Tweet HSBC Cancels Bank Accounts of Consulates HSBC has given notice to several consulates and the Vatican that it is closing their accounts within 60 days. No reason has been officially cited for the cancellation of the client bank agreements but it is likely as a result of the exposure such accounts hold for financial […]
Tweet Wife of Dr. Arthur Porter out on bail Pamela Porter, the spouse of Dr. Arthur Porter, has been released on bail in Montreal after spending more than two months in jail. Ms. Porter is charged with conspiracy and money laundering for Dr. Porter. The money laundering charges stem from what is emerging, if the allegations […]
Tweet Mafia Crackdown in Rome Italian police arrested over 120 people today in its largest crackdown on mafia activities around Rome, including several lawyers alleged to have undertaken transactions and incorporated companies on behalf of the ‘Ndrangheta. According to the police, the ‘Ndrangheta ran multiple gambling operations and drug trafficking operations, and laundered the proceeds […]
Tweet Mafia funds must be frozen The U.S. Department of the Treasury today added several members of the Camorra mafia to its Specially Designated Nationals List (“SDNL“). As a result of the designation to the SDNL, all property (money, securities, and other property) of the designated Camorra in the U.S. or in the possession or […]
Tweet Alleged Ponzi scheme involving bitcoin The U.S. Securities & Exchange Commission announced today that it has charged Texas resident, Trendon Shavers, and an entity he ran called Bitcoin Savings and Trust (“BTCST“), with defrauding investors through the operation of a Ponzi scheme involving bitcoin. Bitcoin is a popular virtual currency. The charges have nothing […]
Tweet The independent reviewer of the U.K.’s terrorism legislation has released his latest report (the “Report“) highlighting terrorism developments over the last 12 months in the U.K. Some interesting parts of the Report are as follows: Terrorist acts targeted against Jewish people According to the Report, there were several terrorist incidents in the U.K. principally […]
Tweet Human trafficking – a serious and growing problem According to a report by the United Nations Economic Commission for Europe, the revenues of human traffickers is estimated to range from $5 billion to $9 billion annually. And according to a US State Department report published in 2011, approximately 12 million people, primarily women and […]
Tweet An Interpol-led investigation into the trade of counterfeit goods and products over the last two months has resulted in the arrests of more than 6,000 people in Vietnam, China, Belarus, Poland, Romania, Ukraine, Turkey, Namibia, Hong Kong, India, Thailand, Brazil, Chile, Columbia, Peru and Ecuador. In total, 24 million fake goods were seized worth […]
Tweet Singapore’s Monetary Authority of Singapore has issued a number of fines, warnings, reprimands and compliance orders to 69 financial institutions for multiple failures to comply with anti-money laundering and counter terrorist financing requirements. The move is Singapore’s effort to appear to be strengthening its anti-money laundering laws to preserve its reputation as the hub […]
Tweet Junkets branching out According to this article by Reuters, traditional junket operators (also known as VIP gaming promoters) in Macau are branching out to diversify their businesses and improve their reputation. The largest junket operator, Suncity Group, is planning to open its own casino and has expanded into mining and iron ore operations in […]