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Table of Contents
Forward Strategic Partnerships Upcoming Clement Advisory Group Speaking or Recommended Events Feature Article FINTRAC Update Articles: An Investor’s Guide to Buying Influence in China Ailing Canadian seaman caught up in European boat capture FinCEN’s prepaid access rule Phantom deal scandal Expert warns it’s easy for certain businesses to be used for money laundering Does Raj Rajaratnam deserve leniency Justice Department Man targeted Midstate law firms in collection scam 120 Arrests in International Steroid Probe Fact Sheet on Syria Notorious Gangs of BC BC Casinos to shift away from cash transactions Boca millionaire helped psychics launder money Border Cash lands Ontario man two years ACAMS commemorates 10th Anniversary of its International AML Conference Rogers Ban Adds to OSFI’s Inbox Conrad Black returns to prison DOJ Keeping Islamic Bank Settlement Secret Remember 9/11 32 30 30 28 29\ 29 24 26 27 27 23 21 22 19 19 20 14 16 16 19 9 3 3 8
With the summer over and as we head into fall it is once again time to reflect on the events of 9/11 which so profoundly changed our world and added a new dimension to those of us working in the money laundering field. We can be proud of the fact that we have created an environment wherein money laundering and terrorist financing have become the responsibility of the entire financial community, resulting in subject matter experts being resident at most institutions that have been brought in under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its regulations.
www.tamlo.com TAMLO designs highly engaging and fully interactive online training for anti-money laundering (AML) and counter-terrorist financing (CTF) compliance. Our award-winning creative team uses video, animation and real-life examples to teach employees about their roles and responsibilities. The course content is reviewed and tested by AML experts. Check-out my video at http://www.tamlo.com/aml.html. 3. 3
CAG continues to work closely with BMG and over a short period of time has come to realize that BMG’s strategy is one that will ensure a client has an investment strategy that few companies can match. Nick Barisheff’s expertise in the precious metal industry is ensuring clients receive the utmost in investment returns. Nick Barisheff’s weekly commentaries on his website are worth viewing for those of you in the investment community. I invite you to have a look at their website. http://www.bmgbullion.com/ Bullion Management Group Inc. (BMG) is one of the fastest-growing precious metals bullion investment companies. Also you may be interested in checking out Mr. Nick Barisheff’s Bullionbuzz Newsletter at: Nick Barisheff [email@example.com]. For anyone looking to have an investment which continues to garner excellent returns you would be well advised to contact BMG.
(www.batemanmackay.com) I am pleased to announce that Clement Advisory Group has formed a working relationship with Bateman Mackay. We believe that through a working agreement we are in a better position to provide increases services to our clients. Bateman MacKay’s partners John Doma, Vinay Khosla and Pal Ghumman, along with their seasoned associates provide a depth of service and experience that will be beneficial to entrepreneurial clients from start up, to growing into mature businesses , preserving wealth and developing a personalized succession plan. 6) 4
As an Industry Director of Seneca College Centre for Financial Services, Clement Advisory Group continues to be an active supporter of those programs which are deemed to be beneficial to the industry in which we serve. Below find the latest release on our Money Service Business On-Line training program which is proving beneficial to the North American MSB industry:
ACAMS & Seneca College Offer Comprehensive MSB Training ACAMS and Seneca College: Centre for Financial Services have teamed up to provide an exclusive opportunity to receive specialized, comprehensive AML training unique to Money Services Business (MSBs). Register today for this 19-module program , designed to deliver superior education to those in the MSB industry, while providing the convenience of an online learning format. Engaging in this educational program will provide training on new MSB legislative requirements including appointing a compliance officer, registering as an MSB, dealing with suspicious transactions, reporting electronic funds transfers, and conducting internal audits. Review the full curriculum. This program can be completed in as little as 19 hours and will help you: Identify red flags specific for MSBs Learn best practices for designing risk-based reviews Earn Up to 12 CAMS credits after successful completion! Pricing for the complete course of this training is only 5
$500 and completion of the course will present to regulators and enforcement agencies your proactive measures to stay compliant.
For more information on the program, please contact: Garry W. G. Clement, CFS, CAMS, AMLP Seneca CFS Associate Centre for Financial Services Seneca College 416.491.5050 x2015 E-Mail: Garry.Clement@senecac.on.ca Gary Butler, Director Centre for Financial Services 416.491.5050 x2060 E-Mail: Gary.Butler@senecac.on.ca You are subscribed as firstname.lastname@example.org. If you'd rather not receive future e-mails from ACAMS, please click Unsubscribe.If you would like to change the contact information we have on record for you, click Update Profile. This email was sent by: ACAMS 80 SW 8th Street, Suite 2350 Miami, FL, 33130, USA 7)
Over the course of the past two months I have had the opportunity to test Bridger Insight XG. This software is designed to streamline business processes and reduce overall costs of compliance. The program delivers a single platform to access key information needed for PEFP screening, global corruption, Watchlist verification and negative media. I can state that having used the platform for conducting due diligence for our clients that our time has been cut significantly and we are able to assure our clients that we have fully delved into an individual and or corporation’s background relying on open source information. For more information please contact Mr. Rob Weller (email@example.com) or Andrew Ryan (firstname.lastname@example.org) 6
I have continued to work closely with Najette Martin, World-Check’s Canadian representative and have been provided access to their platform. World-Check has continued to excel in their product delivery for AML/ATF due diligence solutions.
Company Associate Partnerships
Mr. Kevin Sullivan www.amltrainer.com AML EXPERTS Anti-Money Laundering and Bank Secrecy Act Consultants email@example.com Ms. Connie Fenchel
MSB Independent Reviews – 2 in progress
Upcoming Clement Advisory Group Speaking or Recommended Events:
1)17th Annual Reg Compliance Conf Nov16-17; 2) ACAMS 10th Annual International Anti-Money Laundering Conference Las Vegas, NV September 19-21, 2011-will be attending with TAMLO in order to introduce the Canadian and US front-line training products.
Welcome to Canada?
