World Money Laundering Report: Digest 20061024

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

Malaysia, Singapore, Philippines, Indonesia, Hong Kong, London, Sydney

October to December 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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In World Money Laundering Report Volume 7 Number 8 published yesterday.

++ US: will Saleh get a fair trial on terrorist financing charges?

The case against Mohamed Saleh is not weak – but it's not fair, either. He's accused of funding terrorism

++ 11 September 2001: Conspiracy Theorists of the World Unite

There are very few material facts known about the events of 11 September. But there are a lot of things that are extremely fascinating – and raise many questions about the quality of information upon which due diligence is based.

++ Malaysia brings yet another case

Malaysia is bringing more and more cases.

++ Coin toss: bank or not bank?

We find a bank that is not a bank advertising for investment in a bank that raises our suspicions on many levels.

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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 -

++ 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.

Subscribe at wmlro.com for the full story

++ 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.

Subscribe at wmlro.com for the full story

++ 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.

Subscribe at wmlro.com for the full story

++ Money Flows: USD60 milliard in OFW payments this year

19. October 2006

Latin American Overseas Foreign Workers (OFWs) in the Americas will make international payments of USD60 milliard this year, according to The Inter-American Development Bank.

Arguably, that's just the tip of the iceberg.

Subscribe at wmlro.com for the full story

++ HK: fraud leads to jail

19. October 2006

Two former employee of one of Hong Kong's most respected chain stores have been convicted of defrauding their employer in a false tender scheme.

Subscribe at wmlro.com for the full story

++ NZ: Hanover Funds Management Ads banned.

18. October 2006

The Securities Commission has prohibited some advertisements for a new unit trust offered by Hanover Funds Management Limited because they are likely to mislead or confuse investors about the potential returns.

Subscribe at wmlro.com for the full story

++ Aus: ASIC charges Queensland adviser

18. October 2006

Scott James Dawson has been charged with causing loss to six clients amounting to more than AUD125,000.

Subscribe at wmlro.com for the full story

++ Sanctions: US maintains sanctions on Myanmar

17. October 2006

The FATF may have removed Myanmar from its NCCT list but the USA has not followed suit and Myanmar remains subject to US sanctions - and that means risks for banks.

Subscribe at wmlro.com for the full story

++ UK: drugs trafficking and money laundering convictions

17. October 2006

A UK Court has sentenced three men to a total of 12 years resulting from a long term investigation into a fascinating plan to import drugs into the UK from Europe.

Subscribe at wmlro.com for the full story

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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.

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World Money Laundering Report: Digest News

++ UK arrests Dutchman in UK's Customs zone in France: a Dutch National was jailed for seven years at Canterbury Crown Court on Thursday 19 October 2006 for smuggling about 10 kilos of opium, worth GBP80,000, into the UK. Chris Ballard, Assistant Chief Investigation Officer for HM Revenue & Customs (HMRC) said: "It is most unusual for pure opium to be brought into the UK. Usually it will have been put through a chemical process that converts it into heroin. This was an excellent detection that has prevented serious problems on the UK's streets. " The court heard that Mohsan PALAD, 45, unemployed of Nachtegallaan 22, 2935 VK Ouderkerk, Netherlands was intercepted at the UK controlled zone in Coquelles, France driving a Dutch hire vehicle. After questioning by HMRC officers the car was searched by a Customs sniffer dog which gave a positive indication on the front bumper. Officers then found two separate concealments on either side of the bumper each containing a sticky black substance which tested positive for Opium. Palad pleaded guilty at his first appearance at Magistrates Court and was sentenced 19 October. On passing sentence Her Honour Judge Adele Williams said:" This is obviously a matter of great regret that a man of previously good character should lend yourself to this activity. Opium is a dangerous and illegal drug and those that import it can expect no mercy from the Court. I will treat you as a courier and take your mitigation into account. The minimum sentence I can give in the circumstances is seven years imprisonment." The drugs totalled 10.09 kilos, which equates to 1.09 kilo of pure heroin and has an estimated street value of GBP80,000.

+++ The Supreme Court of New South Wales today, by consent and without admissions, extended orders against Mr Neil Austin Burnard and Palentia Pty Ltd (Palentia), formerly known as Kebbel (NSW) Pty Ltd. Justice White extended orders preventing Mr Burnard and Palentia from disposing of their assets until 5.00 pm on 29 January 2007. The orders permit Mr Burnard and Palentia to pay certain expenses including ordinary living and operating expenses, school fees for Mr Burnard’s children, legal expenses incurred in these proceedings up to set amounts, and payments servicing loan facilities with ‘arms length’ financial institutions. Justice White also continued orders restraining Mr Burnard from leaving Australia and from coming within 100 metres of an Australian point of overseas departure. Mr Burnard was previously required to deliver up all passports to the court and he continues to be restrained from applying for the issue of a new passport. The parties have liberty to apply to the Court in relation to these orders.

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++ UK – going soft? A confiscation order and compensation order payable to the Department Work Pensions (DWP), Scotland was granted against a Kilmarnock resident for £12,708. In February 2005 a search carried out by Strathclyde Police and officers from the DWP Organised Fraud Investigation Service uncovered financial documentation that substantiated evidence of undeclared income, assets and expenditure. Genuine and counterfeit cash, documents relating to a high value Mercedes 4x4 motor vehicle, bank accounts, as well as tickets for an all inclusive holiday to Egypt were found and all were restrained pending the investigation continuing into repeated statements made on claim forms to the DWP that the couple had no accounts, savings, or income. The bank accounts had over GBP100,000 going through them that could not be explained on official DWP or Revenue records. The female who had made the false statements pleaded guilty to obtaining GBP12,708 by fraud, between 1999-2004, and was sentenced to 180 hours Community Service.

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*The Society of Anti Money Laundering Professionals.*

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

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