Singapore to Toughen Money Laundering, Terrorist Financing Laws

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Oct. 27 (Bloomberg) — Singapore, where assets under management have risen fivefold to $1.2 trillion since 2001, said it will consider a “tougher penalty regime” and boost enforcement against money laundering and terrorist financing. The city-state will also make laundering of proceeds from tax offences a crime, and tighten laws on tax evasion, said Ravi Menon, managing director of Monetary …

Consultant Guilty of Grand Larceny and Money Laundering

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JOHN ELIGON, JAMES BARRON and ANDY NEWMAN Michael Appleton for The New York TimesJohn F. Haggerty Jr. outside the Manhattan Criminal Courthouse on Thursday. Updated, 12:40 p.m. | John F. Haggerty Jr., a Republican political consultant accused of stealing $1.1 million from Mayor Michael R. Bloomberg during Mr. Bloomberg’s 2009 re-election campaign, was found guilty of second-degree grand larceny and second-degree money laundering by a …

Irish firms named in anti money laundering case

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BARRY O’HALLORAN TWO IRISH subsidiaries of online poker group Full Tilt are named as defendants in a case being taken by the US department of justice claiming that the company used player funds to pay $440 million to owners and board members. Earlier this week US attorney Preet Bharara filed a complaint with a New York court claiming that Full …

PEP Example- Africans sent ‘suitcases of cash’ to French politicians, lawyer says

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Paris (CNN) — Former French president Jacques Chirac and presidential hopeful Dominique de Villepin received “suitcases of cash” from African leaders to fund their electoral campaigns, a former political aide alleged over the weekend. Robert Bourgi, a French-Lebanese lawyer and now a political aide to President Nicolas Sarkozy, told CNN on Monday that Chirac and Villepin received an estimated $20 …

A bird skin in the hand – Money Laundering

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A student who stole 299 rare bird skins from the Natural History Museum to fund his studies has been ordered to pay back £125,000 (€142,821). Edwin Rist, 22, from the US, was given a suspended jail sentence in April after admitting burglary at the museum in Tring, Hertfordshire, in June 2009. He also admitted money laundering and yesterday at St. …

Fed orders RBS to improve controls on money laundering

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By Tom Bawden The Federal Reserve has ordered the Royal Bank of Scotland Group to improve controls to prevent money laundering at its US operation, giving it 60 days to submit a written plan outlining its improvements. A year after Britain’s Financial Services Authority levied a £5.6m fine on RBS for failing to adequately screen customers to prevent its banks …

Money Laundering Risks Arising from Trafficking of Human Beings and Smuggling of Migrants

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The FTAF has released their latest report on an increasingly common crime: The trafficking of human beings and smuggling of migrants. The FATF has carried out a study which describes the money flows related to these two distinct problems and attempts to assess their scale. The key objectives of the report are the following: To assess the scale of the …

Car dealer testifies in money laundering case

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This is an older article posted on www.breakingnews.ie on 25/02/2009. A Cork car dealer who was given £200,000 in 2005 by the man accused of money-laundering testified today that Ted Cunningham told him at one stage: “Get rid of it”, so he hid what was left of it in a fertiliser bag in a stable. Ted Cunningham (aged 60) of …

Karzai blocks U.S. anti-money laundering effort

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Afghan President Hamid Karzai has blocked efforts by U.S. officials to safeguard money entering his country’s economy, and making it difficult for the United States to combat money laundering and terrorist financing, a new report finds. An audit by the Office of Special Inspector General for Afghanistan Reconstruction released Wednesday morning has “found that U.S. agencies have not done all …

Man jailed for €248K Social Welfare Fraud

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On Thursday the 21st of July 2011 Paul Murray was Jailed for 12 and a half years for a €248,000 social welfare fraud. (See news report below) From an anti money laundering point of view this case is very interesting. There was €11,000 remaining in the bank accounts at the time of arrest, Although this amount could have been spread …