By Robert Sibley, The Ottawa CitizenSeptember 6, 2011 It should go without saying that the majority of immigrants come to Canada in search of a better life. But in today ´s concluding essay, Robert Sibley draws on intelligence specialists, Muslim scholars and academics to argue that Canadians need to recognize that immigration has implications for national security and that the system needs to be reformed. I have never learned to fight for my freedom. I was only good at enjoying it. - Dutch writer Oscar van den Booguard, 2006. When a Canadian is concerned about his own way of life, this concern is not racism. - David Lam, the former lieutenant-governor of British Columbia. David Harris remembers a phone conversation a short time after he´d returned to his Ottawa home from a trip to the United States in the spring of 1999. He´d been in Washington, testifying before a congressional subcommittee about the threat Canada posed to the United States as a potential source for terrorism. The call involved an official at the Canadian Embassy in Washington, headed at the time by ambassador Raymond Chrétien, the nephew of then-prime minister Jean Chrétien. The official admonished Harris for having spoken against Canadian interests, at least as perceived by the embassy. "I was told I´d upset certain people at the embassy in Washington," says Harris, recalling the incident nearly 12 years later. Harris still declines to attach a name to the voice on the other end of the phone line. "Let´s just say they didn´t appreciate my testimony." What had Harris said that so troubled the diplomats? Actually, nothing anyone abreast of security matters didn´t already know: Canada was falling short when it came to dealing with the threat of terrorism, especially at the political level. In 1998, three years before the 9/11 attacks, Ward Elcock, then the director of the Canadian Security and Intelligence Service, highlighted the Chrétien government´s apparent reluctance to take that threat seriously when he publicly warned there were "more international terrorist groups active here (in Canada) than in any country in the world," with perhaps the exception of the United States. Surely, he said, Canadians didn´t want their country becoming "some R and R facility for terrorists" or through negligence and inaction "an unofficial state sponsor of terrorism." That´s essentially what Harris, a one-time chief of strategic planning for CSIS, said in his testimony to the House of Representatives subcommittee on immigration: The Liberal government wasn´t serious about national security. "In the face of this situation, Canada´s security and intelligence community have done heroic work. But government reaction at the political level has not been adequate to the counterterrorist task." It´s not surprising such statements would upset the embassy. Canadian diplomats in Washington devoted much attention to reassuring American officialdom that all is well in the peaceable kingdom. Harris´s testimony was a scrawl across the
embassy´s happy-face poster. As Harris puts it: "They saw what I was doing as undermining their diplomatic efforts. It was made very clear they were dissatisfied with me." They should have been dissatisfied with their own complacency considering that a few months later, in December 1999, a refugee claimant by the name of Ahmed Ressam, who´d been living on welfare and petty crime in Canada for four years, was captured by U.S. customs agents trying to smuggle explosives across the border as part of an end-of-the-millennium al-Qaeda plot to blow up Los Angeles airport. Harris´s testimony effectively underscored how it was possible for Ressam to operate a terrorist cell in Canada for so long. "Americans often tell me that it is difficult to think of Canada and international terrorism in the same context," he said. "Canadians themselves have the same problem. But the largely untold truth is that Canada and terrorism do go together. A failure to see this stems from a failure to realize that Canada is simply not the country it used to be." For decades, Canadians have been told - propagandized, some might say - high levels of immigration sustain economic growth, avoid labour shortages and make up for an aging population. Challenging these claims treads on numerous toes politicians who regard the immigration system as a vote-importing scheme, corporations that want workers on the cheap, and an immigration industry composed of lawyers, consultants, settlement groups and activists enjoy all the benefits taxpayer money can buy. Canada has the largest per capita level of immigration in the world - some 280,000 immigrants and refugee claimants a year for a population of 34 million. In early 2009, Immigration Minister Jason Kenney was decidedly upbeat in pointing out that if you include "temporary" workers and students the number is in the 500,000 range. Do Canadians as a whole support this? Hard to say. They can´t vote directly on the issue of immigration, and political parties avoid serious discussion of the topic like the plague. But a recent worldwide poll by Ipsos suggests neither the politicians nor the immigration lobby would like any vote results. More than half of Canadians - about 56 per cent - think immigration places too much of a burden on public services. A recent study by researchers Herbert Grubel and Patrick Grady lends support to that judgment. They estimate newcomers cost Canadians between $16 billion and $23 billion a year because they receive more in government benefits than they contribute in taxes. It borders on banal to point out that the majority of immigrants come to Canada seeking nothing more than a better future. The problem is, there are some among those hundreds of thousands who are hostile to Canada´s liberal order. This minority, say immigration critics, has become increasingly influential since the 9/11 attacks, attempting by various means lawfare campaigns against journalists and "human rights" complaints against publishers to what Harris calls "stealth jihad" and "infiltration" campaigns - to promote an anti-liberal agenda. In this regard, Canada´s immigration policies have made the country susceptible to radical ideological influences because, in Harris´s words, they "reinforce the growth of a dangerous political demographic." Harris, the founder of INSIGNIS Strategic Research and a lawyer with 30 years´ experience in intelligence affairs, took that message to Parliament Hill earlier this year. "One cannot discuss immigrant integration in the national security and public-safety context without appreciating the sheer magnitude of Canada´s immigration, refugee and related intakes," he told a Senate committee. "In recent years, tens of thousands came to Canada from Muslim-majority lands. At a time when radical Islam is a threat and nine of 10 Canadian Muslims are foreign-born, one must ask about the attitudes newcomers bring from source countries." Martin Collacott, a former Canadian ambassador and now a spokesman for the Centre for Immigration Policy Reform, raises similar concerns in several studies that consider the connection between immigration and national security in the post-9/11 era. Mass migration at current levels, he argues, is basically incompatible with national security because it overwhelms the ability of government agencies to screen out security threats. Moreover, it creates large immigrant
enclaves - a 2004 Statistics Canada report states there were more than 250 "visible minority neighbourhoods" in Canada, up from six in 1981 - that serve as a pool that allows, unknowingly or not, terrorist groups to operate largely out of sight. It is simply not possible, says Collacott, to provide adequate security screening when you´re dealing with hundreds of thousands of immigrants. And this failure to exercise adequate control over the entry and departure of non-Canadians "has been a significant factor in making Canada a destination for terrorism." Some of Canada´s more prominent Muslim intellectuals and journalists make a similar case. "One of the explosive issues in Canadian politics, as it is in other western countries, is immigration," says Salim Mansur, a political scientist at the University of Western Ontario. "Since 9/11, this issue has become important or, it might even be said, vital in discussing the future shape of the country in terms of its inherited cultural and political values. Most Canadians realize the unprecedented immigration numbers over the past several decades, and the composition of newly arriving immigrants, have adversely and unduly accelerated the pace of changing the country´s profile." But why, if Canada is so vulnerable to a terrorist presence, has it been one of the few western countries not directly attacked by terrorists? "That´s the big question people don´t ask," says Raheel Raza, a Toronto journalist and author. "There is a good reason for this. Canada is a safe haven for the Islamists. They don´t want to expose the fact that they have infiltrated into government departments and outreach programs." Collacott, who was once director general of security services for Foreign Affairs, echoes that view. Terrorist groups see Canada as a place for fundraising and planning operations that will take place elsewhere. It is not unreasonable to think they wouldn´t target Canada because that would "risk jeopardizing the relative freedom with which they were able to able to carry on their activities." Why would any law-and-order liberal society allow this? Try arrogance leavened with ignorance. Or, as Harris puts it: "Rational polities do not bring in large numbers of newcomers from such potentially `western-hostile´ sources regions (as Pakistan and Iran) while a war is going on. But they might if their influential intellectual elite were bereft of a proper sense of the risks involved, and therefore of the appropriate balance (between liberty and security)." Of course, to question the mythology of immigration is to invite denunciations of "racism" and "bigotry" or, as is currently popular, "Islamophobia." Moreover, in the aftermath of the Norwegian killings, questioning immigration or multiculturalism makes many even more desperate to be politically correct. However, critics of Canada´s immigration policies contend that in the post-9/11 era it is morally irresponsible and intellectually untenable to deny a connection between immigration, Islamism and terrorism - "Canada´s leading terrorist threat has repeatedly been identified as Islamic extremism," Harris notes - and this connection cannot go unchallenged if Canadians wish to preserve their liberal democratic order. According to critics, the immigration system contributes to the erosion of Canada´s liberal secular values by creating conditions that make it easier for ideas and practices antithetical to liberal society - gender inequality, polygamy, demands for prohibitions on "anti-religious" speech, Sharia law - to gain a foothold of acceptance in the public arena. "The recent openness of several public universities to radical demands for taxpayer-supported prayer rooms, footbaths, and even separate, gender apartheid-style female swimming hours could be regarded as a compromising of basic, religiously-neutral standards in the face of fundamentalist pressure," says Harris. These are, no doubt, controversial claims. Yet, there is anecdotal evidence, as well as scholarly commentary, to suggest concerns about immigrants and national security aren´t unreasonable, or irresponsible.
