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Recently we informed you in this blog post that the Ex-President of
In related news Chen has been banned from leaving the island. His son and daughter-in-law had already left for the
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TradingMarkets.com reports that a lawsuit filed in the
A lawsuit filed in the Los Angeles Supreme Court alleges that the bank transferred millions of dollars to Hamas and Palestinian Islamic Jihad in
The Bank of China ultimately believes that the
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We'd like to update you on a blog post we brought to you Friday. As reported by Reuters, Merrill Lynch has sent executives to
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In a report from Mortgage Asset Research Institute (MARI), as announced in this article, mentioned that “incidents of mortgage fraud in the
"The mortgage industry is currently in a volatile state, as many constituents try to protect themselves from criminals who continue to use these turbulent times as an opportunity to commit new fraud and inflict additional financial damage for our nation's lenders."
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The Associated Press reports that a former
Investigators alleged that Lee forged the signature of Raven Resouces, his former employer, on 203 checks drawn on the company’s account. Lee broke a federal money laundering law in November 2006 when he used funds derived criminally to purchase a 2003 Mercedes Benz totaling over $40,000.
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Derrick Shepherd, a
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This article from Rapaport News, announced that the Jewelers Vigilance Committee (JVC), has created a list of countries that have established processes to prevent money laundering in this industry. The list is posted on the JVC website. Here is the procedure that the
For purposes of evaluating risk, if a retailer’s supplier:
- is situated in a country that has AML laws, and
- that country’s AML laws cover precious metals and stones, and
- the supplier represents that it is compliant with the country’s laws, and
- there are no “red flags” associated with transactions with the supplier, then
- the retailer may assign a low-risk level to transactions with that supplier.
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The Daily Star reports that a team from the Asia/Pacific Group on Money Laundering (APG) will evaluate
This is the government’s effort to bring back money siphoned off overseas. The experts will assess current laws relating to freezing assets of terror financing and confiscating proceeds from crimes. The experts hope to enable the country to cooperate effectively at the international level by discussing findings with officials from key government departments and private sector, including banks, other financial institutions, real estate, legal and accountancy professions.
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Of the 15 arrested last month following a 10 month investigation into a mortgage fraud scheme, six of them, residents of
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Amid allegations for money laundering, the ex-president of
"I have to say sorry to DPP members and supporters with a heavy heart. I let everybody down and caused irreparable damage to the party. This was not my intention but I made mistakes"
For some of his mentioned past mistakes, he had been able to avoid the investigation, as a result of presidential immunity. The investigation into these matters was launched by prosecutors on the same day that Chen left office after serving his last term.
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The Office of the United States Trustee program, a section of the Justice Department, has requested authorization to look into SemGroup’s bankruptcy filing on the basis that fraudulent trading could have caused the collapse of the company. As reported in this article from Reuters, SemGroup, had filed bankruptcy on July 22nd claiming a $3.2 billion loss on energy futures and derivatives trades. In an official document Roberta DeAngelis, from the US Trustees office stated:
"The dearth of information available regarding the trading strategy and its impact upon the value of the debtor's businesses has caused significant unrest and concern among the debtor's customers, suppliers, lenders and investors"
The official word from SemGroup is that they are willing to cooperate completely with the investigation. This, however, is not the only investigation that is underway for the company. Federal Investigators are already checking into the matter of whether or not proper disclosure was made to investors regarding liquidity issues of the subsidiary group SemGroup Energy Partners LP.
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A couple who took $1.57 million from investors was charged Tuesday in
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Centerdaily.com reports that Huron Consulting has announced a joint venture with Acuity to offer clients consulting services regarding anti money laundering compliance such as monitoring systems, regulatory compliance, and corporate governance for financial institutions that must abide by AML laws and the Bank Secrecy Act.
Gary E. Holdren, chairman and chief executive officer, Huron Consulting Group mentions:
"Huron's joint venture with Acuity will allow both companies to extend advisory, forensic, and consulting services to financial institutions and others impacted by anti-money laundering statutes, the Bank Secrecy Act and the Patriot Act. The Huron-Acuity team provides clients with the full range of expertise needed to navigate these complex waters."
After September 11, 2001 many laws governing the Bank Secrecy Act and anti-money laundering were expanded, and so many companies and financial institutions were put at risk for civil and criminal liability. This joint venture will enhance the capabilities of both companies to deliver consulting services to clients in the financial sector.
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India News reports that in an effort to combat money laundering and terror financing, The Bangladesh Bank and Bank Negara Malaysia have signed an agreement to share information on money laundering.
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Yesterday, Randolph Speer, former CFO of now bankrupt National Century Financial Enterprises, was sentenced to 12 years in prison for his role in the fraud at the company. This story was reported at CFO.com. He was the CFO from 1999-2002. The co-founder and former vice chairman, Donald Ayers, was sentenced to 15 years in prison. These two as well as three other executives were responsible for laundering $2.9 billion from investors in this healthcare financing company. All were placed in jail in April after a plot to flee the country to
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In
The identities of those who aided the tax officials remain secret due to strict Swiss laws. Prosecutors would like to fine the bankers up to $38,000 each for their participation in the money laundering scheme as well as 18 to 30 months of jail time. They would also like for the Swiss government to confiscate the money kept in those bank accounts. There is no date set for the verdict.
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Believed to be the largest hacking and identity theft case prosecuted by the Department of Justice, 11 people have been charged with: conspiracy, computer intrusion, fraud, and identity theft. This report from the Associated Press states that Attorney General Michael Mukasey, in a prepared statement said:
"They used sophisticated computer hacking techniques, breaching security systems and installing programs that gathered enormous quantities of personal financial data, which they then allegedly sold to others or used themselves. And in total, they caused widespread loses by banks, retailers, and consumers."
Retailers affected include, TJX Cos, BJ's Wholesale Club, OfficeMax, Boston Market, Barnes & Noble, Sports Authority, Forever 21 and DSW. TJX reported that 45.7 million cards numbers could have been possible stolen, while later, some of the banks have said that the number may have been closer to 100 million. Regardless, this resulted in many retailers facing negative publicity.
The report also mentions that countries of the 11 indicted include the
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The Economic Times reports that an audit reported conducted by KPMG shows that over $1 trillion is being laundered every year in India through illegal means which include narcotics trafficking, illegal trade in endangered wildlife, smuggling, corruption, tax evasion, and trade in illegal gems.
A major change for banking, finance, and insurance in the future would be preventing money laundering from occurring. The KPMG reports suggests that India will have to focus primarily on improving its current AML policies and procedures, and its AML controls to reduce illegal money transfers.
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This article in Quamnet reports that Longtop Financial Technologies will be providing one of
Longtop Financial Technologies will create a centralized anti-money laundering system to automate screening and reporting of transactions. This system is necessary in order to comply with Chinese banking regulatory.
Weizhou Lian, Chief Executive Officer of Longtop mentions:
“Longtop is an established leader for anti-money laundering solutions in
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After hitting a 10 year low in 2006 the number of securities fraud class action suits has been continually rising. Industry experts believe that this is a result of the subprime-mortgage losses, in addition to the unpredictability ruling the stock market currently. The International Herald Tribune reported that according to a study conducted by Stanford Law School Securities Class Action Clearinghouse and cornerstone research, half of the suits filed were related to subprime and other credit losses. Cornerstone VP, John Gould, commented that “The numbers are high” adding that “They are approaching the number we saw in 2000 to 2002.” During those years, the explanation for the record setting numbers was as a result of the collapse of Enron. At that time there were 267 stock fraud suits filed just for 2002.
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