Jul 08, 2014 11:10 pm | Posted in: AML News
…Witkowski and his conspirators located oceanfront condominiums overbuilt by financially distressed developers in Wildwood Crest, N.,J.; premier real estate in vacation destinations in Georgia and South Carolina; and properties in New Jersey owned by financially distressed homeowners facing foreclosure. They then recruited “straw buyers” – people with good credit scores but lacking the financial resources […]
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Jul 08, 2014 11:03 pm | Posted in: AML News
A bill amending the Corruption, Drug Trafficking and Other Serious Crimes Act was passed in Parliament on Monday (July 7), paving the way for tougher penalties and better international cooperation in tackling serious crimes. The maximum jail term for money laundering has been raised from seven to 10 years, making it consistent with the maximum […]
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Jul 08, 2014 10:54 pm | Posted in: Annual Reports
More than one million international remittance transactions were reported by financial institutions last year. This figure is highlighted in the recently released Financial Intelligence Unit 2013 annual report. The report revealed that the unit received 522 suspicious transaction reports and 380,430 cash transaction reports. The FIU received 160 investigation requests from law enforcement agencies and 46 […]
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Jul 08, 2014 08:32 pm | Posted in: AML News
Malaysia and Singapore, which already have rules in place for money laundering, are looking at imposing stiffer penalties. In Malaysia’s latest Anti-Money Laundering and Anti-Terrorism Bill (Amendment) Bill, one of the objectives is to allow for more effective enforcement and prevention through punishment and heavier penalties, said Bank Negara. The Monetary Authority of Singapore is […]
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Jul 07, 2014 11:21 pm | Posted in: AML News
The U.S. Department of the Treasury today designated drug launderer Pedro Claver Mejia Salazar (Mejia Salazar) and his narcotics money laundering network based in Medellín, Colombia pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Treasury also designated Colombian national Fredy Alonso Mira Perez (alias Fredy Colas), an important underboss in the criminal organization […]
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Jul 07, 2014 11:06 pm | Posted in: AML Case studies / Reports
Lax U.S. rules and real estate industry’s no-questions-asked approach make it easy for dodgy characters to funnel wealth through high-end Manhattan apartments. One day during Chen Shui-bian’s second term as Taiwan’s president, several people lugged what a witness described as “five or six” fruit boxes into the presidential residence in Taipei. Inside the crates, the […]
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Jul 07, 2014 11:00 pm | Posted in: AML News
“Combating Financial Crime: International and National Efforts” – Keynote Address by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision), Monetary Authority of Singapore at the ABS Financial Crime Seminar on 2 July 2014 MAS deputy managing director for financial supervision Ong Chong Tee said the development of more advanced and secure electronic payment systems had […]
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