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Money Laundering

The origins of the SPAC, an acronym that has taken on a life of its own with the actual name falling into disuse, are not recent. In fact, as a concept, it's 300 years old - originating in a time of corporate malfeasance, fraud and abuse of investors.

As a vehicle, then, it's perfectly suited to be recognised by regulators who think they are being progressive.

Oh, and it's a near magical route for the expatriation of funds generated by organised crime i.e. money laundering.

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The USA's Securities and Exchange Commission has frozen the accounts of a foreign registered fund operated by two US residents.

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Sometimes the headlines just write themselves.

Like this one.

Mary Margaret Kreuper, 79, of Los Angeles, was charged yesterday with one count of wire fraud and one count of money laundering. In a plea agreement Kreuper has pleaded guilty to the two charges that carry a maximum statutory penalty of 40 years in federal prison.

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Australia: the Australian Consumer and Competition Commission has issued a public warning notice about the conduct of Postage Ink Pty Limited in relation to the unsolicited supply of labels and ink cartridges and other consumables for postage meters to business customers.

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We have put up, marked for pre-order but really just so that clients can see the curriculum, information relating to the compulsory module Key Concepts - Money Laundering and Terrorist Financing, part of the Quick To Learn More series for front liners to managers, from beginner to intermediate.

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There's a caveat to this article: it's not a financial crime Bill but it has a serious financial crime impact.

The news (Al Jazeera) that Zimbabwe's sortie into restoring its own currency is in crisis is extremely unwelcome.

Just as we saw in Russia in and about 1997 there is rampant inflation (now reaching 800%) and the local currency being eschewed in favour of US dollar bank notes.

Strict controls are now being imposed on so-called peer-to-peer payment systems.

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Boylesports Enterprise has been found to have breached Gambling Commission rules aimed at preventing money laundering on its websites Boylesports.com and Boylecasino.com .

The criminals are increasing the pace - one scam after another from the same source. The tag, again, is Philip Schofield.

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Yesterday, the USA's Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking(ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act.

Our sister venture, Financial Crime Risk and Compliance Training, has released a micro-course about Deutsche Bank, the New York Department of Financial Services and Jeffery Epstein.

The case creates a new class of risk for all regulated businesses everywhere in the world. There is an early bird discount.

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The USA's Financial Crimes Enforcement Network (is that horrible logo new? FinCEN used to be so elegant) has issued a civil money penalty notice against a former Chief Officer of U.S. Bancorp N.A. for "failure to prevent" breaches of the Bank Secrecy Act during his employment at the company. But, FinCEN's allegations go further than simply "failing to prevent."

This is a fascinating idea: if a financial services business operates in "more than three" EU member states, its regulators will create a "college" so as to make sure that it's not using regulatory arbitrage between member states.

Just one point: is this a recognition that the EU has failed to impose and enforce pan-European Regulation?

OK, there are lots more than one point.

The trouble with looking for transactions ‘consistent’ with ‘known’ patterns ‘indicative’ of child exploitation payments to countries with ‘known’ risks is that countless legitimate payments exhibit similar features, says Dr Ron Pol of AML Assurance and La Trobe University.

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