SAN), Muhammed Dele Belgore and a former minister, Professor Abubakar Sulaiman. They have pleaded not guilty in a case that has already tested the will of government to let the EFCC act independently and will now test the judiciary with which both defendants have a long and close history.

I'm very happy with my boyfriend. He's nice in every way except one. He complains that I have male friends and, even, that I have male employers, that I, sometimes, have a glass of wine with. He says he trusts me but he doesn't trust my friends and employers. It has become such a frequent complaint that it's beginning to affect my feelings towards him.

In 2016, Emirates flew more than 194,000 flights and of those more than 60 were diverted because of a medical emergency. The cost of each ranges from USD50,000 to USD600,000, says the airline. So it needs to find ways to reduce diversions where there is no additional risk to the passenger.

CoNet Section: 
Case Summary: 

In February, 2017 James Michael Farrell, age 63, of Wenonah, New Jersey, USA was convicted of money laundering, witness tampering, and obstruction of official proceedings, related to his activities on behalf of members of an extensive drug trafficking operation. The case is important because part of relates to the use of proceeds of criminal conduct being used for the payment of defence lawyer's fees.

Type of conduct: 
Money Laundering

The Law Society's Gazette is reporting that Mischon de Reya, a London law firm has been ordered to pay damages to its client which purchased a property from a fraudster. The case is going to appeal. Nigel Morris-Cotterill looks at the first instance judgment of a case that has enormous implications for KYC/Due Diligence for financial institutions. Part 1.

Business information service provider Thompson Reuters has agreed to issue an apology and to pay damages to the Finsbury Park Mosque in a case that has great implications for the financial sector and its data providers, particularly in relation to so-called "due diligence" databases, in this case the World-Check database that the company bought, as a going concern, in 2011. Read more for how this creates problems for FCROs.

The 1 Malaysia Development Fund, which recently received a 17m cash injection from China, despite frequent protestations that there are no money issues, is rapidly turning into a rich income stream for regulators or the governments onto which it passes its profits. After being ordered to pay a substantial penalty in Singapore, RBS Coutts has now been ordered to stump up a lot of Swiss Francs by the authorities there.

The USA's Internal Revenue Service has, for some time, been warning corporations of a spam-scam targeting companies. But now, it says, it has evidence that it is spreading into "school districts, tribal organizations and non-profits." and other sectors. But that's not all: the criminals have found a way of hitting the same targets twice.

CoNet Section: 

On 30 January 2017, the NYDFS superintendent, Maria Vullo, announced that Deutsche Bank would pay a fine of USD425 million for failures in counter-money laundering systems and controls, in an investigation closely linked with a similar investigation into the same facts by the UK's Financial Conduct Authority. What the NYDFS found is disturbing.

A Parliamentary Bill in the UK goes through several stages: first the knockabout (if MPs are awake) in the House of Commons. Then it goes to a Committee Stage and then to the House of Lords. Although those bodies cannot, in effect, cancel the Bill, they can send it back to the Commons for various purposes. With cross-party support, the Bill passed with 498 votes to 114. That was closer than many would have liked.

CoNet Section: 

The Sumatran Rhino is beyond cute but it's not fluffy so when it went functionally extinct in Malaysia in late 2015, hardly anyone noticed. Attempts to save it have been continuing for years with some successes and many failures. A small dedicated team refuses to give up. What, we wondered, could we come up with if we set our colleagues over at The Anti Money Laundering Network the task of the kind of identify-the-dots-that-don't-appear-to-join-up thinking they use in relation to financial crime that they use as the basis for leaps of faith, illogical jumps and a bit of over-the-horizon thinking. The results give some clues and where they led us was via the Sumatran Rhino to possibilities of producing humans to order to colonise other worlds. But first, let's start with the problems facing the world's smallest (but not pigmy) rhino.