World Money Laundering Report: Digest 20061205

World Money Laundering Report: Digest.

Citation: WMLR: D 2006 12 05

In World Money Laundering Report Online : Daily News recently -

Aus: HIH -related convictions raises fear factor

5. December 2006

Quote from Judge: "‘His criminality lies in the fact that he did not resist the urgings of his superiors but went along with them..." Talk about rocks and hard places.

Subscribe at www.wmlro.com for the full story

HK: HKMA issues new guidance.

1. December 2006

The full text of the official announcment of the Hong Kong Monetary Authority's new guidelines is here. The new rules take effect one month from today.

Subscribe at www.wmlro.com for the full story

UK: non FSA Regulation to be tightened

30. November 2006

"Rogue businesses should redress the harm they cause", says UK government review committee

Subscribe at www.wmlro.com for the full story

Aus: PR Agent guilty of insider trading.

29. November 2006

The former media relations consultant to Aristocrat Leisure Limited (Aristocrat), Margot Olive McKay, pleaded guilty and was committed today in the Downing Centre Local Court to three criminal charges of insider trading following an investigation by the Australian Securities and Investments Commission (ASIC).

Subscribe at www.wmlro.com for the full story

IT Security: things just got a whole lot worse

28. November 2006

You think that putting an encrypted password on your laptop will save it - and you - if you leave it in an airport toilet? Not any more, it won't.

Subscribe at www.wmlro.com for the full story

Corruption: Britain's other spies

28. November 2006

The UK's Foreign and Commonwealth Office has deputised its overseas missions in the battle against corruption.

Subscribe at www.wmlro.com for the full story

Thailand: investigation into sky-high contract prices

28. November 2006

Bangkok's new airport has a name only Thais can pronounce, builders all over the place and both high contract prices and a cost over-run that would make anyone wince. Oh, and a pending anti-corruption investigation into every contract relating to the construction.

Subscribe at www.wmlro.com for the full story

Kuwait is very cool

27. November 2006

A trip to Kuwait so for just one day to present the keynote speech at and chair the Central Bank of Kuwait's Seminar on Money Laundering and Terrorist Financing meant leaving home at 5 pm Friday and returning at 9 pm Monday. Some 350 people crammed into the venue for the event. But for the foreigners like us that attended, some of the more important learning happened outside the conference.

Subscribe at www.wmlro.com for the full story

UK: outside information creates insider risk

24. November 2006

When information might be insider but in fact it isn't, it can still cause problems as one CSFB broker in London has found out - and it's cost him GBP20,000 to learn the lesson.

Subscribe at www.wmlro.com for the full story

Gibraltar: consultation on new Guidelines

24. November 2006

The Gibraltar Financial Services Commission (which, incidentally, has a website that is a model of design for both clarity and speed) has announced a consultation on a major revision of its guidance notes.

Subscribe at www.wmlro.com for the full story

=========================

There is only one due diligence tool that assesses account risk before a single transaction takes place.

www.riskvalues.com

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

==========================

World Money Laundering Report: Digest News

UK: Over a seven day period, in Northern Ireland, HM Revenue & Customs (HMRC) activities resulted in a number of detections involving illicit fuel, tobacco and spirits. Over a seven day period, HM Revenue & Customs (HMRC) activities resulted in a number of detections involving illicit fuel, tobacco and spirits. A total of 10,655 litres of illegal fuel, 240 litres of locally manufactured poteen alcohol as well as 97,000 smuggled cigarettes and 4.6 kilograms of Hand Rolling Tobacco, with an overall estimated loss of revenue of over GBP26,000, were seized. The fuel sites that were dismantled had the combined capacity to supply 1.8 million litres of illegal fuel annually with a potential loss of revenue of GBP900,000. Meanwhile in England, HM Revenue & Customs (East) 53 million fake cigarettes seized HM Revenue & Customs officers at the port of Felixstowe have seized a record 53 million counterfeit cigarettes over the past three weeks.

Malaysia: a winding up petition has been granted in the case of InventQjaya Sdn Bhd, a company which the government satisfied the Court owes it RM240 million. The CEO, Dr Sadeg Mustafa Faris, is reportedly in New York. In 2005, the company was seized under Malaysia's Anti Money Laundering Act 2001. Sadeg has battled to overturn that order. As reported on 10 January in World Money Laundering Report Online a court order returned the company to Sadeq – but the WMLR:O investigation turned up some interesting facts about the Sadeq and his business methods. The case arises from an alleged illegal transfer of RM50 million to Sadeg's US company Reveo.

=============

Dialogue with Mr Frank Swedlove, President, FATF.

Arranged by AML Strategic Leadership Group. New York.

=======================

Your centre for counter money laundering and anti terrorist financing training

www.antimoneylaunderingtraining.com

===================================

*The Society of Anti Money Laundering Professionals.*

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

==================================

NOTE: This mail has codes that are personal to you. Ask people to sign up for themselves at www.vortexcentrum.com instead of reading yours!

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

=========================