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U.S. Supreme Court Rules Against Government in Two Money Laundering Cases
2008-06-02 20:13:00 This morning, the U.S. Supreme Court ruled against the government in two money laundering cases. In one case the Supreme Court overturned the money laundering conviction of Humberto Cuellar, who was convicted following his arrest in 2004, in Texas, while driving toward Mexico with $83,000 in cash hidden beneath the floor of his car. Police believed the money came from drug trafficking. In this case, the Supreme Court ruled the government failed to introduce evidence that the reason drug smugglers...(read more)
Pastor found guilty of money laundering
2008-05-06 22:17:00 CLEVELAND, OHIO -- Artis Caver, former pastor of Harvest Missionary Baptist Church, has been judged harshly by a jury of his peers.Caver was found guilty Thursday in Cuyahoga County Common Pleas Court on 25 counts of money laundering, perjury and theft stemming from accusations he stole nearly $400,000 from the church's bank account.Jurors in Judge Nancy Margaret Russo's courtroom deliberated for about two hours before reaching the verdicts.Caver was found guilty on single counts of theft and forgery, three counts of perjury and 20 counts of money laundering stemming from 2000.The pastor, indicted by a Cuyahoga County grand jury in December, had used the majority of the money to rescue his failing bus business, AFC Charters Inc., according to Assistant County Prosecutor James Gutierrez.The 56-year-old Caver, now pastor of New Life Cathedral in Cleveland, was led away in handcuffs after the verdict as a handful of members of the financially struggling Harvest Missionary Baptist Chu...
By: ExChristian.net
Money Laundering Methods and Trends in Residential Real Estate Industry: FI
2008-05-03 00:00:00 Laundering money through residential real estate involves turning the proceeds of crime into the use or ownership of real property assets. For example, a criminal may use illicit funds to outright purchase or to make monthly rental payments on real property.
Money Laundering in Residential Real Estate
2008-05-02 11:48:00 In contrast to criminals seeking to profit by committing mortgage fraud, those who seek to launder money through residential real estate generally intend to make timely payments and seek to make their transactions appear as unremarkable as possible in order to disguise the source of their funds.Laundering money through residential real estate involves turning the proceeds of crime into the use or ownership of real property assets. For example, a criminal may use illicit funds to outright purchase or to make monthly rental payments on real property.Internationally, these laundering techniques are well known and have been described in the Egmont Group publication, FIU’s [Financial Intelligence Units] in Action, 100 cases from the Egmont Group, and are often referred to in various reports on methods and typologies published by the Financial Action Task Force (FATF). FinCEN’s report shows that U.S. financial institutions have been able to identify some possible instances of money la...
By: Mortgages
New money laundering legislation for Real Estate
2008-04-28 21:26:00 Finance Minister Jim Flaherty has announced changes to Canada?s anti-money laundering legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The changes will have an impact on how real estate transactions are conducted in Canada. New amendments to money laundering legislation are effective on June 23, 2008. Basically for the general public this means ...
Money Laundering: A Banker’s Guide to Avoiding Problems
2008-03-14 07:19:00 Over the past several years the banking industry, financial institutions, and the financial services industry have made significant strides in money laundering detection and prevention. However, they continue to be vulnerable to misuse by criminal elements for laundering illegally obtained profits and funds intended to finance terrorist activities.
By: Asiaing.com
150,000 cases of money laundering reported last year
2008-02-25 00:00:00 {mosgoogle right}The number of financial transactions that allegedly involved money laundering topped 150,000 last year, the National Police Agency (NPA) has reported.The NPA said the number of transactions that financial institutions reported to police or the Financial Services Agency (FSA) because they allegedly involved money laundering amounted to about 158,000 last year, up 38.8 percent from the figure reported the previous year.Police across the nation established ...
Money laundering registration vital for farm bookeepers
2008-02-16 11:00:00 Farm secretaries, bookkeepers and administrators must check if they will be affected by new money laundering regulations, the Institute of Agricultural Secretaries and Administrators is warning.
