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Case Summary: 

For almost four years, nearly every day was a good day at the office for Nicholas Cosmo. Until someone noticed he wasn't authorised to conduct the trades that made the money.

Securities fraud
World Money Laundering Report

42 year old Garth Peterson has been jailed for nine months plus three years' probation in the USA after admitting bypassing anti-bribery controls at Morgan Stanley in Singapore. But, says the US Department of Justice, the company's systems were good enough: the problem was that Peterson knew his way around them too well.

When we've looked at The Circuit of the Americas (tweely known by its owners as COTA) in Austin, Texas, we've been a bit disparaging, largely, it has to be said, because there has been so much uncertainty over whether it would ever come into being or whether, if it did, it would be ready in time for its inaugural Formula One race. We didn't expressly say "if a decent track comes out of this mess, I'll eat my hat," but it was strongly implied. Pass the ketchup, please.

Bryan Edwards
Publication: 

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.

The Securities and Exchange Commission today sued AMMB Consultant Sendirian Berhad (AMC), a Malaysian investment adviser, alleging that for more than a decade, AMC charged a U.S. registered fund for advisory services that it did not request and that AMC did not provide. The total cost to the company in the USA? USD3,125,000.

Editorial Staff

The US Commodity Futures Trading Commission has imposed an agreed penalty of USD200 million on Barclays PLC, Barclays Bank PLC and Barclays Capital, Inc for attempting to manipulate LIBOR and Euribor rates and making false reports to obscure its financial position during the global financial crisis. But there have also been settlements with the US Department of Justice and the UK's Financial Services Authority. The total of fines and penalties is substantial. And other banks may be in the firing line, too.

Editorial Staff
BIScom Subsection: 

The Securities and Exchange Commission obtained, on 25 June 2012, a temporary restraining order and asset freeze against Wayne L. Palmer and his firm, National Note of Utah, LC alleging that he operated a real estate-based Ponzi scheme that bilked USD100 million from investors nationwide. Yet banks continued dealing with him.

Editorial Staff
BIScom Subsection: 

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."

Users who downloaded copies of Angry Birds and other software for their mobile phones from websites other than Google's Play (formerly Android Market) have in some cases found themselves being charged GBP15 every time the open the app on a phone.

Editorial Staff
Publication: 

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.

As a result of concerns raised by ASIC, American Express Australia Limited has agreed to change its approach to the charging of a higher ‘default’ rate of interest to credit card customers who have defaulted in their payment obligations. The policy currently affects 7.9% of credit card accounts issued by AMEX. As a result of the changes the holders of those accounts will receive a reduction in interest rate of up to 6%.

Editorial Staff
BIScom Subsection: 

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.

Scam e-mails are nothing new and usually they are so boring they don't even register. But "Woolcock" paulwk@gmail.com 's "Money Transfer" scam mail is so amusing it justifies being included in the Fraud Hall of Fame. By the way, it was sent to an e-mail address at "countermoneylaundering.com." Twit.

Editorial Staff
BIScom Subsection: 

Hong Kong's Independent Commission Against Corruption has charged a number of people with a range of offences alleged to have been committed against insurance companies.

Editorial Staff
BIScom Subsection: 

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.

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