GENEVA: ‘ Unnamed #FIFA official arrested appeals Extradition Warrant ‘

#AceNewsReport – Post Update:GENEVA:June.10: One of the seven #FIFA officials arrested in May on US corruption charges in Zurich appealed to the Federal Criminal Court of Switzerland against the warrant on his extradition issued by the country’s Federal Office of Justice (FOJ), the Office said Wednesday.

On May 27, the US Department of Justice charged 14 people — including nine senior FIFA officials — with racketeering, money laundering and taking $150 million in bribes. Seven of the officials were arrested in Zurich, Switzerland on the same day.

“The Federal Criminal Court will rule on whether or not he will have to remain in custody for the entire length of the extradition proceeding,” FOJ said in a statement published on its official website.

Both the official and the Federal Office of Justice may appeal the decision of the Federal Criminal Court in the Federal Supreme Court in Lausanne, the statement added.

The name of the person who lodged the appeal has not been disclosed.

@acenewsservices

#association-football, #extradition, #federal-criminal-court, #federal-office, #federal-supreme-court, #mail-and-wire-fraud, #money-laundering, #sepp-blatter, #switzerland, #the-new-york-times, #united-states, #united-states-department-of-justice, #us-department-of-justice, #zurich

‘ PALESTINE AUTHORITY WANTS TO JOIN INTERPOL AFTER THREE YEARS AS AN OBSERVER ‘

#AceWorldNews – PALESTINE:Jan.05: The Palestinian Authority wants to join Interpol after having been accepted as an observer but not a full member three years ago because it did not have control of defined borders Jewish Press reported.

The Abbas regime thinks it now has a majority of Interpol’s members to be accepted.

Palestinian Authority Minister of Interior Ahmed al-Rabie told the Bethlehem-based Ma’an News Agency, joining Interpol will give the PA the ability to take part in fighting cross-border crimes and fighting terrorism, money-laundering, corruption, arms-trade, and human-trafficking.

The question remains which terrorism the Palestinian Authority would fight, or aid …?

#ANS2015

#corruption, #arms-trade, #crime, #human-trafficking, #interpol, #money-laundering, #terrorism

AUSTRALIA: ‘ EXTRADITES MAN TO US OVER ALLEGED INVOLVEMENT IN SILK ROAD ‘

#AceWorldNews – AUSTRALIA – Nov.28 – Australia has extradited a man to the US over alleged involvement in Silk Road, a website on which people bought illegal drugs like heroin using digital currency bitcoin, Reuters said.

Peter Phillip Nash, 41, from Queensland, and two other men were charged with conspiracy to engage in narcotics trafficking, computer hacking and money laundering in December.

A spokeswoman for the Attorney General’s Department did not specify when Nash left or when he would face trial.

The two other accused, administrators for the website, aged 24 and 25, were arrested in the US and Ireland.

Nash was a primary moderator, according to the US indictment.

#ANS2014 

#trafficking, #computer-hacking, #drugs, #money-laundering, #narcotics

‘ Third World Investment Scam Nets $1.5 Million ‘

#AceNewsServices – MILWAUKEE – September 25 – Giving back to underdeveloped countries and getting cash back! It can seem like a worthwhile investment, but if the money ends up in the wrong hands, you could end up in big trouble!

“They dangled the carrot just far enough in front of you to keep you interested,” Joe Mackey said.

Mackey thought he was investing in improving technology in Third World countries. In reality, he was caught in a scam.

“Renovating the old power plants that they have, bringing them up to the modern age so they function at peak capacity,” Mackey said.

“People would only have to pay 10 cents and there are so many people in Nigeria who needed power that it would make him millions and millions of dollars,” U.S. Postal Inspector Stephanie Barrett said.

Investors were promised big returns.

“The stockholders were told that they could expect three to four times the return of their money within a year of the power plants being built. So within two years they would receive probably $1 million dollars and it would  just continue up from there,” Barrett said.