By: FWi - All News
Looking Back and Forward at Money Laundering and Terrorist Financing...Cont
2008-01-03 15:41:00 Yesterday I posted select observations about money laundering and terrorist financing looking back at 2007 and forward to 2008. I inadvertently omitted an emerging banking business that warrants discussion. During 2007, Islamic Banking continued a growth trend. Major western banks, as well as international banking capitals are entering the Islamic Banking business. Islamic Banking is growing from a niche market into a global industry. This pattern will continue in 2008 and beyond. Rising Middle East...(read more)
Looking Back and Forward at Terrorist Financing and Money Laundering Highli
2008-01-02 23:19:00 As 2007 ends and we embark into 2008, a look back at the past year and forward to the coming year offers interesting observations about terrorist financing and money laundering. An issue that has been constant and was certainly prevalent in 2007 in the U.S. financial services sector was Bank Secrecy Act (BSA) and U.S. PATRIOT Act reporting requirements. One specific requirement, Currency Transaction Reports (CTRs), has been an area of contention. Current regulations require financial institutions...(read more)
Brooklyn Rabbi pleads not guilty in tax fraud, money laundering scheme
2008-01-01 23:27:00 The grand rabbi of a Brooklyn-based Orthodox Jewish group and five other men accused in a tax fraud and money laundering scheme pleaded not guilty to federal charges on Monday.
Jewish sect leader held on charges of money laundering
2007-12-20 09:15:00 Grand Rabbi Naftali Tzi Weisz, head of the Spinka religious group, and his executive assistant, Gabbai Moseh E. Zigelman, are accused of soliciting "tens of millions of dollars" in contributions to Spinka charities while secretly promising to refund up to 95% of contributors' donations, federal prosecutors said. The contributors then illegally claimed tax deductions on their bogus donations.
Jeweler gets six years for money laundering - Atlanta Journal Constitution
2007-12-14 22:58:00 Jeweler gets six years for money laundering - Atlanta Journal Constitution Jeweler gets six years for money launderingAtlanta Journal Constitution, USA - Dec 12, 2007Toros Seher, 38, of Alpharetta, was caught in a federal sting and indicted last year on charges of helping drug dealers hide their profits through purchases …Jeweler sentenced to 6 years for laundering ...
Perspectives on Criminal and Terrorist Money Laundering
2007-12-14 16:02:00 When developing, implementing or modifying Anti-Money Laundering (AML) strategies, it is important to understand who and what you are dealing with. Who is the enemy and what is the threat they pose? In the post 9/11 world, this is an increasingly vexing question. With that context in mind, the enemy can be characterized in two broad categories, criminals and terrorists. Criminals are motivated by greed, in the form of profit and/or power, and represent a threat to the economy. Terrorists are motivated...(read more)
Depkum HAM Didesak Rampungkan RUU Money Laundering
2007-11-07 11:11:00 Jakarta - Agar mengikis persepsi miring negara asing terhadap Indonesia, Depkum HAM diminta segera menyelesaikan RUU Money Laundering. Demikian disampaikan Kepala Bidang Administrasi Hukum Umum Depkum HAM Syamsudin Manan Sinaga tentang hasil pertemuan dengan Tim Asia Pasific Group on Money Laundering Mutual Evaluation di Depkum HAM, Jalan HR Rasuna Said, Kuningan, Jakarta Selatan, Rabu (7/11/2007). “Dari segi ...
Bebas dari Illegal Logging, Adelin Lis Diintip Money Laundering
2007-11-05 21:10:00 Jakarta - Adelin Lis boleh bebas dalam kasus pembalakan liar. Namun polisi sudah punya amunisi lain untuk menjeratnya kembali. “Kita akan jerat dengan kasus money laundering,” kata Kabareskrim Mabes Polri Komjen Pol Bambang Hendarso Danuri saat dihubungi via telepon di Jakarta, Senin (5/11/2007). Mantan Kapolda Sumatera Utara ini menegaskan, pencucian uang yang dilakukannya terkait pembalakan hutan. “Uang ...
