Tag Archive | "money laundering"


Western Union confused and perplexed by money laundering regulations


Western Union is befuddled by the “complex nature” of complying with money laundering controls. Apparently it’s just darned hard to figure out how to not launder drug cartel money. They paid $94 million in fines in 2010, promised to sin no more, and to clean up their act. They were supposed to be in full compliance by 2013, but weren’t. The deadline has been extended to 2017, and they may pay additional fines. I guess that’s just the cost of doing business, isn’t it?

The revised settlement also raises the prospect of new financial sanctions on Western Union in the event its compliance program doesn’t pass muster with the independent monitor. Among other potential fines, the state could require the firm to pay $50 million plus $1 million for each so-called primary recommendation or group of primary recommendations it doesn’t implement successfully, the document said. There are now 73 primary recommendations and groups of primary recommendations overall.

Posted in Banksters

How drug cartels launder money, manipulate stock prices

Credit: chathamhouse.org

Credit: chathamhouse.org

This sobering report from Chatham House details the various ways DTOs (Drug Trafficking Organizations) launder money, manipulate stock prices, and turn dirty money into minty fresh clean money. Drug cartels have multitudes of businesses, some of which may have legitimate income. Invoices and contracts are created, money is received. However, the services provided are fictitious. Some companies may be public. thus, they buy the stock or options, then pump money into the company. This boosts the stock price, then they sell for a profit.

By now, DTOs no doubt control banks and brokerages, which makes money laundering all the more easier.

In the first route, the laundering company (LC) pays to the return company (RC), based on a legitimate service agreement, a portion of the dirty money received from the DTO. As mentioned before, this agreement may involve a variety of services such as public relations, marketing and tax advice. The key point is that there is a lawful agreement to back up the invoice to be issued by the return company to the laundering company to justify the payment of those funds. This is clearly a legitimate operation that does not raise any suspicion by the authorities.

The second route is somewhat more elaborate and involves transactions through the stock exchange. The process has two stages. In the first stage the investment company (IC) acquires (through a private or public transaction) shares or options to purchase shares of the laundering company (LC) at market prices. The dirty money introduced into the laundering company as fictitious sales, having no associated product or service cost, increases the profitability of the laundering company, hence increasing the market value of the laundering company shares. In a second stage, the investment company sells shares of the laundering company or exercises the options and generates a capital gain from the purchase and sale of the stock and/or options.

Posted in Banksters

$1.5 bn in money laundering violations, no criminal prosecutions


Saddle River Valley Bank, which has since been absorbed by another bank, will pay $8.2 million in fines for money laundering violations and of course no one got indicted because the Obama Administration doesn’t indict banksters. Rule of Law is, of course, just for the little people.

“It’s pretty remarkable that a small community bank in suburban New Jersey was attracting more than a billion dollars in transactions with customers in Mexico and the Dominican Republic, and nobody thought it was too good to be true,” FinCEN Director Jennifer Shasky Calvery said in a statement.

It’s also pretty remarkable the extent to which our banking system is corrupt. The federal government does little about it except collect fines. This is essentially the same thing as protection money. Banks pay fines, no one goes to prison, the US govt makes a few pretend changes, and the money laundering continues.

Posted in Banksters

I’m gobsmacked. Banksters are still money laundering criminals!


In a quaintly worded headline, The Telegraph says UK banks are “vulnerable” to money laundering. In my view, the banks are active, knowing  participants. They need that dirty money so they can pretend to still be solvent. Some of them no doubt are seriously mobbed up.

Major banks still vulnerable to money laundering, says top Brit regulator

Britain’s major banks remain vulnerable to being used to fund terrorism and money laundering by criminal gangs, despite being fined billions of pounds in recent years for failing to crackdown on illegal financing.

And despite all the pious bankster bleating about how they value a free market and competition, in truth, they detest it.

EU: investment banks appear to have colluded on derivative prices.

Posted in Banksters

Just how dirty is the Vatican Bank? Priest arrested for money laundering

Money Laundering

A priest was arrested last week in a scheme to bring $26 million into Italy illegally for a financier. The “priest” has a very odd background indeed. It’s all financial. He became a priest at 35 and seems little interested in doing the work of the Lord, preferring money-laundering apparently. Corruption at Vatican Bank has been going on for decades and at least one person, Banco Ambrosiano Chairman Roberto Calvi was murdered because of it.

