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World-Check 5 years ahead of OFAC designation
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World-Check protects clients from illicit vessel risk
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FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
1.
29 September 2006
The Central Bank of Russia has revoked the licenses of two more financial institutions, as regulatory reform of the banking structure proceeds along the path chosen by its late Deputy Director, Andrei Kozlov, assassinated last month for his zealous enforcement of the country's anti-money laundering laws.
2.
29 September 2006
An alert regulator in Namibia found the financial trail of wanted American fugitive Jacob "Kobi" Alexander when he noticed a funds transfer of many millions of dollars to a newly-arrived Israeli citizen with no business conections who was living in a country club in the capital, Windhoek.
3.
28 September 2006
In the event that some of our readers do not understand the Interpol references that appear in our articles from time to time, we herein detail the different types of interpol notices for the benefit of compliance officers who require further information.
4.
28 September 2006
Bank of America, the North Carolina-based institution that is the second-largest in the US, was fined a total of $7.5m for money laundering violations, by New York authorities. The New York District Attorney stated that the bank failed to detect money laundering activities of Brazilian companies using money transfer businesses.
5.
28 September 2006
Iraq's Public Integrity Commission has brought corruption charges against former ministers and other members of the interim Iraq government for stealing $7.5bn from government purchasing funds. Among those charged are 61 persons living abroad, including some in the United Kingdom
6.
27 September 2006
This week's announcement of the 2007 EU entry date for Bulgaria and Romania was a wake-up call for money launderers and sundry other financial scoundrels. Rest assured they and their aides are buying airline tickets for Eastern Europe, so as to comfortably place their front companies inside those two nations well before they enter the European Union.
7.
26 September 2006
Gilberto and Miguel Rodriguez Orejuela, leaders of the notorious Cali Cartel, pled guilty today to criminal charges in US District Court in Miami. They will most likely spend the rest of their lives in prison.
8.
26 September 2006
Arrests in London & Switzerland this week indicate that money launderers are busily engaged in sending the proceeds of crime to the developing world. Compliance officers and MLROs should bear this in mind when looking at otherwise mundane funds transfers to faraway lands.
9.
25 September 2006
A United Nations Drug Control Programme paper details those countries in Africa that are now being utilised as transit locations for cocaine and heroin enroute to Europe. Compliance officers should upgrade their degree of awareness accordingly, particularly with regard to import/export firms in those "safe" jurisdictions.
10.
25 September 2006
Last week's rally of tens of thousands of Christian Lebanese should drive home an important point to bankers who choose to move funds to Hezbollah: If you are involved in financing a designated terrorist organisation, individuals who oppose Hezbollah's attempts to dominate Lebanese politics may expose you, which could threaten the very existence of the financial institution you are sworn to protect.
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NEWSWIRE
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