Swiss Court could sentence BB for 18 months in money laundering case: Tariq
2007-11-01 02:43:00 ISLAMABAD: The state minister for information and broadcasting Tariq Azeem said Wednesday that the Swiss could award sentence of 18-month imprisonment to former Prime Minister and PPP chairperson Benazir Bhutto in a money laundering case.The National Reconciliation Ordinance (NRO) will not apply for the cases lodged against any political leader in other countries, he said, while addressing a press conference here.Several corruption cases have been registered against Benazir and her spouse Asif Ali Zardari in Switzerland and Spain, he said.Powered by: Awaz apni Baat apni
FBI: LA State Senator is Money Laundering ? Did AP Mention He?s a Democrat?
2007-10-27 15:27:00 Today it’s being reported that Louisiana State Senator Derrick Shepherd stands accused by the FBI of money laundering. The AP duly reported the messy story surrounding this charge, of course. Their story was long and exhaustive for an AP report. Only one tiny, little thing seems to have been forgotten by the AP. They seem ...
FBI: LA State Senator is Money Laundering ? Did AP Mention He?s a Democrat?
2007-10-27 00:00:00 -By Warner Todd Huston Today it's being reported that Louisiana State Senator Derrick Shepherd stands accused by the FBI of money laundering. The AP duly reported the messy story surrounding this charge, of course. Their story was long and exhaustive for an AP report. Only one tiny, little thing seems to ...
By: Publius Forum
Money-laundering compliance
2007-10-24 21:40:00 Money laundering detection software is something of a sore point with us so it’s interesting to read about it. In fact, we were accused of money laundering and believe me, it’s virtually impossible to prove that you didn’t as the bank, in our case, asked for information that was quite simply impossible to provide. However, that said, I ...
Hackers Help Money-Laundering!
2007-10-14 04:30:00 Criminals have found out that using hacking to sabotage law enforcers is quite an efficient tactic. It?s not the first time something like this happens, but it?s a first for anti-money laundering website, Bobbear. The British site had been built to inform the community about websites used for cyber-crime, stealing money, to be more exact!Now, ...
Money laundering case hearing against Sharifs adjourned
2007-09-14 04:05:00 RAWALPINDI: Accountability court Thursday adjourned hearing of Hudaibya Paper Mills money laundering case against exiled former premier Nawaz Sharif a
India becoming a haven for money laundering
2007-09-08 19:09:00 By Vipin Agnihotri No one will argue with the fact that too much of a good thing can sometimes boomerang. The same is happening with India. The booming Indian economy and the rapid expansion of the financial services industry have exposed India to a very high risk of becoming a haven for money laundering. No doubt the Indian banks are doing... Please visit www.theindiastreet.com for more!
By: The India Street
Bank Secrecy Act/Anti-Money Laundering: Notification on the Release of the
2007-08-26 00:00:00 On August 24, 2007, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.Read MoreTags:
Man sentenced in drug money laundering case involving broker and lawyer
2007-07-18 22:47:00 In the following press release the Jeffrey C. Sullivan, United States Attorney for the District of Western District of Washington announced that JOSHUA MACKE, 35, of Bellevue, Washington has been sentenced in U.S. District Court in Seattle to six years in prison, and three years of supervised release for Conspiracy to Distribute Marijuana and Conspiracy to Engage in Money Laundering. As part of his plea agreement of March 24, 2007, MACKE will forfeit to the government three late model vehicles, nearly $1 million in currency and investments, and his home. At sentencing U.S. District Judge Ricardo Martinez noted “this was an extensive organization with large amounts of illegal drugs and money.” MACKE was arrested in May 2006, following an investigation of his drug trafficking activities. MACKE was distributing pound quantities of B.C. Bud marijuana in the Seattle area. The marijuana was being transported into Washington State from Canada. MACKE was one of some 40 defendant...