“It offered an opportunity for a better life for my wife, my kids and myself,” Mackey said.

But it was all a lie. Postal inspectors say the con-man running the scheme was just stealing their money.

“I felt angry. I felt foolish. I felt betrayed,” Mackey said.

Mackey wasn’t alone. More than 300 victims lost more than $1.5 million. Postal inspectors say an honest employee who worked for the ringleader went to police and said:

“The stockholders were not going to receive any of their money and the money that was actually being spent, was being spent on personal living expenses not for the company,” Barrett said.

Postal inspectors warn all consumers to do their research before investing, and always be wary of promises and big returns.

“The odds of getting a million dollars for a $3,200 share is very slim,” Barrett said.

The main suspect in this case pleaded guilty to mail fraud, securities fraud and money laundering.

He faces up to 20 years per fraud count and a maximum sentence of 10 years for money laundering.

Source:

#ANS2014

#milwaukee, #money-laundering, #nigeria

` Pakistan in Lock-Down As People Fear Arrest of Leader Pakistans MQM Party ‘

#AceNewsServices – PAKISTAN (Karachi) – June 04 – The leader of Pakistan’s MQM party, Altaf Hussain, has been arrested in London on suspicion of money-laundering, reports said on Tuesday as panic spread through his home city of Karachi and protesters torched vehicles.

British police said only that a 60-year-old man had been detained at a residential address in north-west London and officers were searching the building.

“Officers have this morning arrested a 60-year-old man on suspicion of money-laundering,” a Metropolitan Police statement said.

Hussain fled Pakistan for Britain in 1992 after a military operation to end ethnic unrest in Karachi, gaining British citizenship in 2002.

Pakistan‘s biggest city was in lock-down for a second day on Wednesday, with shops and markets closed and people staying home for fear of violence following the arrest in London of one of the country’s most feared men.

The Muttahida Qaumi Movement (MQM) has its power base in the violence-racked city of Karachi, Pakistan’s largest, which it controls with an iron fist.

Panic gripped the sprawling metropolis of 18 million people soon after local television broadcast the reports. Angry protesters torched at least a dozen vehicles, according to rescue officials.

Many rushed to stock up on groceries in anticipation of a prolonged shut-down while office workers left for home early, clogging up roads.

Altaf Hussain, leader of the powerful Muttahida Qaumi Movement party and wanted in Pakistan in relation to a murder case, was arrested in north-west London where he has lived in self-imposed exile since the early 1990’s.

Karachi, a sprawling and violent port city of 18 million, is virtually controlled by Hussain’s party, and reports of sporadic violence emerged as soon as news of his arrest reached the city.

evening#ANS2014

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#ans2014, #altaf-hussain, #hussain, #karachi, #london, #money-laundering, #mqm, #muttahida-qaumi-movement, #pakistan

` Saudi Arabian Court has Sentenced 13 Men to Jail for Aiding, Abetting and Financing Conflicts Abroad ‘

#AceWorldNews – RIYADH – April 14 – (ALJ) – A Saudi Arabian court has jailed 13 men, handing down sentences from one to 10 years, for aiding and financing conflicts abroad, conspiring inside Saudi Arabia and harbouring wanted suspects, state news agency SPA reports.

Other charges for which the 13 were convicted on Sunday included money laundering, bribery and possession of illegal weapons. They were all given travel bans to come into force after their sentences finished. Another seven men were acquitted, SPA reported.

Saudi courts have sentenced hundreds of convicted fighters to prison terms in recent months as they work to overcome a long backlog of cases related to an anti-government campaign last decade that killed hundreds.

The security forces detained thousands of people after the bombings and shootings started in 2003. They were accused of security offences, including joining extremist groups and fighting in Iraq and Afghanistan.

