COLOMBIAN PEP ARRESTED FOR SUSPECTED LINKS TO PARAMILITARY

A former Colombian ambassador and governor was arrested in May for his alleged links to paramilitary members in United Self-Defense Forces of Colombia or AUC (UID 14174). This association was reported to have taken place during his electoral campaign to become governor in 2003. A further five governors have also come under the spotlight for their alleged paramilitary connections during the 2003 campaign. World-Check has all of those named in our database, the case has been followed by our Colombian research analysts since its beginning.

The US Commodity Futures Trading Commisison (CFTC) has charged a Florida resident and his two companies with fraudulently soliciting and receiving funds from individuals in a forex scam. It is alleged that they provided their customers with false account statements. The scam is reported to have run for just under one year starting in June 2008. The CFTC is seeking a preliminary injunction freezing the defendants’ assets, restitution, disgorgement of ill-gotten gains, civil monetary penalties, the appointment of a temporary receiver, and a permanent injunction. Our research analysts are monitoring events and will update the relevant profiles accordingly.

INDIVIDUALS ARRESTED IN CONNECTION WITH SUSPECTED MULTI-MILLION POUND FRAUD

City of London Police have arrested three individuals in connection with a suspected multi-million pound fraud carried out by three consultancies. The individuals concerned are suspected of handling millions of pounds of investors funds. The UK's regulator the Financial Services Authority reportedly froze the assets of the three consultancies in November 2008.

MALTA CONNECTION IN LATEST FSA RAIDS AND ARRESTS

This month it has been reported that raids were carried out on UK premises in the home counties and arrests made in connection with alleged 'boiler room' schemes amounting to more than 25 million pounds. Reports suggest that a numberof the arrests could be linked to an on going inquiry into a Central London based firm. The firm was purported to have been used as a 'middle-man' to collect payments from investors who had been sold high-risk shares by unlicensed brokers. According to reports the Malta Police Anti Money Laundering Unit has been assisting the investigation as it appears that some shares involved a Maltese firm and its British counterpart.

FAKE COLLEGES AT THE CENTRE OF MULTI-MILLION FRAUD

Media reports have highlighted a multi-million pound bogus college scam started in 2006. Three Pakistan nationals have been linked to the scam which has reportedly netted them millions. Students from Pakistan, Afghanistan, Asia and Africa enrolled into the colleges and paid fees. As an aside the individuals sold bogus college qualifications in order for their 'students' to extend their stay in the UK. One college was validated to teach only eight of the 55 diplomas and degrees that it advertised. Many of the colleges had impressive sounding affiliations, which were also bogus. One of the three susepcts is reported to have fled back to his country of origin. In addition to this it has been revealed in the media that a number of the students arrested in April 2009 for suspected links to an al-Qaida network were registered at one of these colleges.

BRIT WANTED ON FRAUD CHARGES DETAINED IN THAILAND

A former personnnel manager at a Dubai property company is alleged to have commited a US$150m fraud. From March until May 2008 he allegedly siphoned off money from employees salaries into his own bank account and then fled the country. In May 2009 he was detained in Thailand. He has denied all charges, but he has reportedly not been granted bail.

FORMER LEADER OF TEXAS BASED CRIME GANG PLEADS GUILTY

Joe Pena (UID 794579), the former leader of Texas-based organised crime gang the Texas Mexican Mafia (UID 794570), has pleaded guilty to racketeering and conspiracy charges. The gang, which operated in San Antonio, Texas, was involved in narcotics dealing, extortion, robbery and murder. Pena will be sentenced in August and is expected to be jailed for 40 years. World-Check's Organised Crime Research Unit monitors this particular area of crime and maps its networks, linking associates and groups in order to keep our clients informed of risk. Check out the Texas Mexican Mafia profile to see who this gang is connected to.

The resignation of Iraq's Minister for Trade, and the arrest of his brothers by local authorities, reminds us that rampant corruption reportedly continues unabated in the new Iraqi government. Stories and rumours of bribes, kickbacks, and the widespread diversion and sale of goods intended for the needy people of Iraq, means that any Iraqi government official or military officer who has accumulated wealth in excess of his annual salary, presents an unacceptable risk as a customer of financial institutions outside Iraq." …read more

Authorities in Venezuela have recently arrested a narcotics trafficker who is linked to the Colombian Cartel del Norte (UID 472307). This indivdual, who has been in our database since August 2006, is reportedly linked to a supplier network of the United Self-Defense Forces of Colombia (UID 14174). He is due to be deported to Colombia from Venezuela.

According to reports the Supreme Court in Madrid has stated that it intends to ban the poltiical party known as the International Initiative-Solidarity amongst the People (IISP). The court claims the party is the latest version of ETA's political wing.

GERMANY AND SAUDI TO SHARE INTELLIGENCE

The Saudi Arabia and German Governments have signed an agreement to share information pertaining to terrorism. The information that is to be shared will reportedly cover such issues as terrorist financing and money-laundering.

LEGISLATION NEWS

US CONGRESS PASSES ANTI-FRAUD BILL

The US Congress has approved the final version of The Fraud Enforcement and Recovery Act. The bill is intended to provide prosecutors with more teeth to combat financial fraud. The Act is now awaiting signature by President Obama.

SOLOMON ISLANDS TO STRENGTHEN AML LEGISLATION

At the recent opening of a three-day AML and CTF workshop in Honiara in the Solomon Island the Attorney General revealed that a group of legislative bills are due to go before Parliament in June. The four main bills are the Money Laundering and Proceed of Crime Amendment Bill 2009; Currency Declaration Bill, Counter Terrroism Bill and the Trans-national Crime Bill, which is reported still to be in the process of development.

KENYA PLACES LEGISLATION IN FRONT OF PARLIAMENT

Kenya is introducing a number of new laws to strengthen its financial sector including a Proceeds of Crime and Anti-Money Laundering Bill which is currently before Parliament. Minister of Finance Uhuru Kenyatta said "This legislation is expected to act as the main buffer against the misuse of Kenya's financial system for money laundering purposes."

EVENTS

World-Check is conducting seminars in Eastern Europe during June. Watch out for us in Moscow on 8 June, Warsaw in Poland on the following day and then onto Bucharest, Romania on 10 June. On 12 June there will be an additional seminar in Lugano, Switzerland..
In July experts from World-Check and the compliance industry will be on hand to conduct three seminars in Western Europe. We will be in Monaco on 1 July and then travel to Germany to conduct a morning seminar in Frankfurt on 2 July and on to Berlin on 3 July.

Please do take a look at our World-Check Seminars page to see the venues, times and topics that will be covered, as well as the experts who will be sharing their knowledge with you. Make a note not to miss out on this chance to get a real insight into topical and relevant compliance issues, delivered by experts in their respective fields.

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