Archive for November, 2010

US issues report on AML in Kenya

Monday, November 29th, 2010

The US Department of State has prepared a report that details drug trafficking and money laundering activities in Kenya.

The International Narcotics Strategy Report reviews 2009 drug trafficking and money laundering in Kenya.

This report could have been the basis for the banning of 5 Kenyans from visiting the United States of America.

According to the report, Kenya is a significant transit country for cocaine, heroin and hashish, as well as it serves as a money laundering hub. It says: “Quantities of heroin and hashish transiting in Kenya, mostly from Southwest Asia bound for Europe and United States have markedly increased in recent years”.

The document blames lack of resources and rampant corruption for the 2 vices. It suggests that Kenya’s financial system may be laundering more than USD 100 million yearly, including an undetermined amount of drug money and Somali piracy earnings.

The report emphasizes that, in spite of Parliament passing the Proceeds of Crime and Anti-Money Laundering Law, 2009 signed by President Kibaki on December 31, 2009, money laundering continues unabated in Kenya. This law has not come into force because of the Ministry of Finance that has not gazetted its commencement date. However, it was indicated that such date shall not exceed 6 months after the date of assent.

AMLC charges 4 with Money Laundering in Philippines

Monday, November 22nd, 2010

The Anti-Money Laundering Council (AMLC) has filed charges against 2 employees of the Philippine National Bank (PNB) the University of the Philippines-Diliman branch and 2 depositors for allegedly pocketing P25.18 million from the revolving fund account.

Rosemarie Ann Pamplona, former junior sales and service officer of the PNB-UP campus branch; Evangeline Domingo, former senior sales and service associate; and depositors Jamie Santos and Ely Zanda Clemente were accused of violating Republic Act No. 9160 or the Anti-Money Laundering Act of 2001.

According to the AMLC, the UP’s revolving fund account was pre-terminated by Pamplona and Domingo without the university’s authority and knowledge on January 4, 2007. The proceeds of the account were deposited in 3 suspicious accounts under the names of Clemente, Santos and UP Cons that was a non-existent business entity.

B.C. Lotteries appeals $700,000 money-laundering fine

Thursday, November 4th, 2010

B.C. Lotteries is appealing the nearly $695 750 fine it received earlier this year from the federal agency that tracks money laundering. Among other things, it claims that the public should not have been told B.C. Lotteries was facing such a penalty.

In June 2009, BCLC received a notice from the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) that it was being fined about $700 000 for errors made in more than 1 000 reports that detailed transactions over $10,000 at B.C. casinos.