#ANS2014

#afghanistan, #bombings, #iraq, #jail, #money-laundering, #riyadh, #saudi-arabia, #sentences, #weapons

#Silk-Road : “US `Federal Charges’ were made `Public Monday’ against `Two Men Accused’ of `Bitcoin’ Exchange Business `Bitinstant’

#AceFinanceNews says `Bitcoin Exchange Operators’ arrested in connection to Silk Road case. 

Published time: January 27, 2014 16:26
Reuters / Pawel Kopczynski Reuters / Pawel Kopczynski
 Federal charges were made public early Monday against two men accused of operating a Bitcoin exchange business in connection to the ongoing investigation involving the Silk Road on-line marketplace.

The United States Justice Department published a statement on their website Monday morning confirming that the two men, Robert Faiella and Charlie Shrem, had been arrested within hours of each other and charged with one count of conspiracy to commit money laundering and one count of operating an unlicensed money transmitting business apiece. If convicted, the men would face a maximum of 25 years in prison.

“As alleged, Robert Faiella and Charlie Shrem schemed to sell over $1 million in Bitcoins to criminals bent on trafficking narcotics on the dark web drug site, Silk Road,” Preet Bharara, the US Attorney for the Southern District of New York, said in Monday’s statement. “Truly innovative business models don’t need to resort to old-fashioned law-breaking, and when Bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act. We will aggressively pursue those who would co-opt new forms of currency for illicit purposes.”

Shrem, the CEO of the Bitcoin exchange service BitInstant, was also charged with one count of willful failure to file a suspicious activity report, which carries a maximum sentence of five years.

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#acefinancenews, #bitcoin, #bitinstant, #charlie-shrem, #money-laundering, #preet-bharara, #silk-road, #united-states, #united-states-justice-department

Australia: ” Police Crack `Global Money-Laundering Ring’ Seizing More than `$512 Million’ in Drugs and Assets”

#AceWorldNews says Australian police crack global money-laundering ring
Australian police said on Thursday they had cracked a major global money-laundering ring with operatives in more than 20 countries.

The funds were syphoned off to groups reported to include Hezbollah, AFP reported.

The Australian Crime Commission said more than $512 million of drugs and assets had been seized in a year-long sting codenamed Eligo. It targeted the offshore laundering of funds generated by outlaw motorcycle gangs, people-smugglers and others.

#afp, #assets, #australia, #australian, #drugs, #gangs, #global, #money-laundering, #motorcycle, #offshore, #people-smugglers, #police

” Teaching Students How to Properly Launder Money”

#AceChinaNews says this post was courtesy of  wuyiyao and his report, on how someone on his course asked ” Is there a way of laundering money `properly’ and this is his post.   

During a financial orientation course at Shanghai Finance University, 19-year-old Li Jing raised his hand and asked if there is a way of laundering money “properly”.

A little later, another student said she had heard that even small coffee houses can launder cash. She asked for an explanation of how the practice works and how to spot financial crimes committed under the guise of daily business activity.

Dang Hue, Asia head of the Association of Certified Anti-Money-Laundering Specialists, said in response to the students’ questions, “There is no legal way to launder money, because the activity is intrinsically illegal, and anyone involved will be caught and punished.”Money laundering fight becomes matter of course for students

Li and his peers are the first undergraduates in China to major in Compliance and Anti-Money-Laundering, a course created to meet increasing demand from financial markets amid the country’s ongoing economic development.

Dang said the students’ questions are a sign that compliance and anti-money-laundering are still relatively new concepts.

“There’s a long way to go. When the students graduate from this undergraduate program, they will still need more hands-on experience and training to become qualified anti-money-laundering specialists,” Dang said.

Compliance, the adherence to business laws and policy, has become a buzzword after recent probes into alleged bribery, corruption and fraud at State-owned enterprises and multinational corporations, especially large pharmaceutical companies.

The students realize that what they learn will be crucial for the healthy development of China’s financial and economic system and that the demand for professionals in the field will surge in the next few years.