Ahmed Hussen, the head of the Canadian Somali Congress, testified in late July before the House of Representatives Committee on Homeland Security - seems you have to appear before a congressional committee in Washington to get attention in Canada - that dozens of young Canadian Somalis had "disappeared" to join al-Shabaab, a radical militia tied to al-Qaeda that is fighting to impose an Islamist regime on Somalia. He blamed "radicals in our community" that feed the young a "dangerous and constant anti-western narrative." The RCMP reported in June they´d used various "disruptive" techniques - intrusive surveillance, for example - to defuse potential terrorist activities. Then there was Mohammad Momin Khawaja, a Canadian-born Muslim software engineer working under contract to the Foreign Affairs Department, convicted in 2009 for his part in international jihadist plots. As well, the so-called Toronto 18, mostly young Canadian-born Muslims, were recently convicted of plotting terrorist strikes against Canadian institutions, including blowing up Parliament and beheading the prime minister. Do these few examples reflect a "dangerous political demographic"? Consider this: A 2007 Environics poll indicated 12 per cent of Canadian Muslims would be prepared to justify the kinds of terrorist assaults contemplated by the Toronto 18. There are about 800,000 Muslims in Canada. The Environics poll results imply that 96,000 could justify the murder of the prime minister. Such numbers prompt immigration critics to raise the issue of radical influences working their way into Canada´s institutions, including schools, government agencies, courts, the police and military, and legislative bodies. Indeed, in 2010, the Muslim Canadian Congress, applauding Defence Minister Peter MacKay´s cancellation of a speech at the department´s Ottawa headquarters by imam Zijad Delic, said it was "troubled by the fact that Islamists had managed to penetrate the highest levels of the Ottawa bureaucracy and the political apparatus of all political parties." Congress vice-president Salma Siddiqui "strongly welcomed" MacKay´s decision not only for exposing the fraud of Islamic History Month but also for acting in the best interests of national security. "In the past few years we have seen so-called Islamic History Month turned into a propaganda machine for Islamists who want to introduce Sharia law and who wish to hide behind the cover of teaching history to infiltrate the highest levels of government in Ottawa." In 2008, the organization charged that the Ontario Human Rights Commission, in its pursuit of complaints against journalist Mark Steyn and Maclean´s magazine, had become, in Siddiqui´s words, "the virtual organ of Canada´s Islamist organizations." Harris believes the RCMP Community Outreach program is compromised. The program "has been so fraught with mismanagement that Muslim moderates want it shuttered because of concerns that it has legitimized radical elements by `engaging´ them in outreach." Islamist zealots are a minority within Islam, says Salim Mansur, but that doesn´t mean Islamist views aren´t influential. "The politics of Islamism resonate widely among Muslims, including those living in western countries," says the author of a newly published book, Delectable Lie: A Liberal Repudiation of Multiculturalism. "Muslims engage politically to bring their host western governments to recognize Sharia and make allowance for them to live in accordance with its provision. The push for Sharia recognition in family laws as part of the multicultural arrangement in the West has become one of the key objectives of immigrant Muslim activists, and as the Muslim population grows in numbers the mainstream political parties have also become increasingly receptive to this idea." So it seems. In 2004, former Ontario attorney general Marion Boyd recommended allowing the application of Sharia law in family arbitration and inheritance cases involving Muslims. Premier Dalton McGuinty declined the idea.
What is to be done? In the first place, says Mansur, Canadians need to ignore the strictures of political correctness and look at immigration realistically. Islamist groups cynically use liberalism´s principles of religious freedom to espouse an anti-liberal agenda that would, if successful, eliminate liberalism´s most sacrosanct concepts. Canadians also must insist that there is one law for all. Minorities have rights, yes, but so do majorities. "What we need are better definitions of what newcomers can reasonably expect in terms of accommodation," says Collacott. "We should remain as open and inclusive as possible but at the same time not be reticent about stating clearly how we do things here." Last, but not least, the government´s handling of the immigration file requires more critical scrutiny. Immigration Minister Jason Kenney has been holding cross-country "consultations" on the immigration system. Many of those appearing at the meetings are the very individuals and groups that benefit from high immigration levels. What do you think the minister is going to hear? At a recent meeting in Vancouver, Kenney quite rightly questioned whether Canadians would accept higher immigration levels. Yet, he seemed almost regretful that a lack of resources makes it difficult to bring in even larger numbers of immigrants. And during the federal election earlier this year he positively bragged that Canada had accepted more immigrants in 2010 than in any other year. The minister has earned kudos for going after war criminals, keeping human-trafficking ships from Canadian shores, and stripping citizenship from immigrants who supposedly lied to get into the country. Worthy gestures, perhaps, but the litmus test of immigration "reform" is in the numbers. Booting a couple thousand illegal immigrants or a couple dozen war criminals out of the country might garner headlines, but that means little if you still allow more than a quarter-million immigrants into the country every year, many without adequate security screening. "The objective fact is that within the last five years, at the height of the escalating terrorist threat, the government has actually, unbelievably, increased immigration levels from what were already the highest per capita numbers in the world," says Harris. "Tens of thousands of people have come from jurisdictions that regard a country like Canada as anathema." The reality is, say critics, that Canada needs at the very least to curtail immigration from a number of countries. "Wahhabi culture is very predominant in some parts of the Muslim world," says Muslim author and activist Farzana Hassan, "and those countries would definitely fall under the category (of places) where you would need to restrict immigration." "Public safety and social cohesion demand an immediate moratorium on immigration to Canada from Pakistan, Somalia and other radical-Islamist and terrorist-producing countries," says Raheel Raza, a journalist and activist born in Pakistan. Canadians, in short, need to recognize that immigration has implications for national security. "A decisive determinant of future Canadian security and reliability (as an ally of the United States) is Canada´s immigration and refugee system," Harris writes in the latest edition of Diplomat and International Canada. "Few would have realized, when I testified before that pre-9/11 congressional body (in 1999), how vulnerable Canada was becoming to terrorism, radical infiltration and illicit influence." Sources In addition to interviews, I have drawn on or consulted academic and non-academic material for this essay, including, among others: Martin Collacott, "Immigration levels are already too high," Ottawa Citizen, Aug. 12, 2011; "Creating a common security perimeter," 2009; "Submission to the Bouchard-Taylor Commission," 2007; Canada´s Inadequate Response to Terrorism: The Need for Policy Reform, 2006; Terrorism, Refugees, and Homeland Security, 2002.
