|
Press Release
For Immediate release
February 3, 2005
Contacts:
Danielle Scott
Editor, Money Laundering Alert
305-530-0500
www.moneylaundering.com
www.lavadodinero.com
U.S., Europe, others
Judge finds $16 million stashed in bank accounts worldwide
The February 2005 issue of Money Laundering Alert takes you to Santiago, Chile,
where, in the first investigation of its kind, a judge is reaching out to nine different
countries, including the United States, the United Kingdom, Switzerland, Luxembourg
and the Bahamas, through which Chilean Gen. Augusto Pinochet’s moved his recently
discovered $16 million fortune.
And besides Riggs Bank, federal regulatory agencies in the United States are targeting
U.S. branches of Banco de Chile, where the ex-dictator held accounts. The bank says
an enforcement action will likely be issued soon…
Also in MLA’s February 2005 issue…
The “yankee-ization” of U.S. money laundering enforcement
While U.S. financial institutions cry foul over the recent spate of prosecutorial
actions taken against U.S. banks for Bank Secrecy Act violations – Riggs,
AmSouth, Banco Popular – no one is speaking up for the many Latin American
institutions that have befell worse fates under the U.S. criminal justice system
for considerably lesser grievances. What is happening now is not the “criminalization”
of money laundering regulation, but rather some long overdue steps toward subjecting
U.S. banks to the same tough treatment that has long been reserved for foreign,
mainly Hispanic, banks — in other words, the “yankee-ization”
of U.S. money laundering enforcement.
Islamic banking: not as risky as it may seem
Islamic finance generates a lot of interest – and suffers from a lot of ignorance.
Yet it is a growing industry that cannot be ignored. In the past few years, the
Islamic financing industry has moved into the Western financial markets to meet
the demand for their products. Money Laundering Alert explores the Shar’ia
principles that drive this industry and why the terrorist financing risks may not
be as abundant as they appear.
Old habits die hard: Cali Cartel smuggled dirty drug money in cash
In an era in which money launderers have used secret offshore bank accounts, manipulated
prices in international trade, and other sophisticated devices to move and conceal
illicit funds, the Colombian Cali cartel – believed to be responsible for
supplying 80 percent of the world’s cocaine – has transported its cash
the old-fashioned way: in suitcases.
About Money Laundering Alert:
Since 1989, Money Laundering Alert has been published by Miami, Florida-based Alert
Global Media, the leading independent authority providing news, guidance and analysis
on money laundering issues.
Money Laundering Alert is a monthly newsletter covering money laundering and terrorist
financing legislative, regulatory and enforcement developments around the world.
The publication provides practical compliance guidance and analysis of laws and
regulations, and is used as an anti-money laundering (AML) training tool by members
of affected industries such as financial institutions, broker-dealers, money services
businesses, securities, lawyers, real estate brokers, accountants, law enforcement,
and government regulatory and intelligence agencies.
About Moneylaundering.com Premium:
Produced by the editors of Money Laundering Alert, Moneylaundering.com Premium is
the ultimate reference on all things money laundering. The website provides 24-hour
access to up-to-the-minute news and essential compliance and training information
and documents in the volatile money laundering and Bank Secrecy Act fields, in addition
to a 15-year archive of proprietary news, guidance and analysis from Money Laundering
Alert.
For more information on Money Laundering Alert, Moneylaundering.com Premium, and
other Alert Global Media publications and products, please visit
www.moneylaundering.com.
|