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FROM A
DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
1.
31 January 2007
Will the US Treasury impose sanctions against the remaining Iranian banks with branches, subsidiaries or offices in Europe? As America continues to seek Iran's economic isolation for its failure to terminate its missile and nuclear programmes, we can expect still more economic measures will be mplemented, if actions imposed in 2006 are a good indication of US intentions.
2.
30 January 2007
Recent publicity surrounding government-controlled mass media companies in Venezuela reminds us once again to ensure that front-line compliance staff at international banks in the US or EU that handle corporations located in the developing world be alert for signs that customers who profess to be private companies may be, in truth and in fact, government-controlled corporations. Such companies are to be designated as politically-exposed entities, and their officers, directors and managers politically-exposed persons, or PEPs. The proper identification of Source of Funds in these accounts often requires enhanced due diligence.
3.
30 January 2007
The Iranian Ambassador to Iraq, Hassan Kazemi Qumi, has revealed that his government has received a license to open a national bank in Baghdad. Will this disturbing development allow Iranian banks to use American-occupied Iraq to evade US financial sanctions?
4.
29 January 2007
The National Association of Securities dealers, the broker-dealer industry regulator, has fined Banc of America Investment Securities Inc. (BAIS) $3m for multiple customer information programme and SAR violations. The firm, which neither admitted nor denied the allegations, consented to the penalty imposed. Issues regarding beneficial owners of accounts of entities incorporated in the Isle of Man were specifically mentioned by the regulator in its findings.
5.
29 January 2007
Jailed Russian bank owner, Alexei Frenkel, having previously stunned the Russian financial community with the release of his Open Letter detailing massive official misconduct at the highest level, has now seen his second missive on systematic corruption in the Central Bank of Russia released by the Moscow Interbank Currency Association. He alleges in this new letter that the CBR forces smaller, "unconnected" Russian banks to pay huge sums to obtain access to the Federal Deposit Insurance system.
6.
29 January 2007
The Algerian terrorist organization, Salafist Group for Call & Combat, or GPSC, has aligned itself with Al-Qaeda, and is now officially calling itself the Al-Qaeda Organisation, after reportedly receiving a personal blessing from Osama Bin Laden. The GPSC is seeking to transform itself from a strictly domestic Algerian terrorist entity into an international force capable of striking targets in Africa and Europe. Terrorist acts that it has recently perpetrated outside Algeria's borders seem to confirm its expanding mission, and the nature of its criminal fund-raising activities should be noted by MLROs and compliance officers.
7.
29 January 2007
The segment entitled "A Day in the Life" running in Confessions of a Money Launderer will continue in the next installment . Watch for it on Sunday.
8.
29 January 2007
GAFISUD, South America's version of FATF, has recently filed a report detailing areas where Chile's AML laws need improvement. The regional inter-governmental organisation awarded Chile 65 points out of a possible 120, considered a "good" rating, which compares favourably with many of the world's advanced nations.
9.
27 January 2007
One of Bolivian President Evo Morales' closest advisors has been wanted in Peru on terrorism charges for several years, but Bolivia refuses to extradite him. The Peruvian journalist Walter Chavez (not related to Hugo) was arrested by Peruvian police in 1990, in connection with his alleged role in an extortion attempt against two Peruvians, on behalf of the Tupac Amaru Revolutionary Movement, more commonly known as MRTA, according to reports quoting Peru's antiterrorist police agency.
10.
26 January 2007
OFAC has listed two South African nationals, and their company, as Specially Designated Global Terrorists (SDGT), following their naming as terror suspects by the United Nations Security Council. The designated parties are alleged to have close ties to Al-Qaeda, and to other major terrorists and their charitable front organisations.
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