Treasury just issued a new set of regulations subjecting the jewelry and precious gems business to money laundering
controls and the next target, we understand, is the insurance industry.
Our clients have told us that they need a more comprehensive solution for identifying transaction laundering
to avoid facilitating fraud, regulatory penalties, card network fines and brand damage," said Allison Guidette, chief executive officer of G2 Web Services.
He pointed out that an International Monetary Fund team visited Cyprus last October in the framework of the negotiations for a Cyprus bailout, making its own assessment on anti money laundering
measures, giving Cyprus "a very good score".
is, in simple terms, a process of concealing the source of illegally obtained money so that it appears that the money originated from a legitimate source.
The National Joint Pitch Council inspectorate, which undertook a year-long investigation into money laundering
in 2000-01, found no evidence of its existence then and the lack of SARs would seem to confirm that it is no different now.
As part of a subsequent restructuring, in December 2010, the Attorney General's Office (AGO) transferred the prosecution of money laundering
cases from the Organized Crime Bureau to the Economic Crimes Bureau.
LCB's involvement in money laundering
is also attributable to a failure to adequately control transactions that are highly vulnerable to criminal exploitation, including cash deposits and cross-border wire transfers; inadequate due diligence on high-risk customers including exchange houses; and, in some cases, complicity in the laundering
activity by LCB managers.
In November 2009, the Estonian parliament adopted an 'Act Amending the Money Laundering
and Terrorist Financing Prevention Act and Other Related Acts'.
operations through e-banking are harder to detect, due to unavailability of documentation that could be traced or investigated, the study noted, according to ASHARQ AL AWSAT.
In order to invest their assets and avoid them being seized by the government, drug traffickers, kidnappers and other criminals transform the monetary proceeds of their criminal activity into revenue from apparently legal sources in a practice known as money laundering
Despite strict enforcement of federal anti-money-laundering
laws, criminals are constantly finding ways to transform dirty money -- the proceeds of illegal activities -- into clean cash, and one of their most important routes is laundering
money via international trade.
Global Banking News-25 March 2009-China cooperates to strengthen anti-money laundering
legal system(C)2009 ENPublishing - http://www.
In the immediate aftermath of September 11, 2001, many experienced intelligence officers did not understand the concept of hawala, and few knew what it actually represented in the context of money laundering
and terrorism financing.
Fortent (New York), a provider of anti-money laundering
and fraud detection technology, has acquired Alert Global Media (AGM; Miami, FL), the publisher of moneylaundering.
Its annual International Money Laundering
Conference and Exhibition is the largest anti-money laundering
conference in the world.