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Money Laundering

The first Senate hearing into the "alleged" money laundering of USD81 million stolen from the account of the Bank of Bangladesh with the Federal Reserve Bank of New York and transfered to accounts with Rizal Commercial Banking Corporation (RCBC).

FCRO Subsection: 

Force India 2016 car courtesy and copyright Force India   There's no secret that brash Indian businessman Vijay Mallya's business model for Force India depended on the success of his other businesses and his relationships with other companies. Kingfisher Airlines crashed (the company, not its planes) despite Mallya's highly publicised claims that they had the best looking stewardesses in the sky. But that was not the only dark cloud in his firmament. This time, it's his own money that's at stake amid allegations of money laundering.

CoNet Section: 

Hot on the heels of Facebook's decision to reduce user's ability to hide their public profile comes the commercial reason why: Facebook is testing a system that will enable non-contacts to send messages to users if they pay USD1. Thanks for the spam but will users be allowed to say "No thanks?" And will FB breach the Can Spam Act and, even, risk the company and its officers being prosecuted for money laundering?

CoNet Section: 

It's probably not a great idea for me, an English solicitor (retired) to be publicly harsh about my professional body. But, seriously, is the Law Society of England and Wales contrary or comatose? It really just does not "get" money laundering risks and its latest attempt to update its guidance demonstrates that its attitude is, simply, retarded.

CoNet Section: 

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.

The Law Society of England and Wales has issued an e-mail circular to solicitors referring to acceptable documents for client identification in relation to money laundering. Is it sufficient?

CoNet Section: 

"This case is a good example of how disregarding reporting and compliance can turn into a crime" : New Jersey District Attorney's Office. But still the USA fails, even in the most blatant cases, to prosecute a bank for money laundering.

As Lord Woolf confirms that the Court of Appeal was wrong to allow John "Goldfinger" Palmer to retain proceeds of fraud, the Home Office is deciding whether to try to use the Proceeds of Crime Act to attack the funds. Easy-peasy, says Nigel Morris-Cotterill

The Associated Law Societies of Canada have succeeded in their attempts to overturn some of Canada's requirements that lawyers report

Hui Wei-chun, 39, unemployed, was jailed for two years and 10 months, and Cheung Kam-lun, 54, merchant, was jailed for two years and nine months in Hong Kong for their parts in laundering schemes. In mitigation, the court rejected a claim that they had been "entrapped" into committing the offence.

From World Money Laundering Report Vol. 1 No. 1
October 1999

Understanding Russian Banking.
Lapidus & van de Waal-Palms,
Mir House, USA. US$25.
Language: American English.

From the Editor:

Welcome to the first edition of World Money Laundering Report. In this issue, we have set the tone for the way that WMLR will work with you to raise the awareness of money laundering related issues in your organisation.

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