World Money Laundering Report: Digest 20061031

 

World Money Laundering Report: Digest

A publication of Vortex Centrum Limited, part of The Anti Money Laundering Network.

31 October 2006

World Money Laundering Report: Digest.

Citation: WMLR: D 2006 10 31

*Typologies 2006* – how money launderers have used businesses like yours and exposed you to risk.

Asia Pacific Series: Malaysia, Singapore, Philippines, Indonesia, Hong Kong.

October and November 2006.

www.antimoneylaunderingtraining.com

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*Political Risk and Business Continuity*

You are getting ready for bed and the hairbrush vibrates off the shelf;

You look outside and there are tanks rolling down the street.

You need to know your people, your assets and your business are safe:

That's why you have a plan......

You do HAVE a plan, don't you?

www.financialcrimeforum.com

Kuala Lumpur, 30 November – 1 December 2006.

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The Anti Money Laundering Network finds “shadow” website.

London, England. 30 October 2006. The Anti Money Laundering Network has learned of an unauthorised website purporting to be the website of World Money Laundering Report, a publication of Vortex Centrum, the Anti Money Laundering Network's publishing division.

The unauthorised website is at worldmoneylaunderingreport.com

Vortex Centrum has published a newsletter under the title World Money Laundering Report since 1998 under ISSN 1473-3439 (electronic version). The company also holds ISSN 1473-3455 for a print version.

Vortex Centrum also publishes World Money Laundering Report Digest and World Money Laundering Report Online.

Accordingly, the company's brand is well established.

The domain worldmoneylaunderingreport.com has been registered to Mr Rohan Bedi of Singapore since its creation in September 2005. Attempts to discuss the matter with Mr Bedi have proved unproductive.

However, after a third party yesterday brought to his attention that The Anti Money Laundering Network had discovered the site, the site has today been disabled and now displays the following message:

“Site Temporarily Disabled

This site has been temporarily disabled. If you are the owner of the site, please contact customer care.”

The Anti Money Laundering Network wishes to make clear the following:

1. Mr Rohan Bedi has no, and has never had any, connection of any description with The Anti Money Laundering Network nor, more specifically, with the publications under World Money Laundering Report brand.

1. The official website of World Money Laundering Report is www.vortexcentrum.com That website remains fully operational.

1. The website at worldmoneylaunderingreport.com is not connected in any way with the publications under the World Money Laundering Report brand.

For more information contact Nigel Morris-Cotterill, Head, The Anti Money Laundering Network in Kuala Lumpur on +6 03 2142 7588 (GMT +8 hours)

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Join the Society of Anti Money Laundering Professionals

See www.socamlpro.org

Beyond Compliance

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In World Money Laundering Report Online : Daily News recently -

Russia investigates 7,000 laundering reports so far this year

27. October 2006

Russian News Agency Tass reports that Russia's FIU has announced that it has had more than 7,000 reports this year. And it's only October.

Full Story - subscribe at www.wmlro.com

NL: court grants more time in Deuss investigation

27. October 2006

A Dutch Court has granted investigators a further 14 days' detention of John Deuss.

Full Story - subscribe at www.wmlro.com

UK Sentences West African fraudsters

26. October 2006

Three West Africans have been sentenced in the UK for a systematic benefits fraud including more than three dozen false identities.

Full Story - subscribe at www.wmlro.com

OFAC adds drugs gang members

26. October 2006

OFAC UPDATE 24 October 2006

Full Story - subscribe at www.wmlro.com

Pump and Dump: now hackers are in on the act

25. October 2006

We've been drawing attention to pump and dump frauds for so long that we have become the targets of criminals who use our the names of our domains to launch their spamming attacks. Now they have gone a stage further and broken into brokerage systems.

Full Story - subscribe at www.wmlro.com

UK: Ulsterman and son jailed for Indonesian smuggling racket.

24. October 2006

Belfast man Gerald McCrarren was jailed for six months and his son Paul McCrarren sentenced to three months jail suspended for twelve months, at Belfast High Court on Thursday 12 October. The case related to an attempt to smuggle over half a million cigarettes into Northern Ireland from Indonesia.

Full Story - subscribe at www.wmlro.com

UK to relieve administrative burden on small financial services businesses

24. October 2006

A statement from the UK Treasury shows that almost 5,000 companies are suffering expenses totalling around GBP15m as a result of excessive regulation.

Full Story - subscribe at www.wmlro.com

Carousel fraud laundering: John Deuss to face prosecution

23. October 2006

He's been in trouble before, but this time John Deuss is connected with something where he's at the head of a very rotten fish.

Full Story - subscribe at www.wmlro.com

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www.riskvalues.com

Risk Values: Know your customer, not just his money.

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World Money Laundering Report: Digest News

++ UK: John (aka Jack) Walker has been sentenced to almost five years in jail for fraud. Using the business name Trident Risk and Insurance Services, he took premiums from thousands of investors. The policies were not underwritten and the value of potential claims far exceeded the amounts he took in. Even so, in what is being described as “one of Scotland's biggest financial crimes,” Walker managed to, er, walk off with some GBP11m. Walker's offences began in 2002 when the company that performed underwriting for him decided not to continue in the household insurance market. Unable to find another underwriter, Walker continued taking in premiums and – importantly – paying out claims. The court found no reason to doubt that Walker had paid out at least GBP4 million in claims. Walker said that the business would have been sound except that when the fact that there was no underwriting in place, there was an intervention and the company was put into liquidation. That meant that claims were not met. However, the court said that, had there been a disaster or had the company failed for some reason other than regulatory / illegal issues, then there would have been even greater losses to those who believed themselves insured. The business employed more than 100 people.

++ US: never enough. The 58 year old son of multi-millionaire Boone Pickens has pleaded guilty to a market manipulation fraud. Michael Pickens sent hundreds of thousands of faxes, each one apparently hand-written, each addressed to someone other than the actual recipient and each one promoting one of three shares he was interested in. As recipients thought they were in on the ground floor of a great new opportunity that they had found out about by accident, they piled into the shares, making a tidy profit for Pickens. He could just have asked dad, if he needed money. Now he's on his way to jail instead, if sentencing goes as expected.

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Your centre for counter money laundering and anti terrorist financing training

www.antimoneylaunderingtraining.com

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*The Society of Anti Money Laundering Professionals.*

*Join the global society now at www.socamlpro.org*

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World Money Laundering Report: Digest is published in the UK by Vortex Centrum Limited

Digest is a free subscription only weekly periodical reaching some 10,000 readers.

Vortex Centrum Limited is a UK corporation. Full company details at www.vortexcentrum.com.

Vortex Centrum Limited is part of The Anti Money Laundering Network at www.antimoneylaundering.net

Editorial Offices: Kuala Lumpur Malaysia, +6 03 2142 7588

Sales: +6 03 2078 9152

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