Archive for October, 2009

Government of Malaysia to amend Anti-Money Laundering Act

Wednesday, October 28th, 2009

On October 28, several Malaysian parliamentarians called on the government to amend the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 in order to limit the powers of agencies and enforcement officers. Their powers are should be limited with a view to prevent the possibility of power misuse and power abuse.

When debating the 2010 Supply Bill, Datuk Ismail Kasim said that there was a possibility that the act could be used for maltreating people and could be used unfairly.

Several other parliamentarians, including Datuk Bung Moktar Radin, supported his view that, in accordance with the policy of ‘grounds for suspicion’, different assumptions could be made that make it possible for criminal element and maltreatment of the person suspected.

Venezuela deports a Colombian to US in Money-Laundering Case

Thursday, October 22nd, 2009

On October 22, a Colombian man connected with a pyramid scheme that bilked Colombians out of hundreds of millions of USD was deported by Venezuela to the United States of America. This criminal was wanted on money-laundering charges in the US .

Venezuelan authorities took Luis Cediel to Caracas’ main airport for the flight to the US Justice Minister Tareck El Aissami. In the United States, Cediel was be handed over to the US Drug Enforcement Administration.

Cediel was indicted by US authorities in New York earlier in 2009 with his 3 co-defendents who were accused of coordinating the collection of millions of USD in drug proceeds in Mexico City beginning in February 2008.

The Colombian is charged with conspiracy to commit money laundering. He can be imprisoned for up to 20 years.

New Zealand pass new Anti-Money Laundering Law

Saturday, October 17th, 2009

New Zealand’s MPs have passed into law new measures aimed at countering money laundering by criminal gangs and organised crime.

According to Justice Minister Simon Power, the Anti-Money Laundering and Counter-Terrorism Financing Act will provide police with the instruments needed to follow the illegal money trail through financial systems. Also, the banking system will better deal with customers and clients intending to launder money through bank accounts in New Zealand. The new law will allow casinos to implement measures to check their customers’ identities as well as to detect suspicious activity.

Power said that it is crucial for New Zealand to maintain international reputation by means of strengthening the relevant laws. So, the new changes bring Nthe country into line with international standards.

15th Annual International Anti-Money Laundering Conference

Monday, October 12th, 2009

On March 15-17, 2010, moneylaundering.com will host the 15th Annual International Anti-Money Laundering Conference.

The Conference is the annual symposium for anti-money laundering specialists intending to be at the forefront of developments in the anti-money laundering sphere.

At the event, more than 60 international anti-money laundering leaders from both the public and private sectors will share best practices and lessons learned. The speakers include representatives from large and small banks, brokerage houses, insurance companies, regulatory agencies, money services businesses and investigative agencies.

Banks of Vietnam and Malaysia sign MUO fight Money Laundering

Thursday, October 8th, 2009

On October 7, 2009, the State Bank of Viet Nam (SBV) and Bank Negara of Malaysia signed a memorandum of understanding on the exchange of information on money laundering.

The deputy governor of the SBV, Tran Minh Tuan, spoke at the signing ceremony. He said the 2 sides are planning to co-operate in collecting, analysing and providing information on money laundering practices.

It is worth noting that Vietnam has been a member of the Asia-Pacific Group on Money Laundering since 2007, and the country’s efforts to struggle money laundering and terrorist financing had shown its commitments to the international community.

Tuan said, “We have been trying our best to promote international co-operation by exchanging information with other countries in the world, especially among the group members” and noted that the SBV highly appreciated the co-operation of Bank Negara Malaysia.

The signing of the memorandum of understanding is a significant step to strengthen the close co-operation between the 2 central banks.

Ex-Taiwan President and his wife sentenced to life for money laundering

Saturday, October 3rd, 2009

It was discussed in February that the former president of Taiwan and his wife were convicted of money-laundering and related crime.

As a result, on September 11, 2009, the ex-president was convicted of corruption and sentenced to life imprisonment. It should be noted that this event is a watershed one in the turbulent political history of Taiwan.

Chen Shui-bian, who presided from 2000 to 2008, was charged with embezzling $3.15 million from a special presidential fund, receiving bribes worth at least $9 million, money laundering, and other charges. His wife was also convicted. Both spouses were sentenced to life.