Herb Grubel and Patrick Grady, Immigration and the Canadian Welfare State, Fraser Institute, 2011 Salim Mansur, Delectable Lie: A Liberal Repudiation of Multiculturalism, 2011; "Immigration´s the Elephant in the Room," Toronto Sun, April 21, 2011; "Immigration and Muslim Extremists in the post-9/11 World," in Immigration Policy and The Terrorist Threat in Canada and the United States, Fraser Institute, 2009; "Immigration and Multiculturalism Undermine Culture and Security in Canada," in The Effects of Mass Migration, Fraser Institute, 2009. Alexander Moens and Martin Collacott, "Making Canadians Immigration System and Borders More Secure," Immigration Policy and the Terrorist Threat in Canada and the United States, 2008. David Harris, "Statement on Immigration Integration, National Security and Public Safety to the Standing Senate Committee on Social Affairs, Science and Technology," Feb. 3, 2011; "Is Canada Losing the Balance between Liberty and Security," 2008; "Testimony before the subcommittee on immigration and claims of the United States House of Representatives," June 2006; "Testimony before the subcommittee on immigration and claims of the United States House of Representatives," April 1999.
Presentation by Jeanne M. Flemming, Director, Financial Transactions and Reports Analysis Centre of Canada, to the International Symposium on Economic Crime Risks and Responses to Organized Crime: Moving Beyond Cash
Cambridge, England September 7, 2011
Let me begin by saying how pleased I am that Professor Barry Rider invited me back to this marvellous symposium on economic crime. For nearly thirty years, this forum has brought together the highest calibre participants to discuss all matters related to economic crime. The breadth of the symposium is evidence of the vast area of subjects encompassed by this topic. As the head of an intelligence agency that is focused on money laundering and terrorist financing, the exchanges here at Jesus College have expanded the perspective that I bring to my own work. This morning’s discussion concerns the risks posed by organized crime. I would like to address how those risks have changed, how organized crime has evolved and how we should respond from the perspective of the global efforts to combat money laundering. The world continues to turn, and organized crime continues to mutate. In its 2010 report on organized crime, the Criminal Intelligence Service of Canada noted the changing nature of organized crime in Canada. Traditionally, organized crime was understood as a hierarchical structure comprised of culturally homogeneous groups, citing the examples of Italian, Russian or Albanian mafia. The new reality they describe is one where “many organized crime groups are loosely structured, competitive networks with fluid linkages between members and associates, with a diverse range of leadership structures.” I can confirm that we are seeing increasing evidence of these fluid structures in our own cases.
What is more, organized crime once involved cash-based crimes almost exclusively. As a response, anti-money laundering regimes were developed to combat the illegal profits from the illicit narcotics trade and the organized criminal networks that rose to global prominence three or four decades ago. The infusion of that criminal cash into the financial system was a grave risk that demanded a response. It gave rise to the creation of financial intelligence units, like the one that I head. It also brought regulatory controls and compliance obligations that will be familiar to those of you who work in banking, insurance and securities. In essence, what we have now is a system that was built to address that particular risk. The rules, like the crimes they were meant to address, were largely focused on cash transactions. The question that it begs is: how well does such a system address other risks? In practical terms, can a system of rules intended to keep drug money out of the financial system be effective in addressing the risks posed by offences such as fraud and corruption or any number of other profit motivated crimes loosely grouped under the rubric of white-collar crime? The answer, I believe, is yes, if financial intelligence units have access to the right type of financial transactions. For financial intelligence units, being able to see beyond cash transactions is essential as criminals seek their profits not just in traditional cash crimes but in less cash-intensive crimes and transfer their funds around the globe. This is especially true since it would appear that criminal networks are acting in response to global efforts to place controls on cash transactions and bulk shipments of cash across borders. Criminals try to avoid detection. As an example of committing crime without cash, a significant Ponzi scheme may not involve any cash transactions and perhaps not a single suspicious transaction report. Such fraud schemes are designed to have an air of legitimacy and as a result they often evade all suspicion. However, if the financial intelligence unit has access to the right information, there is an opportunity to sound the alarm earlier on. Last year, at this symposium, I listened to a presentation that dealt with the relationship between banks and financial intelligence units when it comes to transaction reporting from the perspective of the financial institution. I gave it my full attention because for my agency, the flow of this information is the sine qua non of our intelligence work. What struck me during that presentation was the mention of a proposal to restrict the flow of reports to only those transactions that were deemed suspicious by the financial institution. This was intended to reduce the burden on reporting entities. In my view, this would sorely limit the production of financial intelligence and would be a step in the wrong direction. The result of such a move would have real consequences downstream. In my view reducing the scope of financial information reported to that which is deemed suspicious by the reporting entity would limit the ability of a financial intelligence unit, and would limit the assistance that we would be able to offer to police investigations. I believe one of the better ways to understand these new criminal structures is with financial intelligence that reveals the linkages through the flow of money. FINTRAC has had a measure of success in keeping up with the evolution in organized crime because of the way it was set up 11 years ago. We can assist with many different types of investigations because of the broad scope of financial transaction reports we have to analyze; and particularly important has been our access to international wire transaction information. Under Canadian law, all international wire transfers of ten thousand dollars or more must be reported to the financial intelligence unit.
This additional requirement, which does not exist in most other countries, allows FINTRAC to see beyond our domestic borders and to gain a better understanding of the connections within and between criminal organizations. At FINTRAC, we analyze many types of reported transactions and other sources of information to produce financial intelligence to assist money laundering investigations, as well as terrorist financing and national security investigations. Financial intelligence has become an indispensible tool for police trying to understand criminal networks or assist them in the investigation of cases involving significant criminal proceeds. Useful financial intelligence to deal with new and evolving organized criminal structures begins with what information is collected for analysis. We must ensure that if the criminals are driven by profits, that we have the means to make those profits visible to investigations. It would be my dream that all FIUs would receive the same types of reports we receive. I especially cannot imagine how any FIU could reasonably be expected to track terrorist financing without access to EFT reports.
