Tweet Colombia’s alleged ‘king of money laundering’ Oscar Fernando Cuevas, was arrested yesterday in Colombia, under an extradition warrant from Spain. According to Colombia Reports, Cuevas made a fortune laundering money for the now-defunct Cali Cartel and the Revolutionary Armed Forces of Colombia (known as FARC) and is alleged to have laundered more drug money than […]
Tweet The Institute for Works of Religion, commonly known as the Vatican Bank, has pledged to implement anti-money laundering legislation based on the FAFT Recommendations that would require it to report suspicious transactions, ascertain the identity of their clients, report large transactions and establish an anti-money laundering compliance regime. The Vatican Bank has also agreed to […]
Tweet Holocaust survivors from the former Yugoslavia have requested that the European Commission start an inquiry to determine if their assets were laundered by financial institutions associated with the Vatican City State, according to this report in Bloomberg. The request to the EC is based on a 1997 U.S. State Department report that allegedly claimed […]
Tweet Australia’s slot machines are being increasingly used by money launderers to wash millions of dollars a week from the proceeds of crime according to this report in The Sydney Morning Herald. Crime gangs routinely visit Sydney casino hotels several times a night, inserting thousands of dollars in slot machines at a time. $10,000 can […]
Tweet According to the Malaysian Star newspaper, four directors of Genneva Sdn Bhd, a Malaysian corporation with operations in Malaysia, China, Hong Kong and Singapore, were charged this week with 796 counts of money laundering in Malaysia. The directors – Ng Poh Weng, Marcus Yee Yuen Seng, Chin Wai Leong and Liew Chee Wah are […]
Tweet A federal judge in the U.S has ruled that Lloyd’s of London is not liable for the US$20 million in legal fees that are likely to be incurred by Robert Allen Stanford’s defence team because there is a substantial liklihood of money laundering. Stanford was covered by a director’s insurance policy purchased by his […]
Tweet FinCEN has released its latest SAR Activity Review, a compilation of suspicious activity reports (called suspicious transaction reports in Canada) filed by depository institutions, money services businesses, casinos and card clubs and segments of the securities industry and insurance industry. In 2009, the number of SARs filed dropped in all segments except the casinos […]
Tweet A U.K. professional gambler, Harvinder “Micky Singh” Batth, and three co-defendants must come up with £800,000 in restitution in the next six months or spend more time in jail. Batth was a member of a U.K. group that laundered millions of pounds at casinos on behalf of crime bosses. He was a well-known professional […]
Tweet According to this article in the Toronto Star, FINTRAC is working with the FATF to evaluate money laundering and terrorist financing risks associated with prepaid cards, mobile payment services and Internet based payment services. The FATF will be collating information from cases where mobile and Internet based payment services were used to launder funds or […]
Tweet The 2010 Report on Organized Crime published last month by the Criminal Intelligence Service Canada highlights current criminal markets operating in Canada. In any criminal market, the proceeds of the underlying criminal activity are laundered to conceal the origin of the funds. According to the report, the main criminal markets in Canada are: counterfeit goods […]