Again, I send you a copy of the World Money Laundering Report.
"Required Reading" for those of us dealing internationally.
Abslutely requird for those Canadians subject to the new Canadian Money
Laundering rules. This includes most money people (stock broklers, bankers,
mutual fund people) and realtors. It did apply to lawyers but there has
been a delay in implementation for lawyers.
World Money Laundering Report: Digest
WMLR Digest
14 August 2003
===============
WMLR Digest is a service of World Money Laundering Report - part of The Anti
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Below are just some of the stories from World Money Laundering Report:
Online in the past week
Visit www.wmlro.com for the full story and six weeks' free trial
*** Spam fraud alert
What started of as an appallingly offensive spam campaign has become an out
and out fraud
*** USA: SEC seized yacht
The USA's SEC has seized a luxury yacht and frozen accounts due to failure
to pay penalties.
*** Cigarette smuggling: the Canada-China connection
"Counterfeit cigarettes" smuggled from China are setting a challenge for
Canada Customs.
*** Impersonation: Fed steps up regime
The US Federal Reserve plans to place additional requirements on banks where
impersonation of customers (or "identity theft") may be facilitated by
unlawful access to customer data.
Be quick: the BBC's website has a programme explaining the use of
alternative currency in the ancient city of York but it will disappear in a
couple of days. It's another form of parallel banking.
*** Business, ethics and law: how Microsoft killed Netscape and got away
with it
A lesson in ancient history (that is ten years ago) comes back to haunt
Microsoft - but the penalty is a flea bite compared to the gains it has
made. And it may be that MS got off cheap in a USD500 million settlement
with AOL-TW recently.
*** Day trading returns bringing risk of laundering
A report by UK market researchers shows a resurgence in internet day
trading. OK, so it's a big percentage change drawn from a very low base but
that doesn't mean it should be dismissed.
*** HK: cigarettes can kill you - especially when smugglers fall out
A massive cigarette smuggling racket was broken in Hong Kong. But not before
one of the alleged participators was targetted for murder, say ICAC.
*** UK: FSA fines bank GBP1.25 million
The UK's Financial Services Authority has fined a bank GBP1,250,000 for
failing to meet FSA standards in money laundering controls.
============
Read these stories and more at
World Money Laundering Report: Online
Visit www.wmlro.com
And get six week's free trial
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WMLR Digest News
State Bank of India has committed to the class leading AML e-learning
package from Quick To Learn More (www.quicktolearnmore.com) for its
Singapore office.
Associated Press has reported that nearly 600 people in New York including
doctors and lawyers have been charged in connection with millions of US
dollars worth of fraudulent claims resulting from claims resulting from
staged accidents. According to AP, the claims averaged about USD800,000.
The Securities and Exchange Commission has issued a life-time ban on a
PricewaterhouseCoopers (PwC) partner over his actions in auditing Tyco. PwC,
currently trying to position itself as a leading player in AML consultancy,
had audited Tyco for four years from 1997-2001. According to the SEC,
Richard Scalzo "recklessly violated the antifraud provisions of the federal
securities laws and engaged in improper professional conduct." At present,
the SEC appears to be focussing in individuals rather than the PwC audit
practice as a whole. The New York District Attorney, Robert Morgenthau says
that the actions were not sufficient to support criminal charges. The SEC
does not accuse Scalzo of failing to detect fraud: In a statement, the SEC's
enforcement division said "Senior management was looting the company, and
Scalzo was confronted with numerous warning signs about management's
integrity. Scalzo is not being sanctioned because he did not discover the
looting; he is being charged because
China Daily in one of the best stories of the year so far reports that
China's proposed anti money laundering laws are being designed at least in
part to deal with a flight of substantial sums of money in the hands of
corrupt officials. Read the fascinating study of how millions of USD has
appeared in the USA, without much concern over its origins. US banks reading
it may want to examine their account lists this morning.
http://www1.chinadaily.com.cn/en/doc/2003-08/12/content_254169.htm
The Vanguard, Nigeria, says that steps are to be taken to prevent the
acquisition of insurance companies by money launderers eager to help out
companies looking for fresh capital to meet the new Capital Adequacy Ratio
requirements now being imposed.
eTaiwan News reports that the Taiwan anti money laundering office is to
crack down on unlicensed money remitters - and that the penalty can be up to
three years in jail and substantial fines.
Silkscreen Consulting (www.countermoneylaundering.com) is launching a
service to assist international banks in London meet the FSA's requirements
following the publication of a damning report into AML standards at banks in
London. Said Nigel Morris-Cotterill of Silkscreen Consulting "banks in
London have for too long relied on a tick box mentality, supported by those
who do not understand the risks. Now the FSA has stepped up to the crease
and made it clear it means business. And that means reviewing and setting
proper systems and providing proper training and awareness programmes,
something that many financial institutions have been very reluctant to do. "
Read Nigel Morris-Cotterill's conference paper delivered 31 July 2003 in
Singapore at www.wmlro.com/papers/ in which he discusses why a tick-box
mentality is not good enough.
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The best counter-money laundering e-learning programme
Visit www.quicktolearnmore.com
====================
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Full contact details are at www.antimoneylaundering.net
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Editor Nigel Morris-Cotterill
WMLR Digest ISSN1473-3390
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Email - [email protected]
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