OTHER THINGS YOU MAY HAVE MISSED – OCTOBER 13

13th October 2018

MASSIVE HAUL OF CIGARETTES AND TOBACCO SEIZED FROM HUSBAND AND WIFE AT BRISTOL AIRPORT

Bristol Live on 12th October reported on a husband and wife who arrived with 11,000 king size cigarettes and 140.5 kg of tobacco on a flight from Tenerife, 561 times more tobacco and 54 times more of cigarettes than allowed.

https://www.bristolpost.co.uk/news/bristol-news/bristol-airport-customs-tobacco-cigarettes-2100348

FCA FINDS E-MONEY FIRMS HAVE EFFECTIVE AML CONTROLS

On 12th October, Shearman & Sterling published an article saying that the FCA has issued a report on the outcome of its thematic review into money laundering and terrorist financing risks in the e-money sector; which focuses on e-money products, including prepaid cards and digital wallets. The AML/CFT controls of 13 authorized e-money institutions and registered small electronic money institutions – but not activities that are not regulated by the FCA or money remittance services.  It found that the majority had effective AML/CFT controls in place.

The report is at –

https://www.fca.org.uk/publication/thematic-reviews/tr18-3.pdf

https://www.jdsupra.com/legalnews/uk-regulator-finds-e-money-firms-have-99722/

NORWAY’S FINANCIAL REGULATOR PROVIDES DETAILS ON REGISTRATION PROCEDURE FOR VIRTUAL CURRENCY BUSINESSES

The Finance Feeds blog on 12th October reported that Norway’s Financial Supervisory Authority has updated its guidance to virtual currency businesses regarding the implementation of the new AML rules which will also apply to virtual currency exchange businesses.  There will be a transitional period, with the registration deadline being January 15th.

https://financefeeds.com/norways-financial-regulator-provides-details-registration-procedure-virtual-currency-businesses/

ANTIGUA-BARBUDA ECONOMIC ENVOY REJECTS MONEY LAUNDERING CLAIM

Caribbean News Now on 12th October reported that a diplomatic passport holder for Antigua and Barbuda, Alex Nain Saab Morán, appointed as an “economic envoy” 4 years ago, has confirmed that 2 former employees of a company in which he was a partner, and which closed 10 years ago, have been arrested by Colombian authorities for alleged money laundering and fraud, but said that he expects them to be released shortly since the charges are not sustainable.

https://www.caribbeannewsnow.com/2018/10/12/antigua-barbuda-economic-envoy-rejects-money-laundering-claim/

NEW ZEALAND: WOMAN AT FINANCIAL SERVICE COMPANY ACCUSED OF LAUNDERING $300,000 COCAINE MONEY

Stuff on 12th October reported the story of Qiannan Tang, a marketing manager at a financial services company, MCM Group, where her role also involved processing overseas money transfers, is accused of laundering more than $318,000 of drug money between December 2016 and March 2017 to overseas bank accounts.

https://www.stuff.co.nz/business/107791901/Woman-accused-of-laundering-300-000-cocaine-money-pleads-innocence

KUWAIT INVESTMENT FUND RAISES ALARM OVER ALLEGED ATTEMPT TO SEIZE $500 MILLION FROZEN IN DUBAI BANK

Forbes on 12th October reported that a Kuwaiti investment fund is calling on the Kuwaiti government to clarify its position over close to $500 million of the fund’s assets in a Dubai bank, after growing concern about possible efforts by some Kuwaiti individuals to seize the money.  The money from The Port Fund was frozen while being transferred through Noor Bank in Dubai in November at the request of the Kuwaiti authorities.  The situation followed the jailing in Kuwait of Russian businesswoman Marsha Lazareva, managing director of KGL Investment (KGLI), which sponsored The Port Fund with allegations of corruption and embezzlement.

https://www.forbes.com/sites/dominicdudley/2018/10/12/kuwait-investment-fund-alarm-funds-frozen-dubai/#1e059c8367a9

FLORIDA CHEQUE-CASHER GUILTY OF LAUNDERING $100 MILLION

WPTV in Florida on 12th October reported that Evelio Suarez, 53, a South Florida cheque-casher had pleaded guilty to laundering cash from identity theft, health care and mortgage fraud 2013-2015.  She is said to have controlled a chain of cheque-cashing stores

https://www.wptv.com/news/state/check-casher-guilty-of-laundering-over-100-million

KENYA’S EX-SPORTS MINISTER TO BE CHARGED OVER RIO OLYMPICS GRAFT

Reuters reported on 13th October that Kenya’s former sports minister will be charged in relation to the siphoning of funds meant for athletes who competed in the 2016 Olympics in Brazil.  Hassan Wario, the sports minister at the time, and 5 other former senior officials have faced allegations.

https://af.reuters.com/article/topNews/idAFKCN1MN0I0-OZATP

THERANOS CRIMINAL CASE SAID TO BE BROADER THAN DISCLOSED
The Economic Times in India reported on 13th October that the case involving Theranos, the now-defunct blood-testing start-up, could be bigger than was first thought.  The company was once valued at as much as $9 billion but collapsed amid what prosecutors describe as a massive fraud masterminded by CEO Elizabeth Holmes and former company president Ramesh “Sunny” Balwani to dupe investors, doctors and patients.  Holmes settled a SEC civil suit, while Balwani continues to fight the SEC.

https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/theranos-criminal-case-is-broader-than-disclosed-us-says/articleshow/66191879

AL-QAEDA AFFILIATE REPORTEDLY USING IRAN AS TRANSIT POINT FOR BANNED EXPORTS OF SOMALI CHARCOAL

Rferl on 13th October reported that an Al-Qaeda-linked militant group is using Iran as its main transit point for illegal charcoal exports from Somalia, enabling the group to earn millions of dollars in profits, a report from a UN sanctions committee claims.

https://www.rferl.org/a/al-qaeda-affiliate-al-shabaab-somlia-reportedly-using-iran-transit-point-illegal-charcoal-shipments-earning-millions-dollars/29541307.html

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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