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
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
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
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
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 …
Money Laundering – Spain Busts ‘Biggest’ European Drugs Network
MADRID Spanish police announced on Monday the seizure of €25 million in cash and the arrest of 20 people in an operation against “the biggest money-laundering and drug-trafficking network in Europe.” A total of 16 people were detained in Spain and four in the United States, said the police, who worked in cooperation with the FBI and judicial authorities in …
Pay-as-you-go gas on the rise as customers can’t foot bills – Credit Control
SOARING gas prices are expected to force thousands more customers into using pay-as-you-go meters. Bord Gais installed 8,000 pay-as-you-go gas meters in the first half of this year compared with 650 in the same period last year. But now it expects that by the end of 2011 up to 50,000 customers will be using metres. And thousands more consumers are …
15 Arrested in £200Million Money Laundering Scam
Officers from HM Revenue & Customs (HMRC) investigating suspected money laundering offences in excess of £200 million have arrested 15 people during early morning raids across the North West, Yorkshire and Nottinghamshire today. Around 250 investigators from HMRC, assisted by officers from a number of police forces, carried out over 20 property searches in Rochdale, Manchester, Bradford, Southport and Nottingham …
Heroin ring laundered drug money through luxury cars and real estate
CLEVELAND, Ohio — Jimmie Goodgame lived in a $800,000 house, controlled bank accounts with more than $1.5 million in deposits and had title to dozens of luxury cars, federal prosecutors said, but he didn’t have the income to justify his lifestyle. Goodgame, 41, who lives in a gated community of Solon, was among eight people indicted Thursday by a federal …
Second Credit Union regulatory forums begin
The second series of forums to discuss regulation in the Credit Union sector are to begin in Cork today. A number of meetings with credit unions will be held over the coming weeks across the country, where credit union officers who hold key governance positions will be given an opportunity to discuss regulatory policy, operations and the future shape and …