Tag: Laundering

Asia Media founder sought by Securities Commission over money laundering offences | Malaysia

KUALA LUMPUR, April 27 — The Securities Commission (SC) has issued a call for assistance from the public to establish the whereabouts of a wanted person in connection with offences under anti-money laundering laws.

In a statement today, SC said Wong Shee Kai also known as Ricky Wong was wanted under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001.

The search today followed a warrant of arrest issued against Wong by the Kuala Lumpur Magistrate’s Court on Dec 27 last year, for failing to appear before the SC’s investigating officer as required under the law.

“If found to be in breach of Section 32 (3)(a) of the anti-money laundering law, Wong will, upon conviction, be liable to a fine not exceeding RM3 million, imprisonment for a term not exceeding five years, or both under Section 32(8) of the same act,” the statement said, adding they

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Money Laundering – FindLaw

Bob has a cash-only diner downtown that does a so-so amount of business, even though Bob drives a Rolls Royce around town. Turns out, he also operates one of the city’s biggest methamphetamine operations. Authorities suspect his real source of income is something much shadier than selling omelettes and pie at the diner, but they can’t yet prove it. Turns out, Bob uses the diner to “launder” money from the illicit drug trade in an attempt to hide its true source.

Money laundering statutes make it a crime to transfer money derived from almost any criminal activity (including organized crime, white-collar offenses, terrorist activities, and drug transactions) into seemingly legitimate channels, in an attempt to disguise the origin of the funds.

History of Federal Money Laundering Laws

A number of laws

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Money Laundering | ICE

ICE leads money laundering and financial crime investigations

Money Laundering

In recent decades, U.S. law enforcement has encountered an increasing number of major financial crimes, frequently resulting from the needs for drug trafficking organizations to launder large sums of criminal proceeds through legitimate financial institutions and investment vehicles.

Cornerstone

Cornerstone is ICE’s initiative to detect and close down weaknesses within U.S. financial, trade and transportation sectors that can be exploited by criminal networks. Law enforcement entities share criminal typologies and methods with businesses and industries that manage the very systems that terrorists and criminal organizations seek to exploit. This sharing of information allows the financial and trade community to take precautions in order to protect themselves from exploitation. (read more)

El Dorado Task Force

The El Dorado Task Force consists of more than 260 members from more than 55 law enforcement agencies in New York and New Jersey – including federal agents,

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How Money Laundering Works | HowStuffWorks

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As of September 2018, Paul Manafort, who served at one time as President Trump’s campaign chairman, has been found guilty on eight counts of tax and bank fraud. In a separate trial, he will be prosecuted for money laundering. The money laundering charges have to do with a scheme that follows a tried and true method for rinsing the dirt off your treasure. Manafort is alleged to have garnered millions from the former Ukrainian President Viktor Yanukovych. Rather than declare these earnings to the IRS and turn over the taxes due, Manafort is said to have placed them in offshore accounts and then used them to buy expensive real estate in the U.S.

Once he owned the properties, prosecutors say he then used them as collateral to take out millions of dollars in loans from U.S. banks. Since the money was in the form of loans rather than income,

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HSBC money laundering report: Key findings

HSBC bank logo

Image caption

HSBC operates in more than 80 countries around the world

Failure after failure at HSBC led to the London-based bank being used as a conduit for “drug kingpins and rogue nations”, a 300-page report compiled for a US Senate committee and has found.

The July 2012 report and investigations by US authorities led to the UK-based bank being fined almost $2bn for failing to stop criminals using its banking systems to launder money.

Here we summarise some of the Senate Permanent Subcommittee on Investigation’s main findings against HSBC.

Mexican drug barons

Despite HSBC Mexico (HSMX) operating in a country “under siege from drug crime, violence and money laundering” it had inadequate money laundering controls.

Between 2007-8, for example, HBMX shipped $7bn to HSBC’s US operation, more than any other HSBC affiliate.

Mexican and US authorities expressed concern that drug traffickers were able to circumvent the anti-money laundering controls

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Money Laundering | Wex | US Law

money laundering: an overview

Money laundering refers to a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money. The money laundering process can be broken down into three stages. First, the illegal activity that garners the money places it in the launderer’s hands. Second, the launderer passes the money through a complex scheme of transactions to obscure who initially received the money from the criminal enterprise. Third, the scheme returns the money to the launderer in an obscure and indirect way.

Tax evasion and false accounting practices constitute common types of money laundering. Often, criminals achieve these objectives through the use of shell companies, holding companies, and offshore accounts. A shell company is an incorporated company that possesses no significant assets and does not perform any significant operations. To launder money, the shell company purports to perform some service that would reasonably require its

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