FORMER ISRAELI GOVERNMENT MINISTER CONVICTED OF EMBEZZLEMENT

A former minister of Finance and member of Israel's Knesset has been convicted of embezzlement fraud and money laundering. Abraham Hirchson (UID 16963) was found guilty of embezzling money from the National Workers Federation and the associated Nili organistion during his tenure as its Chairman. Hirchson is alleged to have used a portion of the money to finance his bid in the Likud primaries in both 1998 and 2002. Five other individuals had previously pleaded guilty and have received sentences ranging from six months public service to more than four years in prison.

Warren Templeton (UID 442977) who in late 1990s was convicted of financial crimes in the UK, has appeared in court in France accused of scamming individuals out of approximately 2 million euros. Reports state that Templeton presented himself as a financial consultant and allegedly sold funds offering annual interest of 15% which were guaranteed by a French bank. Templeton is reported to have deposited the money in his own account. Property in France belonging to Templeton has already been auctioned by order of the court to pay his outstanding taxes.

INDIVIDUAL JAILED IN MULTI-MILLION POUND COUNTERFEIT MEDICINE CASE

Martin Hickman (UID 442977) has been jailed for two years for running an illegal online pharmacy and charges of money laudering. Hickman pleaded guilty to six counts of selling and supplying counterfeit and unlicensed medicines and laundering £1.4 million. The turnover of his business, which ran from 2003 until 2007, is thought to have been in the region of more than £6 million. This is the biggest case brought by the UK Medicine and Healthcare products Regulatory Agency (MHRA) to date.

EX-LAWYER JAILED FOR REAL ESTATE FRAUD

A former Canadian lawyer who was disbarred in 2002, has been jailed for seven years after being found guilty of a $30 million real estate fraud. Martin Wirick (UID 410166) pleaded guilty to two counts each of forgery and fraud. Wirick sold and refinanced properties, but allegedly did not use the money to pay off existing mortages and left property owners with debt they believed they had already paid off. His fraud took place from 1999 until 2002 and amounted to $30 million. Wirick, in addition to his prison sentence, has been orderd to pay $2 million in restitution to the victims of his fraud.

SON OF MAFIA BOSS ARRESTED

The son of a Sicilian mafia boss has been arrested in Sao Paulo Brazil. He is the suspected head of a network attempting to swindle banks out of an estimated US$1 billion. The network planned to ask banks to grant them loans by using counterfeit Venezuelan bonds, obtained through a contact inside Venezuela's Central Bank, as collateral. Italian authorities are reported to have uncovered the network whilst investigating a case where public funding was granted for an hotel project in Tuscany, through the use of similar methods. Reportedly 27 individuals are being investigated or questioned in Italy and abroad in connection with the Tuscany hotel project.

INVESTMENT FUND MANAGER MAN PLEADS GUILTY TO MASSIVE PONZI SHEME

Joseph Forte (UID 1001637) a Philadelphia investment fund manager pleaded guilty in a Philadelphia Court to running a Ponzi Scheme, estimated to have defrauded investors out of US$50 million over a twelve year period. He reportedly lured investors by promising returns on their investment of between 18 to 38 percent. The investigating team stated that Forte spent more than US$20 million of the Fund's money from 1996 to 2008. Forte was charged by the US Securities and Exchange Commission (SEC) in January 2009 and his assets frozen. The SEC is one of the many hundreds of regulatory and enforcement sites that World-Check's Research Units monitor.

You can bet that money launderers around the globe are closely watching the single currency adoption situation in the Middle East. Four countries have signed an agreement to join a proposed single monetary union in the region, but the United Arab Emirates and Oman still refuse to enter into the pact. …read more

Ahmed Khaifan Ghailani (UID 13683) is to face terrorism charges in a New York court after being flown from detention in Guantanamo Bay. Ghailani is to stand trial for his role in the August 1998 bombings of the US Embassies in Dar es Salaam and Nairobi. "With his appearance in federal court today, Ahmed Ghailani is being held accountable for his alleged role in the bombing of US Embassies in Tanzania and Kenya and the murder of 224 people,” stated Attorney General Eric Holder.

FIJI FIU JOINS EGMONT GROUP

On 26 May 2009 the Fiji Financial Intelligence Unit (FIU) became the 116th member of the Egmont Group. "Fiji’s Egmont membership would further strengthen the cooperation, networking and sharing of intelligence at international level with counterpart FIUs in the fight against serious criminal activities, including money laundering offences," said Mr. Razim Buksh, director of the Fiji FIU.

MACAU's GIF ADMITTED TO EGMONT GROUP

The Macau Financial Intelligence Office or the Gabinete de Informaçăo Financeira (GIF) was also admitted as a member of the Egmont Group. As a member of the Egmont Group, GIF said it is not only fostering co-operation with other jurisdictions, but also getting updated cross-border typologies information, which further strengthens international efforts to fight money laundering and the financing of terrorism.

QATAR CABINET REVIEW DRAFT AGREEMENT

According to reports the Qatar cabinet has recently reviewed a draft memorandum of understanding between Qatar and the International Monetary Fund on the provision of technical assistance in combating money laundering and terrorism financing.

The Belarus Government has signed an agreement on the cooperation of the CIS member states in the fight against arms trafficking. The document had previously been signed in November 2008 by Armenia, Kazakhstan, Kyrgyzstan, Russia, Tjikistan and Uzbekistan.

EVENTS

In July 2009 World-Check is conducting three seminars in Western Europe. Experts from World-Check and the compliance industry will be speaking on a variety of pertinent topics, including the lastest information on AML legislation and counterint the financing of terrorism, to name but a few. The first seminar will be in Monaco on 1 July and then Germany, where they will conduct a morning seminar in Frankfurt on 2nd July and finally to Berlin on 3rd 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.

Read the latest news about World-Check by accessing our Press Release section on the website. Click here to visit now.

The World-Check website hosts many insightful articles and newsletters on topical subjects including the CFT focused Expert Talk. A collection of articles on a plethora of subjects related to terrorism financing, including regional typographies, the latest methods employed by terrorists to finance their activities and regulatory matters, all written by experts in their field.

For information and frequently asked questions please visit our website by clicking here.