Baker McKenzie on 27th January reported that the US federal authorities have busted an international cash-delivery scheme in metro Detroit, where 3 men have been charged with secretly funnelling $88 million to Yemen, China and other countries by creating phony businesses whose only purpose was to move cash overseas.  In 2013-15, 2 are said to have created multiple fake businesses by using the addresses of vacant buildings, storefronts or residences and used “straw business owners” or “fronts” to help send $63 million to various countries.  In a separate case, a third man is charged with running a similar scheme, accused of wiring more than $22.3 million to Yemen and other countries by using 13 phony business bank accounts between 2011-16.

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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