Russia: The New Times Money Laundering Text 2
2007-06-08 01:20:00 Robert Amsterdam posts the translation of The New Times’ second investigative piece on the probe into Raiffeisen’s alleged ties to money laundering. Popularity: unranked [?] Read more at Veronica Khokhlova
FBI team seeks money laundering and transfer records
2007-05-28 08:32:00 A three-member team of the US Federal Bureau of Investigation (FBI) has arrived here a couple of weeks ago to probe an insider trading scam. However, FIA Director General Tariq Pervez, Interior Ministry spokesman Brig (r) Javed Iqbal Cheema and other officials deny that any FBI team is in Pakistan.The sources said that the FBI team comprised ...
FBI team seeks money laundering and transfer records
2007-05-28 07:32:00 A three-member team of the US Federal Bureau of Investigation (FBI) has arrived here a couple of weeks ago to probe an insider trading scam. However, FIA Director General Tariq Pervez, Interior Ministry spokesman Brig (r) Javed Iqbal Cheema and other officials deny that any FBI team is in Pakistan.The sources said that the FBI team comprised Mark Emerson, Alfred Martial and Joseph Simon and they had already held introductory meetings with top officials of the Finance Division, Ministry of Interior, State Bank of Pakistan and FIA.The has sought important records on money laundering and the hundi business from the Ministry of Finance and Federal Investigation Agency (FIA).The sources said that the investigators had also sought records from the FIA of those convicted, under-trial and acquitted ?notable figures? who had been involved in money laundering.Initially, the officials refused to cooperate with the FBI team until they received orders to do so from the Foreign Office or the gove...
By: Munaeem's Blog
Switzerland probes money laundering claim
2007-05-12 23:10:00 The Swiss federal prosecutor’s office in Bern has opened an investigation into allegations of corruption surrounding arms deals by the British firm BAE Systems. A spokeswoman said the investigation concerns suspicions of money laundering involving the aerospace company but declined to give further details so as not to prejudice the inquiry. Jeannette Balmer told the Associated Press the investigation was the result of a report prosecutors received from the Swiss money laundering authority.The British government in December called off an inquiry into a multi-billion dollar arms deal between BAE Systems and Saudi Arabia, saying it was acting to protect national security and British jobs.Prime Minister Tony Blair told lawmakers that continuing the Serious Fraud Office investigation "would do enormous damage to our relationship with Saudi Arabia", which, he said, was strategically important.The SFO had been investigating allegations that BAE ran a £60 million (SFr144.9 m...
By: Munaeem's Blog
Feds accuse E-Gold of money laundering, unlicensed banking
2007-05-07 00:00:00 The U.S. Justice Department has indicted the E-Gold Internet gold exchange service on charges of money laundering and operating an unlicensed money transfer business. The essence of the indictment seems to be a claim that E-Gold’s principals knew that their service was being used for investment scams, credit card fraud, identity theft, and purchase and sale ...
By: Commodity Wealth
E-Gold used for money laundering?
2007-05-04 06:26:00 I just read that E-gold is indicated on charges of money laundering and operating an unlicensed money transmitting business. I guess all my money in E-gold will gone now. Shucks, I should have used it up all earlier. I guess all those people who have been dealing in Auto Surfing or HYIP program that ...
By: MyAnimes MySpace
E Gold accused of being a money laundering vehicle for financial fraudsters
2007-05-02 15:40:00 To anyone familiar with crime on the Internet, allegations of criminals laundering money using E Gold are nothing new. Because they only require an e-mail address to open an account, the transactions are pretty anonymous, which is something that criminals find desirable. Apparently a task force from the Department of Justice has been looking into this ...
Digital Currency Business E-Gold Indicted for Money Laundering and Illegal
2007-04-29 19:45:00 Source: http://www.usdoj.gov/opa/pr/200-7/April/07_crm_301.html FOR IMMEDIATE RELEASE FRIDAY, APRIL 27, 2007 WWW.USDOJ.GOV WASHINGTON ? A federal grand jury in Washington, D.C. has indicted two companies operating a digital currency business and their owners on charges of money laundering, conspiracy, and operating an unlicensed money transmitting business, Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney for the ...
