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World Money Laundering Report Volume 13 Number 2

 

World Money Laundering Report Volume 13 Number 2 World Money Laundering Report Volume 13 Number 2 is published 9 June 2014

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In this issue:

e-currencies : the real reasons governments are panicked. And it's not because of organised crime, etc.

As pressure builds up on Bitcoin and other e-currencies, Nigel Morris-Cotterill looks at why governments are panicking.

The world is being turned upside down by the creation of new non-national currencies. They threaten economies, provide criminals with hiding places and ways of funding their crimes including mass murder and assaults on society. They provide a way of evading taxes and so threaten the fabric of society and therefore undermine democracy. They must be stopped. Or so we might think if we believe the scaremongering coming from politicians, regulators and centralised enforcement agencies. But is this the truth?

For consideration: crowd funding of government.

When considering the disruptive effect on government of e-currencies and the potential for loss of control, inevitably the question of public finances arises. We are starting a debate: could crowd-funding prove an alternative to taxation for non-essential services?

A most despicable fraud. Maybe.

Somaly Mam is a woman of uncertain age, not because she has the kind of face that defies analysis but because she claims not to know when she was born. She is famous: as the author of a book "The road of lost innocence," she established herself as a global icon in the fight against sex trafficking, particularly of young girls, in her native Cambodia... There is no doubt, she is who she says she is. Identity checks on opening accounts will, except for the date of birth issue which does not seem to trouble those who issue her passport(s?), have not proved troublesome.

There's just one problem: much of her supposed autobiography, on which much of the appeal of her cause rests, is fiction.

Philippines: politicians' friend asks for fraud charges to be dropped because she gave proceeds to a church.

More than GBP136m has been taken from a government fund which, it now appears, was set up, at least in part, as a slush fund to buy votes. But someone's had her hands in the cookie jar or, as they call it in the Philippines, the pork barrel. The scandal is a major risk for financial institutions around the world.

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