DIFFERENT ANGLE by Kenneth Rijock
Note well that Monday, the last business day of the year, will see the usual frantic bank client activity, to complete transactions, take care of outstanding payables, and meet deadlines. The high volume can also mask financial crime, which loves to hide amongst the legitimate traffic. Monday you need to be on high alert for international funds transfers, which may cleverly masquerade as a number of clean-looking operations, but are in reality just smart eleventh-hour money laundering tactics. Let us look at what you might see.
- Trade-based money laundering, disguised as an international funds transfer from an import/export company to a recipient in a country that shares a common border with Colombia, meaning Ecuador, Venezuela, Peru, Brazil and Panama. These funds are generally narco-profits.
- What purports to be a payment for an annual budget for a charitable organisation, or other NGO. The name of the receiving entity might be deceptively similar to that of a well-known charity or non-profit organisation. It could very well be terrorist financing.
- Money that is said to be a contribution for disaster relief. Somewhere, some sender will allege that it must be received before the end of 2007 for budgetary or tax deduction reasons of the donor. Don't believe it, as it may be terrorist operational expenses seeking to slip past you.
- Funds marked as a "return" or "refund" due to non-shipment or receipt of goods or services. Mostbankers try very hard to accomodate the client on this one, not knowing that they are facilitating a money laundering operation.
Please be overly cautious on Monday. Thank you and a happy New Year to all.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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