The fines are part of a four state settlement. Western Union acknowledged it had reason to know active money laundering was happening at several of its locations. The money was transferred from the US to Mexico.
A Phoenix-area businessman is charged in an 80-count state criminal indictment of running a money-laundering operation that processed tens of [...]
Posts Tagged ‘money laundering’
Western Union fined $94 million in money laundering probe
Money laundering opportunities abound in Haiti crisis
Money launderers thrive during catastrophic events, due to the greatly reduced focus on compliance, and the urgent need to get financial and other assistance to the afflicted area. Look for opportunistic money laundering: the repatriation of narcotics profits, earned in North America, back through Haiti, en route to Colombian kingpins. The task is compiicated by [...]
Drug money laundered by banks kept financial system going during recent crisis
Drug money worth billions of dollars kept the financial system afloat at the height of the global crisis, the United Nations’ drugs and crime tsar has told the Observer.
Antonio Maria Costa, head of the UN Office on Drugs and Crime, said he has seen evidence that the proceeds of organised crime were “the only liquid [...]
Hedge funds, money laundering, and their exemption from the Patriot Act
Business Week. July 2006. Little if anything has changed since this was written. (Emphasis added)
When drug runners and terrorists want to park illicit cash, there may be no better haven than hedge funds. Despite tough new anti-money laundering standards put out by U.S. regulators for banks, mutual fund companies, insurers, and money transmitters, the highly [...]
Dubai is so over
Fast Company has a photo essay documenting the downward spiral of Dubai, which had the biggest real estate / money laundering bubble on the planet. The photo says it all, long lines of sewage trucks waiting to dump sewage in the desert because large areas of city have no sewage hookups. Before the bust, truck [...]
Florida regulators never acted on troubling findings about Allen Stanford
Miami Herald. This is damning stuff. I hope the pretend regulators involved to go to prison.
Employees for disgraced banker Allen Stanford were shredding records and sending pouches to Antigua stuffed with money — under the watch of Florida regulators.
He said agents should have tried to stop the destruction of records, particularly since money was going [...]
Allen Stanford. Just who is he?
GQ has an in-depth article delving into Stanford’s rise to billionaire status, his alleged money laundering and role as DEA informant, and his amazingly brazen ways.
My take: His current weepy / angry persona and bizarre asking to be arrested are just ploys by a con man to pretending to be an unstable goofball worthy only [...]
BBC. Allen Stanford may have been DEA informant while laundering drug money
Sources close to the DEA believe he worked with the agency, turning over details of money-laundering from Latin American clients … effectively guaranteeing himself a decade’s worth of “protection” from the authorities, especially the SEC.
In summer 2006, and investigation by the SEC into Stanford was stopped by another governmental agency. Golly, I wonder which agency [...]
The dark side of Dubai
The real estate market in Dubai has cratered, leaving behind half-completed opulent hotels, empty malls for the ultra-wealthy, and exposing an exploitative class systemwhere expats are tolerated and most of the work is done by an underclass of literally slave labor. The underclass comes from other countries, lured by false promises. their passports are taken, [...]
Did Phil Grammm and Tom DeLay kill money-laundering bill for Allen Stanford?
Gramm later boasted to the Institute of International Bankers that he “killed the administration’s anti-money-laundering legislation.”
“Early on, Sen. Phil Gramm, then head of the Senate Banking Committee, and his Texas colleagues in the House, Tom DeLay and Dick Armey, strongly opposed our legislation,” said Stuart E. Eizenstat, who was deputy secretary of the Treasury at [...]
Stanford may have laundered drug money for Mexican cartel
Told you this story would be bigger than Madoff!
Authorities tell ABC News that as part of the investigation, which has been ongoing since last year, Mexican authorities detained one of Stanford’s private planes. According to officials, checks found inside the plane were believed to be connected to the Gulf cartel, reputed to be Mexico’s most [...]
Allen Stanford scandal
I think this one will be bigger than Madoff. No one knows how much of the $50 billion is left or even where Stanford is. All these links come from the Business Insider family of sites who are doing a superb job of reporting and digging.
No one knows where Stanford is.
Of course, this “he’s gone” [...]
How drug cartels launder money
The WSJ has a superb investigative article on how South American drug cartels launder drug money from Europe. It comes back to South America in large denomination euros that is then often channeled into the US via foreign-exchange companies.
Hundreds of millions of dollars speeds in and out of bank accounts in multiple countries via bank [...]
