Australia: OneVue Launces Anti-Money Laundering Product

From MoneyManagement.com

OneVue has launched an anti-money laundering product to help financial businesses protect themselves and reduce costs.
Connie McKeage, the chief executive of OneVue, said financial planners must meet their obligations under anti-money laundering legislation (AML) simply and effectively.

We believe [the] AML Explorer [product] represents a breakthrough in helping financial service businesses of all sizes to comply with AML legislation,” McKeage said.
The AML Explorer product presents compliance obligations in an easy to read format that enables users to identify problems quickly. It can also process phonetically-matching names against government supplied lists of politically exposed people and sanctioned organisations, at a speed of one million names per second. It can be integrated into most financial administration systems.
AML Explorer can be installed as an application or via the web. OneVue also offers a consultancy service to help clients set up and integrate the product.
Australian Unity Investments and OneVue’s subsidiary, DirectPortfolio, have already adopted the product.
OneVue is developing the product to submit applications electronically to the Australian Transaction Reports and Analysis Centre.

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Mobster Busted for Money Laundering

Scranton, PA

StandardSpeaker.com

Reputed mob boss William “Big Billy” D’Elia was sentenced to nine years in prison Monday, as more information was revealed about his cooperation in the prosecution of Dunmore business magnate Louis DeNaples.The 62-year-old Hughestown man, whom investigators believe is the head of the Bufalino crime family, was sentenced for his role in hiding $600,000 in drug proceeds and for arranging a hit on a co-defendant who was cooperating with investigators.He receives credit for two years already spent in prison, and may not even serve the full remaining seven years if he continues to cooperate in the perjury case against DeNaples in Dauphin County.Assistant U.S. Attorney Gordon Zubrod said he will recommend the judge reduce D’Elia’s sentence if Dauphin County officials decide D’Elia provided “substantial help” in their investigation.
In July, D’Elia testified in front of a Dauphin County grand jury regarding DeNaples, who is accused of lying to state gambling regulators when he sought a license for his Mount Airy Casino Resort in 2006.What came to light Monday was that sometime before going to prison, D’Elia had written several letters and given them to friends to mail in case something happened to him. One of those letters, which was never mailed, was dated October 2006 and addressed to the Pennsylvania Gaming Control Board.Defense attorney James Swetz recently turned that letter and others over to the U.S. Attorney’s Office. The prosecutor said he forwarded that and other handwritten letters from D’Elia to Dauphin County authorities involved in the DeNaples investigation.

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Chicago dentist gets 3 years for laundering money

From MLive.com:

CHICAGO (AP) — A downtown dentist who pleaded guilty to laundering thousands of dollars for an interstate prostitution ring operating in Illinois, Michigan, Hawaii and elsewhere was sentenced Thursday to three years and a month in federal prison.
Dr. Gary Kimmel, 59, admitted using prostitution money to buy cars including a Corvette, a Land Rover and a Mercedes Benz in his own name that members of the ring used to visit customers.
But Kimmel told U.S. District Judge Blanche M. Manning he is broke.

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Colorado authorities crack down on National 1031 Exchange fraud

From BCBR.com

National 1031 Exchange Service at 1402 28th St. owned by Debra Sue Edwards allegedly "failed to return substantial amounts of money" to at least two customers, Boulder Police said in a press release.
Edwards said the situation was a "business matter."
"We're closing down the business, and any losses will be covered by our insurance," she said.
National 1031 Exchange serves customers who have sold commercial real estate and wish to have the profits from the sale held, tax free, until they locate new property to purchase. The process is allowed by the Internal Revenue Service.
Under the company's contract, Edwards is supposed to return the money when a new property has been located, minus a small handling fee, police said.
But police said they received two complaints saying Edwards allegedly did not return substantial amounts of her customer's money. In one case, a business owner alleged that he had recently sold a property and given National 1031 Exchange more than $1.2 million to hold for him while he searched for a new property.
"When he found a place to purchase, the company wired him some of the money, but he says Edwards failed to return more than $400,000," police said. "After several requests, the victim was told he would have to file a demand letter with the company's insurance provider to collect the additional money."

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Prosecutor’s Request for Removal of Judge with Ties to Tom DeLay is Rejected

A recent news report on chron.com discusses how the Third Court of Appeals has denied a prosecutor’s request to remove Judge Waldrop from the case, someone who once had political ties to Tom DeLay in a previous criminal case involving two of DeLay’s associates.

Tom DeLay, a former GOP leader of the U.S. House, and his former associates John Colyandro and Jim Ellis are accused of illegally moving $190,000 in corporate donations through a political committee formed by DeLay to seven Texas House candidates in 2002. Tom DeLay’s attorney believes that the ruling for this case will eventually lead to dismissed charges since lawmakers didn’t add checks to the definition of "funds" in the money laundering law until 2005. Many say that the money laundering statute in 2002 applies to cash and not checks. What are your thoughts?

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