World Money Laundering Report: Digest 20070213

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*The Society of Anti Money Laundering Professionals.*

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In World Money Laundering Report Online : Daily News recently -

HK: action continues against Wing Yip

13. February 2007

In August 2006, the Hong Kong Securities and Futures Authority issued a statement that it was investigating Wing Yip Company Limited, a securities business. The case demonstrates problems in failure to separate compliance from ownership. More has happened recently.

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Tax: more famous names caught up in Wickenby investigation.

12. February 2007

Operation Wickenby is the Australian Tax Department's investigation into undeclared income tax. It has already netted a number of very high profile Australians - and now cricketer Shane Warne is being told to stump up unpaid taxes.

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US: Spitzer's back on the warpath

12. February 2007

New York District Attorney Eliot Spitzer has been quiet of late. But now he has the city's landlords in his sights. Is that the starting bell for elections we hear? Actually, no. He's become Governor - well on his way to becoming President.

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UK: Department of Trade and Industry targets bootleggers with GBP5m crackdown

9. February 2007

Trade and Industry Minister Malcolm Wicks today called time on bootleg film, music and game dealers. Speaking to the Intellectual Property (IP) Crime Group in London he confirmed that, from 6 April, new powers under the Copyright, Designs and Patents Act, backed up with GBP5million new funding, will be at the disposal of Trading Standards Officers and other UK enforcement agencies.

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UK: Convicted smuggler and money launderer's crime profits confiscated

9. February 2007

A Glasgow businessman, convicted in May 2005 of supplying Class A drugs and money laundering was ordered to pay GBP39,000 following the Proceeds of Crime investigation by HM Revenue & Customs (HMRC).

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AUS: ASIC gets unlicensed adviser jailed.

8. February 2007

A Queensland man was today jailed for five and a half years by the Brisbane District Court following an investigation by the Australian Securities and Investments Commission (ASIC) into his dishonest use of hundreds of thousands of dollars

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UK: five year investigation results in arrests and charges

7. February 2007

Following UK-wide arrests by HM Revenue & Customs yesterday morning, nine men have been charged with cheating the public revenue.

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ASIC takes action against licence holder

7. February 2007

The Australian Securities and Investments Commission (ASIC) has commenced legal proceedings in the Federal Court in Perth against a Subiaco-based financial services company which recommended Westpoint investment products to its clients.

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KYC: 15 minutes of fame results in conviction

6. February 2007

Memo to fraudsters: hiding in plain sight is good - but it's possible to go too far.

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Continued message

*About the Forum*Europe is facing an organised crime threat like never before. Transnational crime is increasing, facilitated by a Europe without borders and a currency that is freely usable across a large and diverse area – and is rapidly becoming a currency of choice for drugs dealers and human traffickers.What were once criminal organisations operating in localised areas are now operating internationally.For example, right now, the highest profile criminal investigation in Australia revolves around the actions of a Jersey based tax adviser, now operating from Switzerland, demonstrating that borders are manipulated for the benefit of some, whilst providing obstacles to those trying to identify such schemes and those who use them.The funding of crime including terrorism is a global phenomenon; organised crime gangs operate on a global basis. Corruption money is paid by a company based on one continent, to a politician on a second continent into a bank account operated on a third. Global crime operates over the internet, with frauds committed by persons in the FSU, bouncing their messages via internet servers in China, calling victims to websites based in India, securing payment in the USA.Criminals operate without borders, yet legislators, regulators and even financial institutions operate in silos created by management systems and laws on information exchange. Worse, information is readily available to identify and attack victims, but information about the criminals is difficult to find.*Featured speakers*The changing face of Regulation: Philip Robinson, Director of the UK's FSA's new Financial Crime and Intelligence Division explains the reasoningbehind the formation of a “Regulator's FIU” and Mark Courtney examines the integration of compliance teams on merger or takeover.The Financial Crime Landscape in Europe: David Cope, operations director of Hong Kong's Joint Financial Intelligence Unit and former Inspector in Hong Kong's Organised Crime and Triad Bureau looks at the emergence of Triad organisations in Europe, and other presenters examine the changes in Europe's “domestic” organised crime scene.The EU's Third Money Laundering Directive must be implemented across Europe by 15th December this year. Presentations explain what progress is being made.Continued concern over terrorist funding brings together presentations from the UK whilst Petrus Golose from Indonesia explains the movement of terrorist funds within his country – and many others, including the funding for the Bali bombs. Others will speak on funding, responding to and undermining terrorism.Drugs continues to be a major element of organised crime – as much as 80% of property crime is reported to be committed to find the money for a drugs habit and in parts of New York, it is said, that as much as 60% of all violent crime is drugs related. And the second biggest generator of money for organised crime is now said to be people trafficking. The Director General of Pakistan's ISI will explain the drugs situation on the Pakistan / Afghanistan border and why combating the trade is so difficult; presentations on people trafficking and conflict timber (US Aid) will complete this session.The technology of internet crime and the practical problems of due diligence in a globalised world plus Pat Dade spelling out the thorny issue of customer profiling and the European launch of The Society of Anti Money Laundering Professionals will bring the Forum to a close in time for lunch on Day Three.That leaves you enough time to head into the mountains before dark.The price includes full conference materials, all meals mentioned in the programme, forum souvenirs, one year free access to AML/CTF online daily news at www.wmlro.com worth GBP158 per year per seat and a waiver of the joining fees for the Society of Anti Money Laundering Professionals.*How much?*First 20 persons to book: USD1750 eachNext 20 persons to book: USD2150 eachSubsequent bookings: USD2450 eachPrices are subject to VAT as applicable.For full details see www.financialcrimeforum.euI look forward to hearing from you soon.For deals on hotels and travel insurance, including winter sports insurance, see www.financialcrimeforum.eu. Best regardsAlicia EngDirector, Client AcquisitionThe Anti Money Laundering NetworkResponse Centre: Kuala Lumpur: 00 603 2072 9152London: 00 44 (0) 207 107 9512Fax: Kuala Lumpur: 00 603 2072 9151The Financial Crime Forum Limited is a subsidiary of The Anti Money Laundering Network Limited. Full corporate information at www.antimoneylaundering.net

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*WMLR Digest News*

UK: British Customs is to help CITES (the organisation that helps combat illicit trade in endangered animals) to get its message across by supporting a zoo at Marwell, under the theme “Madagascar matters.” Some readers might wonder why this story matters. It's because the trade in endangered animals and their parts is a generator of substantial sums for organised crime, and is also a very effective laundering mechanism. Understanding the trade, and where animals are victimised, is an important way of trying to understand the money flows that result from this crime. Equally important is that few people realise the extent of laws to combat trafficking in endangered species. The laws are surprisingly wide ranging.

UK: A man has been arrested after HM Revenue & Customs (HMRC) raided an illegal fuel laundering plant in Co Armagh. The illegal operation near Newtownhamilton had the capacity to produce 140,000 litres of laundered fuel per week, with an estimated annual revenue loss of almost £4.4 million. They recovered a generator, pumps, and storage equipment. In addition 37 tonnes of toxic contaminated sludge, the hazardous chemical residue of the laundering process, were cleared from the site which had livestock and an inhabited farm dwelling nearby.

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*The Society of Anti Money Laundering Professionals.*

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

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