Supply shortages

According to the International Monetary Fund, laundered money accounts for approximately 5 percent of the combined annual GDP of all the countries in the world, approximately $1.8 trillion. The figure is rising at a rapid rate, with annual growth of $100 billion.

Amid faster-than-ever global capital flows, dirty money, which finances crimes including drug dealing, human trafficking and terrorism, will be “washed clean” by laundering if effective action isn’t taken, said Dang.

“As the world’s second-largest economy plays an increasingly important role in global economic development and the internationalization of the yuan continues, China’s efforts to combat money laundering will have a growing impact on the global economic picture,” said Dang.

However, the gap between the supply of and demand for talent in compliance and AML work is wide.

“In Shanghai alone, about 2,000 professionals are needed for compliance and AML work,” said Chu Zhen, head of the Department of Finance at Shanghai Finance University. It’s likely that it will take a long time to fill all those positions, however, given that the school only can enroll around 50 students a year. The first majors in compliance and AML will graduate in 2017.

Ma Qing, a Shanghai-based head hunter who specializes in the financial sector, said some of the most difficult requests to fulfil come from companies looking for compliance officers.

In the past, many employers put compliance under the direction of other, unrelated departments, and the responsibilities often included a number of miscellaneous functions that had little to do with legal affairs.

“The job prospects were not attractive; the pay was low, the outline of the responsibilities was too vague and compliance units were given very few resources,” said Ma.

That may be about to change, though; salaries in the field may rise by 40 percent or even more, and compliance units are being given a say in a wider range of decisions.

“One client on our books told me that as a compliance officer, he feels more respected, involved, and indispensable in his workplace than before. He is not alone in thinking that,” said Ma.

The difficulty in finding talent lies in the current dearth of experienced professionals, he added.

“I’ve been working on filling a vacancy at a bank, but the employer is demanding at least five years’ experience in compliance. But that’s a very rare commodity because few people were willing to work in the sector given the poor conditions in the past, and very few remained in the field for five years to gain the necessary experience,” he said.

Some educational establishments realized the problem existed and began to take action. In 2009, Shanghai Fudan University established postgraduate-level programs in compliance and AML, and cultivated talent to meet the future market demand.

Shanghai Finance University and AML association have cooperated on the undergraduate program since autumn. Together, they are providing wide-ranging training, including basic AML courses that focus on regulatory requirements in China, the study of global standards and leading practices in the fight against money laundering.

Experts in compliance and AML from across the world will be invited to lecture and provide practical experience, and all the Shanghai Finance University lecturers have been trained by experts from the AML association, according to Dang.

Money laundering fight becomes matter of course for students

Student will gain hands-on experience through internships at insurers, stockbrokers, financial institutions, auction houses and property developers, according to Chu.

In addition to courses in economics, finance and other compulsory studies for Chinese college students, the first undergraduate compliance and AML majors at Shanghai Finance University will learn by studying cases of illegal financial behaviour.

“Wherever there is significant cash flow, there is soil for compliance and AML work. Students will use case studies to understand how money laundering works, but personal integrity will also be key to their future success – we hope students equipped with that sort of knowledge won’t get involved in improper deeds,” said Chu.

Circumstances can also play a role, however. A report published by Ernst & Young’s Fraud Investigation & Dispute Service in August 2013, said: “We are beginning to see a slowdown in growth. Companies are faced with budget cuts and are struggling to meet their targets. Business risks are often heightened in economically hard times.”

Weak controls, a tough business environment – which may prompt enterprises to take “shortcuts” to achieve sales or business-growth targets – the use of technology to detect bribery and fraud, and an established, but as yet, immature whistle-blowing program all contribute to compliance risks.

In the Asia-Pacific region and other emerging markets, poor regulatory frameworks and a lack of effective channels for reporting illegal behaviour have provided an environment in which illegal financial activities, such as fraud and corruption, are able to flourish.

“The key question for companies in the (Asia-Pacific) region is how to effectively minimize the risk of fraud and corruption in high-risk markets with weak control environments, given the restricted resources,” said the E&Y report.

