OTHER THINGS YOU MAY HAVE MISSED – OCTOBER 28

28th October 2018

JAPANESE REGIONAL BANKS NOW TARGETED TO LAUNDER ‘DIRTY’ MONEY OVERSEAS

The Asahi Shimbun on 28th October reported that criminal enterprises in Japan appear to be increasingly relying on regional financial institutions for money laundering because oversight on overseas money transfers is less stringent than at the nation’s megabanks.  Favoured institutions for money laundering are regional banks and shinkin banks – credit unions.  In September, the Financial Services Agency (FSA) began on-site inspections at more than 10 regional financial institutions deemed to have insufficient measures in place to prevent money laundering; it is almost unheard of for the agency to target so many banks at one time in a money laundering crackdown.  With their lack of expertise, systems and other factors in transferring large sums overseas, regional financial institutions often ask megabanks to do so on their behalf; but these are said to be less strict in scrutinising overseas remittance requests sought by regional financial institutions that are in the same line of business as theirs.

http://www.asahi.com/ajw/articles/AJ201810280006.html

PAKISTAN: ‘PENNILESS BILLIONAIRES’ EXPOSE MONEY LAUNDERING FRENZY

The Mail & Guardian carries a story from Pakistan on 28th October on how bank accounts in poor residents’ names are flooded with cash, then suddenly emptied in a laundering scheme that has likely seen hundreds of millions of dollars moved out of the country.

https://mg.co.za/article/2018-10-28-penniless-billionaires-expose-money-laundering-frenzy?src=ilaw

 

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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