World Money Laundering Report Volume 11 Number 3 published 22 June 2012
World Money Laundering Report Volume 11 Number 3 is published 22 June 2012.
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In this issue:
Bank failed to identify embezzled funds
When a part time accounts clerk wanted a magical wedding (and lots of other stuff) she simply put money embezzled from her company into her personal, current, account - but her bank didn't notice.
Bulgaria at the centre of international laundering ring
Bulgarian police have arrested three people and seized documents relating to an international money laundering operation that has all the features of a typical case study.
FBI's glaring error.
A press release from the USA's FBI displays a disturbing lack of attention to detail. But the underlying story is important, showing as it does that the charges relate to a systemic problem in money services businesses and enforcement relating to them.
Bank insiders accessed customer data and sold it to criminals.
A gang withdrew money from a bank using identity information obtained by bank staff.
How big is the FBI's "Most Wanted" list?
It's not just the "Ten Most Wanted" - and it's much more relevant to counter-money laundering professionals than many might imagine. But it's a minnow compared to other lists which are even more applicable to everyday life in financial institutions.
UK's FSA aims to confiscate proceeds of insider dealing USA prosecutes abuse of pillow talk.
The UK's Financial Services Authority is continuing to succeed in prosecutions against insider dealers. And in a related US action, it's clear that pillow talk can lead to jail as a wife starts a prison sentence. What was that saying? Loose lips cost wives, or something similar?
Sanctions: Myanmar comes in from the cold. A bit.
Sanctions against Myanmar (Burma) are being lifted by governments and supranational bodies around the world. But it's not quite as simple as it seems.
Client Moneys: a bank stands between creditors and their money.
When a company wanted to segregate customers' deposits from working capital, its bank refused. Then the defecation hit the rapidly revolving thing and from bank to government, everyone except the company directors have had an unwelcome shower.
British PM calls tax avoidance "morally wrong."
When politicians start using budget airlines and travelling with a handful of people, then they can talk about tax morality. But to criticise a legal tax avoidance scheme while on yet another G20 trip with a large entourage paid for by the British taxpayer, David Cameron's comments are at best unwelcome.