SON OF FORMER PREMIER UNDER SUSPICION OF MONEY LAUNDERING

The son of a former prime minister of Bangladesh and his business partner have been accused of sending money amounting to more than US$2 million out of the country without permission, and in doing so violating the country's money laundering regulations. In addition to the recent accusations he is a suspect in fourteen other graft cases, and was previously arrested in 2007 but later released on bail.

COLOMBIAN DEPORTED FROM VENEZUELA TO FACE CHARGES IN US

A Colombian national has been extradited from Venezuela to the United States where he faces multiple money laundering charges. He was indicted in New York earlier this year and reportedly accused of coordinating the collection of million of dollars of money connected to the illegal drug trade in Mexico city. According to authorities in Colombia US$2.2 million which was allegedly wired from Mexico to an account in the US has been frozen by US authorities. In addition US$11 million worth of property assets have also been the subject of an asset freeze.

A Paris court has sentenced former interior minister Charles Pasqua (UID 8314) to three years in jail, two of which are suspended and fined him €100 000, for accepting commission on illicit arms sales to the Angolan Army in the 1990s. The sale of armaments to Angola at that time violated a United Nations embargo. Jean-Christophe Mitterand (UID 10998), the son of the former President, who once assisted his father as advisor on Africa affairs, was fined €375 000 and given a two-year suspended jail sentence. In addition Pierre Falcone (UID 11000) was found guilty and sentenced to six years in prison. One further individual was sentenced to six years in absentia for involvement in the illegal arms trafficking. World-Check has followed this case from the beginning and profiled Falcone as far back as January 2001.

BULGARIAN AUTHORITIES POSTPONE TRIAL OF MONEY LAUNDERING SUSPECTS

The trial of two individuals who are charged with laundering €7.5 million from the EU SAPARD agriculture development programme has been postponed until 10 November. Bulgarian media reports claim the two businessmen had registered an offshore company in the US where the entire €7.5 million received by the suspects businesses was laundered, and later invested in a Bulgarian beach resort. According to earlier media reports the two individuals had allegedly been involved in a number of corruption schemes and had benefited from the protection of political individuals.

CANADIAN GUILTY IN $9MILLION INSIDER TRADING SCAM

Stanko Grmovsek (UID 1157104), a former securities lawyer, pleaded guilty to insider trading. Grmovsek has reached a settlement with the Ontario Securities Commission and ordered to disgorge the illegal proceeds. In addition he has been banned by the OSC from buying and selling securities and holding any directorships in the industry. Grmoovsek reportedly had earlier pleaded guilty to similar charges brought by a US court.

SOUTH AFRICAN BUSINESSMAN SOUGHT ON US$1.6 BILLION FRAUD CHARGES

According to reports an arrest warrant has been issued for a South African businessman accused of orchestrating a $1.65 billion fraud. Lawyers and investigators working for investors have accused the businessman of operating a Ponzi-style scheme which promised annual returns as high as 200 percent which the businessman said were linked to pharmaceutical imports. The scheme is said to involve at least eight foreign countries. A South African court has frozen his assets in the country; the businessman now lives in Australia.

A detailed report filed by Human Rights Watch, a respected NGO that covers global human rights abuses, has stated that the massacre of 150 to 200 opposition rally attendees, and widespread sexual violence, by the Guinean Presidential Guard, in Conakry on 28 September, were organised and premeditated, and not the unexpected action of undisciplined military units. …read more

A businessman who is currently charged in an insider trading case in New York, has come under the spotlight for donations made to a Maryland charity with links to the Tamil Tigers. The individual was arrested along with five other people in mid-October by the US Federal Bureau of Investigation, in what is purported to be the largest ever hedge fund insider trading case.

NEW AML LAW WILL ASSIST IN TRACKING DOWN ORGANISED CRIME GROUP FUNDS

The Anti Money Laundering and Countering the Financing of Terrroism Act recently passed into law in New Zealand will assist in the fight against drug-related crime and help the police to follow the trail of dirty money associated with organised crime. "The act enhances our ability to investigate organised crime by following the illegal money trail through financial systems," Justice Minister Simon Power said, "and goes hand-in-hand with the Criminal Proceeds [Recovery] Act passed in April."

TERROR FINANCING TO BECOME AN OFFENCE IN PAKISTAN UNDER NEW AML BILL

Pakistan has proposed that their new Anti-Money Laundering Bill 2009 will seek the inclusion of financing of terrorism in the list of offences in the revised legislation to be enacted by parliament. It also seeks larger penalities for a company and its directors, officers or employees found guilty of the offence. The Financial Action Task Force (FATF) and Asian Pacific Group (APG), had previously raised serious reservations over certain provisions of the AMLO. Reportedly 'the definition of “financial institutions” was proposed to be substituted with an activity-based definition, as defined by the FATF.'

EVENTS

Alerting all compliance professionals in North America. In November World-Check will host a number of FCPA focused seminars in the United States.
Starting on 2 November in Miami, then heading north to New York on 3 November and visiting Washington DC on 4 November, before rounding off in Chicago on 5 November.
The full itineraries, containing details of the speakers and topics, is now available on our Seminars page. Please contact our events team at events@world-check.com if you would like more information regarding upcoming seminars. We will be happy to assist you.

Delivered by experts in their respective fields World-Check Seminars offer compliance professionals across all industries the opportunity to get insight into topical and relevant issues.

World-Check financial crime consultant Kenneth Rijock has featured a number of alerts to lower or raise country risk in his From a Different Angle column. If you are interested in finding out more about country risk you can read about our jurisdictional risk index Country-Check on the website by clicking here or alternatively visit Country-Check for a more comprehensive overview.

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