Archive for June, 2009

Former RCMP Officer says that MSBs in Canada are vulnerable to Money Laundering and Terrorist Financing

Thursday, June 25th, 2009

In accordance with Chris Mathers, founder of a Toronto-based consultancy Chrismathers Inc., Canada “talks a good game”  in the world of financial compliance, but it does little in order to enforce counter-terrorism financing and anti-money laundering regulations.

He particularly emphasized risk of Canada’s money services businesses (MSB) industry as it is prone to abuse by criminals who take advantage of regulatory gaps. Mathers also said that a terrorist organization – the Sri Lankan separatist group the Tamil Tigers – has been a compliance concern in Canada, where many of the group’s sympathizers reside.

KPMG publishes report on Anti-Money Laundering

Friday, June 19th, 2009

KPMG, one of the world’s leading providers of audit, tax and advisory services, recently published a new report entitled The Indian Anti-Money Laundering Survey 2009.

In this report, KMPG indicated its positive attitude towards anti-money laundering regulations. According to the report, 79% of respondents believe the burden placed upon them is acceptable, 45% of respondents feel the existing requirements are sufficiently geared to address money laundering risks, while 34% think that it could be better focused on.

It should be noted that the results of the report seem to be in a way conflicting as far as the concept of anti-money laundering is still developing in India. However, the result are positive as regars organisations’ near-universal satisfactory adoption and implementation of the risk-based approach to fight money laundering in organisations.

Indian charged with of Money Laundering

Monday, June 15th, 2009

A judge has ordered a non-resident Indian, who was convicted of money laundering after handling top of the range stolen mobile phones to celebrities, to pay back GBP 1 million of his assets gained in a criminal way. This was done after a 40-year-old Narinder Sandhu failed to prove that the money was obtained legally.

According to Police, Sandhu was ordered to pay GBP 999 713 at Isleworth Crown Court as the National Mobile Phone Crime Unit (NMPCU) investigators located the cash in an offshore bank account.

It seems to be not the 1st case for Sandhu, as in November 2007 he was convicted of money laundering at Isleworth Crown Court.

It is worth noting that the case is the largest confiscation order in a 5-year history of the NMPCU.

Footballer indicted on Money Laundering charges

Wednesday, June 10th, 2009

A former NFL and University of Georgia football player has been indicted on mortgage fraud charges by a federal grand jury in Savannah. Arthur James Marshall Jr. played 5 years in the NFL as a wide receiver with
the Denver Broncos and New York Giants and played at Georgia from 1988 to 1991.

Marshall faced a 22-count indictment in US District Court. He was charged with bank fraud, mail fraud and money laundering. The authorities arrested the former footballer in Miami.

According to prosecutors, Marshall defrauded 3 banks in the Augusta area of more than USD 1 million in real estate loans.

UAE signs 19 agreements to fight Money Laundering

Thursday, June 4th, 2009

The UAE Central Bank has announced that it signed 19 Memoranda of Understanding with different countries. These agreements are aimed to coordinate the efforts against money laundering and terrorist financing.

The Memoranda of Understanding signed in May demonstrated that the UAE is committed to sharing financial information with its partners.

The 17 of the agreements were signed in Doha, Qatar. These are agreements signed with Armenia, Brazil, Bermuda, Belgium, Portugal, Serbia, Lebanon, Estonia, Monaco, Isle of man, Nigeria, Croatia, South Africa, Cook Islands, Macedonia, Malawi and the Philippines.