Our readers in Singapore will be pleased to learn that World-Check will bring its popular Power Breakfast to the Goodwood Park Hotel, on 29 and 30 July, 2008. Yours truly will again be presenting "A Former Money Launderer Tells how it's Done, " and "Emerging Fraud and Money Laundering threats in 2008." For more information on the venue and times, and details on how to reserve a seat via e-mail:

Bankers asked to open accounts for a newly-formed Bolivarian revolutionary church known as the Reform Catholic Venezuelan Church, might want to take a close look at the prospective client. The church, which was first publicly organised only last week, has reportedly been denounced by the religious establishment as a parallel entity that departs from mainstream Catholic tenets, including excusing its priests from vows of chastity, permitting divorce, and hiring priests who have histories of misconduct. Aside from that, the church appears to be a qualified PEP, due to its funding source.

The Arizona Department of Public Safety officer, who stopped a 2008 Cadillac outside of Flagstaff, when its driver committed a moving violation, found a nervous individual, Randy Robert Durham, age 32, who refused to allow his vehicle to be searched. A police dog dispatched to the scene found $602,473 in cash. The driver claimed to be heading from Atlanta to Las Vegas, but he reportedly made a number of contradictory statements. Who is he?

A research tip: you can find all the major Cease & Desist actions on one FinCEN page. You might want to bookmark this for ready reference when you hear of a new case.

Whilst the press have made much of the announcement by the US that America no longer considers North Korea to be an Axis of Evil, the official OFAC announcement should be viewed with caution. It simply does not answer your hard questions regarding who or what is no longer on the list. Read the announcement. It is advisable to wait for further clarification before lifting any of your internal controls on transactions by your customers with North Korea. Certain unnamed restrictions are to remain in effect, but which ones?

Readers who are attending the Financial Crime Seminar sponsored by the Association of Banks in Singapore (ABS) on 31 July, be advised that yours truly will be presenting a lecture at that conference. My topic willl be "Nuts & Bolts of Combating Financial Crime." See the World-Check General Events page for more details.

Reports from Brussels indicate that the European Union has decided to increase its sanctions against Iran. Though the details are not scheduled to be released until tomorrow, sources have indicated that a number of individuals and organisations will have their assets frozen, and travel restrictions will be placed in effect for senior Iranian leaders.

Informed sources have stated that the Government of Venezuela intends to nationalise the privately-owned banks in the country. Such a move, which President Chavez has repeatedly threatened to do by executive proclamation, would raise country risk for Venezuela to unacceptable levels, due to the threat of unwittingly facilitating terrorist financing or conducting business for sanctioned entities. If this occurs, the financial line between Venezuela and Iran will become totally blurred, and with the major non-proliferation/WMD sanctions currently in effect, international financial transactions with a government-owned banking monopoly would be the financial equivalent of Russian Roulette.

The office of Foreign Assets Controls (OFAC) has published its latest list of fines levied on US companies and individuals for violations of Iranian and Cuban sanctions. They range from nominal fees to $100,000.

Uruguayan financial professionals, both in and outside of government, have universally denied that there is any governmental policy, either officially or unofficially, to the effect that there is a ban on AML conferences, due to improper Venezuelan government interference. They point to a number of recent events as proof that such a policy does not exist in Uruguay, and that major progress has been made in both AML and CFT in 2008.