How then should we deal with the risks posed by organized crime? We must ensure that the systems of control are not so narrowly built to address but one hazard and that we are forward looking. We must also ensure that the information that we receive upstream allows for the production of comprehensive financial intelligence downstream. If organized crime is moving beyond cash and beyond the borders of one country, we need to ensure that we have the appropriate mechanisms to detect them.
Articles: An Investor's Guide to Buying Influence in China
By DIDI KIRSTEN TATLOW Published: August 24, 2011
BEIJING - Chinese are masters of "guanxi," or connections, using the art of relationships - and its close companion, corruption - to secure everything from safe childbirth to a prestigious burial, taking in education, jobs, a fancy home and a Porsche Cayenne S.U.V. along the way. That´s the popular wisdom, held by many Chinese and non-Chinese alike. "Chinese people are good at guanxi," said the novelist Fu Shi, whose real name is Hu Gang. "Of course, it´s not just a Chinese speciality. It exists in the West, in the United States, too. But in China, it´s just deeper."
So why did Mr. Fu write "Chinese Guanxi," an advice book that teaches people how to cultivate social connections with dinners, expensive gifts and "red packets," or cash-filled envelopes? Don´t they already know? "Some people are real masters at it, and some aren´t. Not everyone is an expert," the novelist said by telephone from his home in Changsha, the capital of Hunan Province. "I want to help the weak ones advance and take away the oxygen from the experts," he said. For Mr. Fu is no mere peddler of corrupt ideals, with a dystopic solution to a serious problem. His goal is to create a new kind of level playing field, where everyone benefits from an unfair arrangement by exploiting it equally. In other words: Fight fire with fire, and corruption with ... more corruption. The approach reflects what experts say is widespread cynicism about the chances of curbing corruption, in the absence of independent monitoring agencies or free news media. "Corruption is growing all the time, because people and the country are growing richer," said Liao Ran, program officer for China and South Asia at Transparency International, a nongovernmental anti-corruption organization based in Berlin. Despite real efforts by the government, which include regular anti-corruption drives, detailed legislation and, in December, its first anti-corruption white paper, corruption is just part of the system, Mr. Liao said. "The Communist Party can mobilize human and financial resources to do something. It has the institutional capacity to mobilize or to suppress," Mr. Liao said by telephone. "If it wanted to control corruption, it could do it." Yet, far from fearing corruption, he said, officials and businessmen "are afraid if you are not corrupt. They want you to be corrupt. If you don´t join in, if you want to be a good person, then you highlight their badness." Mr. Liao´s quixotic conclusion: Because of government involvement, "corruption in China is very serious and very rampant. And under control." Mr. Liao singled out the 2008 economic stimulus plan, which pumped 4 trillion renminbi, or $625 billion, into the economy, as a key source of rising corruption. At least 700 billion renminbi went to the high-speed rail system in 2010 alone, with "no independent oversight or regulation," he said. The rail project may be "the biggest single financial scandal not just in China, but perhaps in the world," said Mr. Liao. Mr. Fu´s first piece of advice: Don´t be shy. "You can use people at any time and any place. And they can use you, too," he writes. Chapters include: inviting powerful people to dinner (do not get your guest too drunk, he might forget what you talked about); giving red packets (de rigueur in hospitals); and giving gifts (present in person, shut the doors and windows first). The book was published in June, and people flocked to book signings in Changsha in July, according to ent.changsha.cn, an entertainment news portal.
Mr. Fu´s first novel, "Green Porcelain," released in 2006, about guanxi in an auction house, sold more than a million copies and was serialized by the Web portal Sina.com, earning Mr. Fu nearly 4 million renminbi, he wrote. Corruption is morally ugly, Mr. Fu warned. It also increases costs. "A society that relies on guanxi to get things done is a scary place," he said. "When guanxi becomes stronger than rules, it´s dangerous to everyone. Why? Because if you use your guanxi, I´ll use my guanxi, and in the end the price of everything rises. When there are no rules, then everything is a competition, and those with more power win," he said. "Guanxi is alive and kicking," said Sarah Köchling of Whatif, an innovation consulting company in Shanghai. As China´s economy expands and becomes globalized, she said, people ask, "Is it going to reduce in importance?" "I think it´s going to grow," said Ms. Köchling, who has lived in Asia for more than 20 years. Wrote Mr. Fu: "Everyone knows that 10 years ago, success was 30 percent guanxi and 70 percent talent. Today, to succeed, you can reverse the ratio. Seventy percent guanxi and 30 percent talent will do." Mr. Fu sees himself as both perpetrator and victim. A former philosophy student, he left his job in the human resources department of his alma mater, Xiangtan University, in 1992. "Had I remained a bureaucrat, I´d definitely have become corrupt," he wrote. "The reason is simple": Virtually everyone offered bribes. "You can resist temptation once," he wrote, "but not a hundred or a thousand times." He went into business, eventually becoming the legal representative of an auction company, which he declined to name. Bribing officials was part of the job. By 2003, Mr. Fu had become enmeshed in a major corruption scandal involving justice system officials. "Friends" sold him out to the authorities. Jailed for 300 days, he thought up his first novel, he said. He has since published another, "Red Sleeve," and plans two more - a guanxi quartet. Each has a color in the title: green, red, black or white. Together, the words form a Chinese expression meaning "right and wrong." For now, absent real solutions, he says, the only hope is to publicize guanxi´s tricks. That way the socially skilled lose their advantage over the socially inept. "Build a new set of rules," he wrote. "Make these things more open, transparent, and, in this way, more free, equal and fair."
Ailing Canadian seaman caught up in European coke boat capture
Vancouver Sun Earlier that year, investigators with the Metropolitan Police had been tracking a group of individuals suspected of drug dealing and money laundering. When they raided a suspect's home in London, they found a receipt in a trash bin for 100000 pounds ... Read more: http://www.canada.com/Ailing+Canadian+seaman+caught+European+coke+boat+capt ure/5213435/story.html#ixzz1XHp3u09P
FinCEN's prepaid access rule
August 5 2011
On July 29, 2011, the Financial Crimes Enforcement Network published a final rule to amend the Bank Secrecy Act regulations applicable to Money Services Businesses with respect to stored value or “prepaid access”.
