World Money Laundering Report Volume 11 No. 6 published 4 December 2012
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IN THIS ISSUE:
What's happened to Destiny Multipurpose Cooperative Society?
The website of Bangladesh's Destiny Multipurpose Cooperative Society Ltd (Destiny Co-op) wants its customers to wait while the site is updated. But it's a bit more complicated than they say. First, the banking regulator, Bangladesh Bank, says that the company has been operating outside its authorisation - and that's the least of the problems.
419 scam launderer convicted - but he didn't commit the fraud
R v Peter Oyewor (2012) will probably never hit the law reports. It's a small case in a small court in a small town. But it's a startlingly important case for money laundering risk officers for both prosecutors and defence lawyers.
Prime Bank Schemes back in vogue?
Prime Bank Schemes, along with standby letters of credit scams were a big feature of the 1980s and 1990s but fell out of favour, in part it seems because there were easier and quicker ways of extracting money from victims. Both the Prime Bank and the Standby Letters of Credit scheme require a more sophisticated - and generally more wealthy - victim than the more common advance fee fraud cases.
Afghan takeaway used airline food trays
Regular readers have come to expect headlines that obliquely, and hopefully humorously, reference a serious issue. There are few more serious than those revealed by a report by Afghanistan's anti-corruption agency into the failure, rescue and conduct of Kabul Bank.
How banks lost GBP49 million to two fraudsters in a mortgage con
The two men behind the UK's biggest mortgage fraud - at least the biggest for which proceedings have been taken - included the purchase of a cowshed and an abandoned air base.
All content of World Money Laundering Report is © 2012 Vortex Centrum Ltd, UK, Publishers. All rights reserved.
Expanded distribution for WMLR
World Money Laundering Report's e-book edition, distributed by Amazon.Com for the Kindle and Kindle Apps for iPad, iPhone, Android, Windows and Blackberry, is now available through Amazon's sites in the UK, Germany, Japan, France and, of course, the USA. In addition, it is available in India through the dedicated India section of the Amazon.Com website.
But there's even more news from Amazon: for subscribers to the Amazon Prime service, now WMLR is available under the Lending Library Scheme. For borrowers, there is no additional charge beyond their Prime subscription. And, due to Amazon.Com's royalty scheme, we receive payment from Amazon for each "lend."
Prime subscribers can also borrow copies of Nigel Morris-Cotterill's book "How Not to be a Money Launderer"
The lending library scheme was recently extended beyond the USA to cover Prime subscribers in the UK, Germany, France and Japan.
Quick To Learn More, the leading e-learning platform for AML / CFT training will release completely new versions of its content for five jurisdictions in January 2013.
Structured in a way designed to make delivery of information, its comprehension and retention every quicker and easier than before, the re-rewritten and re-designed modules will cover the UK, Singapore, Hong Kong, Australia and India.
In addition, new modules for EU-wide Directives, the FATF 40 Recommendations, the USA (federal law) will be added.
For more information, please see www.quicktolearnmore.com
Pre-announcing: Combatting Internet Trolls, Libel and other Malice
Social Media : Developing threats and their remedies
Day One: a) Threats to Justice
b) Threats to Compliance
Day Two: a) Threats to rights and freedoms
b) Libel and other rights and their enforcement
Day Three: Optional Workshop
Policies, procedures and enforcement within business entities
5/6/7 February 2012
For more information, please see www.financialcrimeforum.com