The FinCEN Files – Live Aggregated News

The potential dark side of prepaid debit cards

On 22 September, NBC News reported on the collapse of Choice Bank, an obscure entity in Belize, that went largely unnoticed in 2018.  Americans were among the uninsured depositors filing claims in its failure, totalling $100 million. Some said they were startled to learn that their money was trapped in a small bank in Central America. They thought they were doing business with a US-based company called Payoneer.  It says that reports citing Choice Bank provide a rare glimpse into problems that can arise for customers of so-called financial technology companies partnering with risky offshore banks.

US FinCEN files expose dirty oil shipment schemes from Istanbul to Syria

Arab News on 23 September reported that, despite the embargo on oil business with Syria, some Turkish companies are bypassing sanctions through an offshore network.  Leaks have  revealed that Turkey’s top petrochemical company, Petkim, has been engaged in illegal oil business with the Assad regime through its associate PetroKim, and collaborated with 2 other companies, Milenyum and Blue Energy, between March 2010 and January 2016.

How Moroccan Cannabis Becomes Emirati Gold

Morocco World News reported that years of investigations have revealed the intricate money laundering network that turns Moroccan hash into gold in Dubai. Earnings from the sale of Moroccan cannabis in Europe move through shadowy networks as gold bullion, destined for Dubai.

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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