Canada's Corruption of Foreign Public Officials Act shows its teeth
On June 24, 2011, Niko Resources Ltd., a Calgary-based oil and gas exploration and production company, entered a guilty plea under Canada’s Corruption of Foreign Public Officials Act (CFPOA) with respect to charges of bribing a public official in Bangladesh. Niko, which operates in a number of countries around the world, had been notified by Canadian authorities in January 2009 that it was being investigated over allegations that it had provided the Energy Minister of Bangladesh with a $190,000 vehicle for personal use as well as with trips to Calgary and New York.
'phantom deal' scandal at iraq's electricity ministry may not be as ghostly as it looks
niqash | Hayder Najm | thu 11 aug 11
The latest scandal at Iraq’s ministry of electricity involves multi-billion dollar “phantom deals” with a German and Canadian company. The minister of energy has been asked to resign. But the real story is not as simple as it first appears. “Early in July the Electricity Minister Raad Shalal signed two deals, worth close to US$2 billion in total, for the building of power plants and infrastructure. According to some politicians though, the companies he signed the deals with did not actually exist. One of the companies was a German one, Maschinenbau Halberstadt (MBH) and the other was a Canadian firm, the Canadian Alliance for Power Generation Equipment Inc (CAPGENT). MBH was awarded a contract worth US$623 million to build five power plants in the Ninawa province within a year’s time. Capgent’s contract was for just over US $1.2 billion and they were assigned to build ten power plants in Iraq in the provinces of Anbar and Salaheddin, also within 12 months. The value of the two contracts amounts to a significant percentage of the money spent on the reconstruction of power production in Iraq over the last eight years, since the USled invasion of the country which toppled former Iraqi leader Saddam Hussein’s’ regime in 2003. However over the past week, suspicions began to be cast upon the two companies with whom the Iraqi minister of energy had signed deals. The Canadian Capgent was said to exist on paper only and the German MBH was allegedly a bankrupt firm owned by Lebanese shareholders. Iraqi Prime Minister Nouri al-Maliki apparently ordered the two contracts annulled and demanded that Shalal resign.” http://www.niqash.org/content.php?contentTypeID=28&id=2880&lang=0
Expert warns it’s easy for certain businesses to be used for money laundering
By Observer News - Friday, August 12th, 2011. St. John’s Antigua- Local anti-money laundering expert Kem Warner is calling for jewellery stores and car dealers to come under the regulation of the Financial Services
Regulatory Commission (FSCRC), the same government agency that oversees financial institutions. Warner said it is too easy for such businesses to become unknowingly caught up in the money laundering process and the risk is just as great as it is for commercial banks and other financial entities. “Anyone who is involved in the sale of high value instruments actually is susceptible to being abused by money launderers. If you have a money launderer who has dirty cash and needs to move money, one of the best techniques to do that is to go to a car dealer and purchase a car with cash because you don’t have to complete source of funds,” Warner said. http://www.antiguaobserver.com/?p=62940
DOES RAJ RAJARATNAM DESERVE ANY LENIENCY FOR THE WORST WHITE COLLAR CRIME EVER COMMITTED IN THE HISTORY OF UNITED STATES?
Posted on August 12th, 2011 Malin Abeyatunge The latest reports from Reuters say that Raj Rajaratnam ‘s lawyers are seeking leniency for the worst ever white collar crime in the history of States committed by him. The lawyers have given some flimsy reasons such as ill health and his philanthropically acts. It is alleged that thousands of letters have received of his generosity and portray him as a philanthropists. Is he painted as a modern Robin Hood? Does robbing from one source and giving to another source qualifies to be a Philanthropist? The lawyers have cited in their memo that donations of more than 45 million to charities in the US and abroad including $5 million spent building new homes for Tsunami victims. The Defence lawyers have let another cat out of his bag. This is very interesting and needs further investigation by the FBI to find out the recipients of blood money to find answers for the following concerns: · Who are the recipients of the $45 million charity donations?
· Are ex-presidential candidates Hillary Clinton and President Barack Obama (such as “Tamils for Obama”) received any donations from Raj Rajaratnam or from his companies for their election campaigns? · Have any of his donations gone to LTTE fronts operating in USA to fuel the LTTE terrorist engine and also in Canada, UK, Australia and other countries? · Was ex deputy Attorney General Bruce Fein who was a mouth piece of LTTE received funds/donations from Rajaratnam? · Through what Government agency in Sri Lanka did he spend $5 million in building houses for Tsunami victims? The amount is so substantial which couldn’t have gone unrecorded and Sri Lankan Government would be able to throw some light on this matter. However, it is alleged that funds sent to Tsunami victims thro TRO ended up in LTTE coffers. · It is a known fact that he is alleged to have funded LTTE terrorist outfit thro TRO and other dubious fronts. Has his alleged funding of Tamil Rehabilitation Organization which was a funding arm of LTTE included in that $5million donations? The Federal Bureau of Investigation (FBI) should probe into the statements cited by the Lawyers to seek leniency for Raj Rajaratnam. If Raj Rajaratnam or his companies has any time donated funds to TRO and other LTTE terrorist fronts who were involved in procuring illegal arms to LTTE with laundered money, that would tantamount to funding LTTE terrorist outfit and he should be charged on different counts for supporting a banned terrorist organization in the States. http://www.lankaweb.com/news/items/2011/08/12/does-raj-rajaratnam-deserve-anyleniency-for-the-worst-white-collar-crime-ever-committed-in-the-history-of-united-states/
Justice Department: Man targeted Midstate law firms in collection scam
Aug 15, 2011 5:59 PM EDT Updated: A Nigerian man has been extradited to the U.S. and will stand trial for his accused involvement in a collection scam that targeted law firms in the U.S. and Canada including some in the Midstate, authorities said. Emmanuel Ekhator worked with Yvette Mathurin of Canada to scam law firms into wiring money overseas, according to the Justice Department.
He faces charges that include wire fraud, money laundering and mail fraud.
Dec. 18, 2009: Gangster's parents still proud; Crime groups may be violent, but they don't shoot 'everyday people'
This story was first published in The Province Dec. 18, 2009: Leading a violent criminal gang is costing Clayton Roueche 30 years of freedom, but he still has his mother's love and his father's pride. Roueche, the notorious kingpin of the violent, drug-dealing United Nations gang, was sentenced Wednesday in U.S. court to three decades in prison for money laundering and smuggling cocaine and marijuana across the Canada/U. S. border. Read more: http://www.theprovince.com/news/2009+Gangster+parents+still+proud+Crime+groups +violent+they+shoot+everyday+people/5256707/story.html#ixzz1XHxK318c
120 Arrests In International Steroid Probe
Authorities arrested more than 120 people and uncovered dozens of steroid labs in an international investigation into the illicit trade of performance-enhancing drugs, federal officials announced Monday. The Drug Enforcement Administration said the investigation, dubbed Operation Raw Deal, was assisted by governments of nine other countries, including China. In the U.S., agents seized 56 labs that manufactured anabolic steroids and human growth hormone, the DEA said. Agents seized 11.4 million doses of drugs in all. Among those charged, federal authorities say, are a Chinese manufacturer accused of smuggling human growth hormone into the country and four men who allegedly distributed drugs through a MySpace.com profile. The seizures and arrests follow a growing number of scandals in the sports world over steroid abuse, but federal authorities in Rhode Island said no professional athletes were directly involved in the investigation.
