World Money Laundering Report: Digest 20061122

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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.

Speakers include Director, Inter Services Intelligence, Pakistan and other high level speakers.

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

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

October and November 2006.

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A unique modular course lasting one week in December.

Pick and choose your modules from absolute beginner to advanced compliance issues and Typologies 2006.

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Beyond Compliance (tm)

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In World Money Laundering Report Online : Daily News recently -

*USA: FinCEN's rapidly revolving door*

22. November 2006

An internal memo addressed to the stationery buyer at FinCEN says that printing with the name of a new director must be commissioned in small quantities so as to avoid waste of e.g. business cards and letterheads and not to have Thanksgiving, Christmas or any other cards printed with the name of the Director. And the name on the Director's door is from now to be laser printed on card in house instead of an engraved plastic sign. Another says not to make arrangements for meetings more than three months ahead because of the probability of changes. Well, that's our little joke - but as yet another Director races for the exit after a short time in post, the hunt is on for someone that will stay in post more than a few months. Start changing now: Baity, Baity, Baity....

Subscribe at www.wmlro.com for the full story

*Forum: Political Risk / Business Continuity Asia Pacific 2006*

21. November 2006

The event Political Risk and Business Continuity Asia Pacific 2006 is shaping up to be a fascinating event.

The recent confirmation of a Director of Pakistan's ISI, with great current experience in the Pakistan/ Afghanistan border region which is populated with drugs dealers and terrorists brings exceptional gravitas to the event's speaker panel.

And a strong indication from North Korea that a North Korean official will address the Forum on political risk in a globally hostile environment once more established The Financial Crime Forum as a World Class event.

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*UK: can things get any worse for BAe?*

21. November 2006

Allegations that British Aerospace paid "cashbacks" to Saudi Arabians as part of a deal to sell fighters is brewing into yet another problem for both BAe and the increasingly under-pressure Tony Blair.

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*UK: Nigerians' new frauds*

20. November 2006

Chatham House, the political analysis centre in the UK, has examined UK fraud - and it finds that there is a new Nigerian fraud and it's a lot more successful than the old advance fee fraud that is so often called "The Nigerian Fraud."

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*UK: Soccer bosses get suspended gaol sentences*

17. November 2006

On 3 November 2006 two football club executives were given suspended jail sentences for tax fraud after an 18-month investigation by HM Revenue and Customs (HMRC).

Subscribe at www.wmlro.com for the full story

*UK: Earl to leave Assets Recovery Agency*

17. November 2006

Jane Earl is to leave the Assets Recovery Agency, having taken it from formation to formidable force.

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UK: Assets frozen but suspect is missing

16. November 2006

The Assets Recovery Agency has frozen £36,000 worth of assets belonging to a man being sought in connection with a string of distraction burglaries in South Yorkshire and West Mercia. Interestingly, so far he has not been charged with any offence.

Subscribe at www.wmlro.com for the full story

*HK: Hotel chef arrested on suspicion of bribery*

16. November 2006

If you can't stand the heat, get out of the kitchen, goes the old saying. Hong Kong's ICAC has been in the kitchen and didn't get out until it was sure it had the man it wanted

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*UK: jail for more carousel fraudsters*

15. November 2006

Four men from Surrey, two from Hampshire and one from Essex were sentenced to more than 16 years imprisonment at Kingston Crown Court today, after being found guilty of GBP3.7 million VAT evasion and the laundering of the proceeds of these frauds.

Subscribe at www.wmlro.com for the full story

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World Money Laundering Report: Digest News

London: Nigel Morris-Cotterill, Head, The Anti Money Laundering Network will present the Keynote Speech at the Central Bank of Kuwait's Seminar on Money Laundering and Terrorist Financing in Kuwait City on 26th November. Morris-Cotterill will speak on the challenges of designing effective laws, regulations and compliance systems and some of the complexities in each. The Seminar is expected to attract approximately 500 central and commercial bankers from across the Middle East and beyond. Further information is at www.cbk.gov.kw.

San Francisco: Charles Schwabb – better known as a near-global stockbroker – is to sell US Trust, its private banking division, to Bank of America. Schwabb is a leader in cut-price execution-only stock deals and US Trust doesn't fit into that low-cost, low maintenance model. Scwabb bought the bank in 2000 and will make USD500 million on the turnaround. The 153 year old bank is widely regarded as surplus to requirements at Schwabb but for Bank of America, it's an almost perfect acquisition: it will take BofA to the top three of US private banking corporations when integrated with existing operations. But BofA is staking a lot on the purchase: although the bank has some USD94 milliard under management, its revenues are not spectacular – and BofA is buying on expectation of 2007 profit at a multiple of 25 times. The market norm is something under 20 times.

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