E-Gold face money laundering charges
2007-04-28 01:12:00 WASHINGTON – A federal grand jury in Washington, D.C. has indicted two companies operating a digital currency business and their owners on charges of money laundering, conspiracy, and operating an unlicensed money transmitting business, Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney for the District of Columbia Jeffrey A. Taylor announced today. The four-count indictment, handed down on April 24, 2007, and unsealed today, charges E‑Gold Ltd; Gold & Silver Reserve, Inc.; and their owners Dr. Douglas L. Jackson, of Satellite Beach, Fla.; Reid A. Jackson, of Melbourne, Fla.; and Barry K. Downey, of Woodbine, Md., each with one count of conspiracy to launder monetary instruments, one count of conspiracy to operate an unlicensed money transmitting business, one count of operating an unlicensed money transmitting business under federal law and one count of money transmission without a license under D.C. law. Subsequent to the indictment, the Depa...
Shell Companies?Facilitation Tool for Money Laundering and Terrorist Financ
2007-04-23 20:16:00 In January 2007, I was contacted by Elizabeth MacDonald from Forbes magazine concerning an article she was researching. Elizabeth inquired if I was aware of any terrorist financing cases that involved use of domestic shell companies. Unfortunately, without hesitation, the answer was yes. The most notable case was the Hezbollah cigarette smuggling ...
?Jacob the Jeweler? Faces Money Laundering Charges
2007-03-29 17:14:00 Bling-maker to the stars, Jacob ?The Jeweller? Arabov will face trial on money laundering charges in Detroit after a judge denied his request to move the case to New York. Arabov and 16 others are accused of conspiring to launder $270 million in drug profits starting in the early 1990s for a multistate drug ring ...
Terror groups use madarsas in Pak for money laundering: report
2007-03-05 06:45:01 Islamabad, Mar 4: Terrorist organisations sometimes use some madarsas in Pakistan for money laundering and financing their activities, a report has claimed.
By: newkerala.com
Terrorist outfits misusing Pak madrassas for money laundering: US
2007-03-05 00:44:03 Washington, Mar 4 : Madrassas in Pakistan are being misused by terrorist organisations for money laundering and the anomaly is due to the Pakistan government's lack of control over these religious schools and charities, the US State Department's International Narcotics Control Report for 2007 has said.
By: newkerala.com
Anti-money laundering laws
2007-02-08 17:44:00 International anti-money laundering laws are in place to help stop terrorists moving money around the world does it stop it? Do terrorist groups even need huge amounts of money it has been proven time and time again that you can buy an AK47 for just a few euros in many parts of the world and I am sure they that it costs even less to make a bomb. Oh they need it for the planning? Excuse me this is terrorists that are planning it not the US congress they do it for no salary so why does it cost to plan?So why is the whole world the normal people of this world made to suffer why is the whole world affected by anti-money laundering laws and why have we got them.That is so simple it is there to protect the dollar no other reason, it is to stop people sending the dollar outside the US because it would affect the American economy.Try selling online internationally it is a nightmare unless you use PayPal a US company others have tried to set up to challenge them but every way they turn they...
Anti-money laundering laws
2007-02-04 11:38:00 International anti-money laundering laws are in place to help stop terrorists moving money around the world does it stop it? Do terrorist groups even need huge amounts of money it has been proven time and time again that you can buy an AK47 for just a few euros in many parts of the world and I am sure they that it costs even less to make a bomb. Oh they need it for the planning? Excuse me this is terrorists that are planning it not the US congress they do it for no salary so why does it cost to plan?So why is the whole world the normal people of this world made to suffer why is the whole world affected by anti-money laundering laws and why have we got them.That is so simple it is there to protect the dollar no other reason, it is to stop people sending the dollar outside the US because it would affect the American economy.Try selling online internationally it is a nightmare unless you use PayPal a US company others have tried to set up to challenge them but every way they turn they...
Self-Certs And Money Laundering
0000-00-00 00:00:00 The Treasury has recently warned financial services firms to tighten their belts with regards to gaps in their services which could lead to money laundering activities by their clients In particular the Government is targeting self-certification mortgages and the ability for applicants to defraud lenders by providing false information on mortgage applications
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