The authorities and businesses have strengthened measures to combat illegal behaviour in economic activity, and funding has been increased to help achieve that goal.

Chinese banks already rate their clients’ risk of criminal conduct on a scale of one to five as part of efforts by the People’s Bank of China to curb laundering and fraudulent transactions, according to a post on the central bank’s official website.

Money laundering fight becomes matter of course for students

Financial institutions must identify their riskiest clients and use their own discretion to report suspect deals. The accounts of clients assessed as high-risk must be checked frequently and not once every six months, as is the normal practice, the PBOC website said.

In December 2012, the PBOC issued new anti-money laundering rules to all domestic financial institutions, requiring lenders to rate clients based on their location and the nature of their business, including their levels of transparency. A number of insurers and stockbrokers have also implemented the system.

So far the PBOC has yet to set a deadline for companies to comply with the guidelines.

“In the past, clients were rated against a checklist of money laundering traits, but the list failed to differentiate risk levels. That led financial institutions to unwittingly inundate the authorities with information and false leads that impeded the checks,” said a source with a Shanghai-based commercial bank who declined to be named because of the sensitivity of the issue.

The source said that as the PBOC’s anti-money laundering rules are implemented, a greater number of professionals are becoming involved in training programs to learn more about AML and the prevalent practices.

Businesses are becoming more attuned to, and knowledgeable about, AML and bribery, according to market insiders.

Foreign businesses were once regulated by the laws of their home countries, but an increasing number are now better prepared and aware of the fact that they need to ensure they have good “know-your-customer” policies to tackle AML issues and effective anti-corruption and bribery policies in place, said Dang.

A large number of financial professionals have undertaken intensive training in the relevant programs.

Approximately 190,000 professionals work in the AML field in China’s banking, insurance and securities sectors, but most of them are new to the field, according to a report published by the PBOC, which acts as the banking regulator in China.

Crucially, however, self-regulation is a growing trend as companies acknowledge the benefits that can accrue from being seen as squeaky clean.

Research undertaken in 2013 by the consultancy services provider A.T. Kearney, which conducted in-depth interviews with compliance executives at 40 top companies worldwide, showed that most of the interviewees said they expect to expand their compliance systems. Furthermore, 57 percent of those interviewed said they will most likely seek external help, especially in staffing departments with experts in issues such as anti-corruption, data protection and product safety.

“Today’s regulatory pressure doesn’t stop with the external authorities. Many firms understand that compliance can lead to a competitive advantage and are making their suppliers commit to compliance standards that go far beyond those required by law,” said the report.

Thanks to the Author wuyiyao for supplying this post. 

 

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#acechinanews, #acenewsservices, #acute-myeloid-leukemia, #aml, #asia-pacific, #china, #international-monetary-fund, #li-jing, #money-laundering, #shanghai, #shanghai-finance-university

Manhattan US Attorney’s Office Announced Thursday the Forfeiture of Nearly 30,000 Bitcoins that were Seized from the Silk Road”

#AceWorldNews says the Manhattan US Attorney’s office announced Thursday the forfeiture of nearly 30,000 bitcoins that were seized from the Silk Road, an on-line bazaar for illicit materials such as illegal drugs and weapons. The FBI shut down Silk Road in October. That amount of the crypto-currency is worth around US$28 million, as of Thursday’s rates, and according to officials represents the largest ever forfeiture of the currency.
“We have not yet determined exactly how the bitcoins will be converted and liquidated,” said Manhattan US Attorney Office spokesperson Jim Margolin. Charges against Silk Road owner and operator Ross William Ulbricht include one count of narcotics conspiracy, one of count of conspiracy to commit computer hacking, and one count of money laundering conspiracy.

#attorney, #bitcoins, #computer-hacking, #conspiracy, #court, #fbi, #forfeiture, #manhattan, #money-laundering, #silk-road, #us