Nigeria gets ex parte asset recovery order for $153,000,000 in proceeds of corruption from PEP parked in banks

The government of Nigeria will be able to recover $153 million in proceeds of corruption from Diezani Allison-Madueke, its former Minister of Petroleum, who was and remains a politically exposed person under anti-money laundering law. The funds were alleged to have been stolen from the Nigerian National Oil Company when it was under her control as [...]

Nigeria says US$150 billion stolen from state coffers in 10 years by politically exposed persons

Whopping $150 Billion Stolen from Nigeria in 10 Years Nigeria’s new President, Muhammadu Buhari, today said that the government believes that its officials have stolen approximately US$150 billion from the state in the past ten years.  In anti-money laundering law, high ranking government officials with access to state property and assets are politically exposed persons (“PEP“). [...]

News report says that $125 million paid to listed terrorist groups for ransom payments

According to this article in the New York Times, governments of the European Union have paid at least $125 million to terrorist organizations, mostly Al Qaeda, since 2008 and $66 million of that was paid last year. The US Treasury Department estimates the figure is closer to $165 million and believes that ransom payments are [...]

Equatorial Guinea Vice President charged with money laundering

The Vice-President of Equatorial Guinea, Teodorin Obiang, has been charged with money laundering in a multinational corruption case in which it is alleged that he illegally moved state assets to other countries, including France. His lawyer in France, Olivier Metzner, was found dead last year floating in the sea near Boëdic island in Gulf of Morbihan. [...]

Liberty Reserve co-founder pleads guilty to money laundering

Money laundering conviction One of the co-founders of Liberty Reserve, Vladimir Kats, pleaded guilty to money laundering and operating an unlicensed money transmitting business yesterday. Liberty Reserve was one of the world’s most popular virtual currency services. It’s co-founders were indicted in the U.S. in May 2013, for allegedly laundering $6 billion in proceeds of crime [...]

French government concerned over potential money laundering with vineyard purchases

Tracfin report highlights money laundering In its annual money laundering report, France’s Traitement du Renseignement et Action Contre les Circuits Financiers Clandestins (“Tracfin“) expressed concern over money laundering risks associated with the sale of  France’s most renowned wineries to investors from China, Hong Kong and Russia. The concern stems from the increase in suspicious transaction reports filed with [...]

Review of high risk countries for money laundering

The Financial Action Task Force (“FATF“) has released its list of high risk jurisdictions for money laundering and counter terrorist financing. Reporting entities are generally required to apply enhanced due diligence when dealing with funds from jurisdictions that are high risk. The high risk countries are: Vietnam Syria Iran Kenya Ecuador Korea Ethiopia Indonesia Myanmar [...]

Two Somali foreign nationals in the US convicted of terrorist financing

Two Somali women, who became US naturalized citizens, were convicted today in federal court in Minnesota of terrorist financing for providing material support to al-Shabaab, a listed terrorist entity in both the US and Canada. The two women collected funds from Somali foreign nationals in Canada and the US during a three year period and [...]

Banks warned against money laundering from Tunisia

The Financial Crimes Enforcement Network has issued an advisory to U.S. financial institutions to take special precaution when dealing with funds from Tunisian politically exposed persons because of the increased money laundering risk if those funds are from the proceeds of crime (e.g. misappropriated or diverted State assets, proceeds of bribery, public corruption or other [...]

Senate report says dirty money still entering U.S. – and there’s a Canadian connection

Dirty money entering the U.S. from foreign nationals The U.S. Senate Committee on Homeland Security & Governmental Affairs released a special money laundering report today that describes four case studies of foreign politically exposed persons (“PEP“) who laundered money in the U.S. without detection. Two of the case histories have a Canadian connection. The 330-page report, [...]