DEA spokesman Michael Sanders said 143 federal search warrants were issued during the 18-month investigation, many of them since Thursday. The FBI, Internal Revenue Service, U.S. Immigration and Customs Enforcement and the Food and Drug Administration were also involved. In Connecticut, four men were charged with purchasing raw steroid powder from China, manufacturing anabolic steroids in home laboratories and distributed them to customers through a MySpace.com profile and a Web site. A Chinese corporation and its chief executive were indicted in Rhode Island on federal charges of smuggling illegal human growth hormone into the country in connection with the operation. "China really stepped up to the plate to help us in this investigation," DEA spokesman Garrison Courtney said in Washington. The federal grand jury in Rhode Island indicted Genescience Pharmaceutical Co. and its CEO, Lei Jin, last week on charges including money laundering and conspiracy to facilitate the sale of smuggled goods. Jin is accused of marketing the drugs, under the brand name Jinotropin, through e-mail and Web sites. Jin, who authorities say has an address in Madison, Wis., is believed to be living in Shanghai and is not in custody. The Rhode Island indictment also names three alleged Genescience Pharmaceutical distributors. A separate criminal complaint charges a Florida man with selling kits used to convert steroids from powder into injectable forms. "Even though their storefront is the Internet, rather than the street corner, the people who engage in the smuggling and distribution of these substances are drug dealers, plain and simple, and we will treat them accordingly," U.S. Attorney Robert Clark Corrente said. In all, investigators seized over 500 pounds of raw ingredients for steroid manufacture that originated in China. Other countries participating in the investigation were Mexico, Canada, Australia, Belgium, Denmark, Germany, Sweden and Thailand. Police in Denmark raided 26 locations across the country. Germany's Federal Criminal office said its agents closed five illicit labs and confiscated tens of thousands of illicit tablets and capsules as part of searches carried out in five of the nation's 16 states. Danish police were able to see the
China link in the investigation through money transfers between a buyer and a Chinese seller, said Joergen Isalin of the Denmark National Police investigative center
FACT SHEET ON SYRIA
The United States has taken a series of steps and actions to work toward putting an end to the Syrian government’s violence, arrests, and torture, supporting the Syrian people’s universal rights, and pushing for a democratic transition. Executive Orders, Sanctions, and other Financial Actions Syria has been designated a State Sponsor of Terrorism since December 1979. An additional layer of sanctions was added in May 2004 with the issuance of Executive Order 13338, which implemented the Syria Accountability and Lebanese Sovereignty Restoration Act of 2003 and imposed additional measures pursuant to the International Emergency Economic Powers Act. Subsequent Executive orders have imposed additional sanctions targeting, among others, the President of Syria. Since the beginning of Syrian unrest, we have intensely pursued targeted financial measures to increase pressure on the Syrian regime. We have specifically targeted those responsible for human rights abuses, senior officials of the Syrian government, and Syrian businessmen linked to the Syrian regime. Our goal is to put an immediate stop to the Syrian government’s use of violence against civilians and its policies of mass arrests and torture, and to pressure the Syrian regime to allow for a democratic transition as per the demands of the Syrian people. Our actions to date include:
Today, President Obama signed a new Executive Order taking additional steps pursuant to the national emergency with respect to Syria that blocks the property of the Syrian government, bans U.S. persons from new investments in or exporting services to Syria, and bans U.S. imports of, and other transactions or dealings in, Syrian-origin petroleum or petroleum products. This is the strongest financial action we have taken against the Syrian regime thus far. This Executive Order is consistent with the remaining sanctions provisions of the Syria Accountability and Lebanese Sovereignty Restoration Act. Since the unrest began in mid-March, we have designated 32 Syrian and Iranian individuals and entities, including Syrian businessmen and their companies. These actions freeze the assets of and prohibit all U.S. persons from doing business with the identified individual or entity, thereby isolating them from the U.S. financial system.
On August 10, pursuant to E.O. 13382, the U.S. Department of the Treasury designated the Commercial Bank of Syria for its involvement in proliferation activities, and also designated its subsidiary, Syrian-Lebanese Commercial Bank. The Commercial Bank of Syria was identified by the Treasury Department as a financial institution of primary money laundering concern in 2004 and, pursuant to Section 311 of the USA PATRIOT Act, has been subject since 2006 to a final rule prohibiting U.S. financial institutions from maintaining correspondent accounts for the Commercial Bank of Syria. On July 8, the Treasury Department issued a warning to U.S. financial institutions alerting them to the potential for increased illicit financial activities involving accounts held by or on behalf of senior political figures in Syria, as a result of the unrest in Syria. On May 18, President Obama signed Executive Order 13573 targeting senior Syrian government officials due to their government’s continuing escalation of violence against the Syrian people. President Assad and six other regime officials were listed in the Annex to this Order. On May 18, the Department of Commerce suspended specific licenses related to Syrian Air’s Boeing 747 aircraft. On April 29, President Obama signed Executive Order 13572 imposing sanctions on certain individuals and entities listed in the Annex to the Order and providing the authority to designate persons responsible for human rights abuses in Syria, including those related to repressing the Syrian people. Notably, President Assad’s brother Maher al-Asad and the Iranian Revolutionary Guard Corps-Qods Force (IRGC-QF) were listed in the Annex to this Order. On April 29, the Department of Commerce revoked commercial export licenses pertaining to Syrian official VIP aircraft. Actions at the United Nations and Other Diplomatic Efforts
The United States has led an international effort at the United Nations (UN) to push for a UN Security Council Resolution that would increase pressure on the Syrian government to stop its brutal repression of the Syrian people. Additional actions taken include:
On August 3, with strong U.S. leadership, the UN Security Council adopted by consensus a Presidential Statement condemning the Syrian government’s widespread human rights abuses and use of force against civilians. The United States worked with allies to ensure that, after a protracted diplomatic struggle and in the face of significant opposition from the Syrian regime and other non-democratic governments, the UN Economic and Social Council (ECOSOC) granted UN accreditation on July 25 to the Syrian non-governmental organization
the Center for Media and Freedom of Expression. This was the first Syrian NGO ever to receive ECOSOC accreditation, which allows it to attend and take part in UN events. On July 22, the State Department imposed travel restrictions on the Syrian Embassy in Washington, D.C., in response to Syrian efforts to restrict the movement of U.S. diplomats in Damascus. Syrian diplomats now must request permission prior to leaving Washington, D.C. On June 15 in Geneva, the United States and Canada drafted a statement signed by 54 UN member states that addressed the deteriorating human rights situation in Syria and urged the Syrian government to allow access to the UN High Commissioner for Human Rights’ fact finding mission. The United States led the call for a Special Session on Syria at the UN Human Rights Council in Geneva. On April 29, the Human Rights Council passed a strong resolution condemning the Syrian government and calling for an investigation by the Office of the High Commissioner for Human Rights. To date, Syria has refused access to the High Commissioner’s investigative team, despite calls from the Security Council and UN Secretary-General Ban Ki-moon. The United States actively lobbied to prevent Syria from being elected to the UN Human Rights Council. Our lobbying efforts against Syria’s offensive campaign resulted in Syria withdrawing its candidacy on May 11.