Of course, the question now is just how honest the new pope Francis was when he vowed to simplify and reform any shady dealings in the Vatican: because not even he likely has any idea just how deep this particular rabbit hole goes… or what will be revealed when the latest criminal thriller involving a priest, a banker and a spook reaches its climax.

I believe that Pope Benedict also tried to reform the Vatican Bank, or pretended to, at least. Perhaps the Vatican Bank is so mobbed up that firing everyone in charge of it wouldn’t work because of what would invariably come to light, things the Catholic Church cannot allow to be made public because of the damage it would do to them.

All my life I kept trying to go up in society. Where everything higher up was legal. But the higher I go, the crookeder it becomes.” – Michael Corleone in Godfather 3, which was about Vatican Bank corruption

Posted in Banksters

0.25% fine for money laundering $100 billion, no criminal prosecutions


Apparently money laundering is a-ok if you’re a bankster. The penalties are a slap on the wrist and no criminal prosecutions. This is pathetic and an insult to Rule of Law and is really more like a protection racket by state and federal “regulators.” Bankers launder money, state and federal entities grab tiny piece of the profits,  the banks promise to do no evil yet admit little if any blame. Repeat as needed. Thus, by refusing to criminally prosecute, states and federal agencies are essentially complicit in and benefiting from the corruption. 

Top Japanese bank to pay $250M to NY regulators for laundering $100B, violating sanctions.


Posted in Banksters

Italy bans Vatican bank card payments due to money laundering

The vatican bank has been linked to criminality for decades

The Vatican bank has been linked to criminality for decades

Would it be too much for the Vatican to stop attacking gays and molesting children long enough to institute those anti-money laundering provisions at the Vatican Bank they’ve been promising they’ll get around to one of these decades? Apparently so.

Italian authorities have stopped all electronic payments inside the Vatican City after the Bank of Italy complained that it had failed to bring in new procedures to prevent money laundering.

Given that the Vatican often lectures the rest of us about what the proper morality is, you might expect they’d be right on this and implement the anti-money laundering rules. You’d be wrong. The response of the Vatican is that they’ll look for another way to do the payments and that this bothersome problem would be “short-lived.”

Involvement by the Vatican Bank in illegality has been going on for quite some time and was the primary topic of Godfather III.

When we were discussing the money laundering allegations at the Vatican Bank and the $1.2 billion the Vatican bank embezzled from Banco Ambrosiano, Freddy mentioned the movie Godfather 3. Seemingly that movie ties in the murder of Pope John Paul I with the bank scandal.

Paul Marcinkus was an American archbishop of the Roman Catholic Church. He was best known for his tenure as President of the Vatican Bank from 1971 through 1989. He was also involved with Michele Sindona, who had links with the Mafia.

Posted in News

Zeta drug money finances Helbollah

Hezbollah profits from US drug market via Mexico cartel

Beirut bank seen as a hub of Hezbollah’s drug money financing

What if we scrubbed Wachovia like we did the Lebanese Canadian Bank?


Posted in News

Egypt has now imprisoned more banksters than the US

Egypt’s former interior minister, Habib el-Adli, was sentenced to 12 years in prison for profiteering and money laundering, the state-run Nile News reported.

When will there be criminal indictments against banksters who launder money here? Wachovia got a slap on the wrist fine for laundering drug cartels billions. Yet no one went to prison.

Posted in News

Small bank exec indicted for money laundering. No big banks yet

The vice chairman of SunFirst Bank, a small bank with four branches in southern Utah, was released from jail Monday after surrendering his passport. He will stand trial on federal money laundering charges for using the bank to process money from online poker sites in exchange for a $10 million investment in the bank and a $20,000 “consulting fee.”

Sue says this is proof positive that little banks will be prosecuted on criminal charges for money laundering while big banks that laundered hundreds of billions for drug cartels get slap on the wrist fines and no criminal indictments.

Incidentally, the SunFirst website looks like it was built by 12 yo with no design sense and prominently displays their foreclosed property.  In contrast to other banks in the area that have been in existence for decades, SunFirst popped out of nowhere a few years ago and has offices in mobile trailers.

Those with accounts at SunFirst should consider getting their money out now. It’s doubtful a tiny bank can survive the indictment of an executive for money laundering.  How many other small banks are handling money for online poker sites (or drug cartels)?

Posted in Banksters, News


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