Notorious gangs of British Columbia
Red Scorpions, Hells Angels, Independent Soldiers, UN gang among the notorious By Daniel Schwartz, CBC News
Posted: Aug 19, 2011 6:56 AM PT
About 120 criminal gangs operate in British Columbia. Some are notorious for their illegal activities and have become well-known to the public, but many others do their best to maintain a low profile and don't even have names. http://www.cbc.ca/news/canada/british-columbia/story/2011/08/19/f-bc-gangs.html
B.C. casinos to shift away from cash transactions
The B.C. government says it plans to transition away from the use of cash in casinos in an attempt to crack down on money laundering. In a statement released Wednesday, the government's Gaming Policy and Enforcement Branch did not specify a time table, but said it would be introducing changes with the aim of, "transitioning the gaming industry away from its current state as a cash dependent industry." http://www.cbc.ca/news/canada/british-columbia/story/2011/08/24/bc-casinomoney-laundering.html
Boca millionaire helped psychics launder money, prosecutors say
By Jane Musgrave, The Palm Beach Post
9:12 p.m. EDT, August 29, 2011 WEST PALM BEACH — At 84, Peter Wolofsky can barely walk and uses a wheelchair. But, federal prosecutors say, such physical infirmities didn't stop the Boca Raton millionaire from teaming up with a family of psychics and helping them launder millions shelled out by people desperate to believe the phony soothsayers had the power to cure disease, vanquish evil spirits, remove curses and cleanse souls. With his wife of 50-plus years by his side and a driver in a black Mercedes waiting in the parking lot, Wolofsky on Monday pleaded not guilty to money laundering in connection with the alleged $40 million fraud. Wolofsky was allowed to return to his $3.5 million home in St. Andrews Country Club after posting two $1 million bonds. http://www.sun-sentinel.com/news/palm-beach/boca-raton/pb-psychic-fraudarrests-20110829,0,2361574.story
Border cash run lands Ontario man two years 3
BY DAMIEN WOOD ,CALGARY SUN
First posted: Wednesday, August 31, 2011 09:19 PM MDT | Updated: Wednesday, August 31, 2011 09:49 PM MDT
Trying to illegally move almost half a million dollars across the border from the U.S. to Canada will cost an Ontario man two years of freedom. Joseph Dale Butler, 35, pleaded guilty in Calgary in March 2011 to money laundering, failing to report importation of currency over $10,000 under the Proceeds of Crime and Terrorist Financing Act, and laundering the proceeds of crime under the Criminal Code. http://www.calgarysun.com/2011/08/31/border-cash-run-lands-ontario-mantwo-years
ACAMS commemorates 10th Anniversary of its International Anti-Money Laundering ...
PR Newswire (press release) 1, 2011 /PRNewswire-USNewswire/ -- The Association of Certified Anti-Money Laundering Specialists (ACAMS) will host its 10th Annual International AML Conference
September 19-21 in Las Vegas, Nevada. The conference opens on Monday, September 19, ... http://www.prnewswire.com/news-releases/acams-commemorates-10th-anniversary-ofits-international-anti-money-laundering-conference-in-las-vegas-with-record-highattendance-numbers-128881173.html
September 06, 2011
Rogers Bank Adds to OSFI’s Inbox
Rogers Communications wants to add banking to its mix of wireless, cable and media holdings. The Globe reports that it already has a bank application with OSFI (Canada’s banking regulator). At this point, Rogers appears to have no plans to venture into mortgage lending. Its application adds to the list of 12 bank applications currently pending at OSFI. In the last two years, OSFI has granted bank licenses to only two companies: HomEquity Bank and Walmart Canada Bank. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/09/rogersbank-adds-to-osfis-inbox.html
Conrad Black returns to prison to finish sentence
CTV.ca Conrad Black is nothing more than a common white collar criminal! .... As a Canadian citizen where's the crime in that from my point of view again? http://calgary.ctv.ca/servlet/an/local/CTVNews/20110906/conradblack-returns-to-prison-110906/20110906/?hub=CalgaryHome
DOJ Keeping Islamic Bank Settlement Secret
IPT News August 25, 2011 http://www.investigativeproject.org/3126/doj-keeping-islamic-bank-settlement-secret The Justice Department has agreed to end its investigation into an international financial network with ties to the Muslim Brotherhood and a Saudi prince in a settlement in excess of $30 million, sources tell the Investigative Project on Terrorism. But DOJ officials refuse to release a copy of the settlement or make any comment on it. "Unfortunately, we're unable to provide anything in connection with this matter," DOJ spokesman Charles Miller wrote in response to a query Aug. 16. He did not contest the existence of the settlement with the Islamic Investment Company of the Gulf (IICG). Repeated attempts to obtain the settlement, or at least a clear explanation of why it cannot be released when most government settlements are a part of the public record, have been unsuccessful. "We will have no further comment," Miller said Wednesday. Reports of a grand jury investigation into an IICG domestic affiliate called Overland Capital surfaced early in 2007. Though the grand jury was convened in Boston in September 2006, a terror-financing prosecutor from DOJ was leading the tax evasion probe into the bank, the Wall Street Journal reported. Overland Capital allegedly was controlled by the Dar al-Maal al-Islami Trust (DMI), an Islamic financial institution founded by Saudi Prince Mohamed al-Faisal and which had at least two influential Muslim Brotherhood figures on its board, the Journal reported. It described DMI as "the hub of a network of banks and investment funds across Europe and the Middle East that cater to Muslims interested in strictly following Quranic principles, such as a ban on collecting interest." It cited records showing DMI held "an indirect 60 percent" share in Overland Capital. The IICG, meanwhile, is a "wholly owned subsidiary" of DMI Trust, according to the Faysal Asset Management Limited website. IICG has operations on four continents and managed $1.6 billion in funds in December 2007. Saudi Prince Mohamed al-Faisal founded DMI Trust nearly 30 years ago, the Journal reported. He remains on its board, along with serving on the boards of Faisal Islamic
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