Accountant Richard Gaffey, who was charged with money laundering offences, among others, in connection with the Panama Papers scandal must face charges of identity theft at his trial in connection with working with the law firm Mossack Fonseca, a judge ruled last week in New York. Gaffey had applied to have the ID theft charges […]
According to this article in the Financial Times, 20% of lawyers in the UK are not complying with federal anti-money laundering laws. Unlike the US and Canada, in the UK, lawyers are reporting entities and must conduct bank-level AML to onboard and report suspicious and other threshold financial transactions externally. The findings come amid concerns […]
Part 1 – Background Skip this Part 1 if you know about Mossack Fonseca and shell and shelf companies. The movie “The Laundromat” is about lawyers and big law firms and the system that fuels offshore money movements, often involving the proceeds of crime. The movie is about a big law firm called Mossack Fonseca that was based […]
Shell games US law enforcement agencies recently signalled that they were stepping up enforcement, inter alia, in two ways: (a) as against professional money launderers; and (b) as against shell and shelf companies that law firms flip to clients. Professional money launderers under scrutiny the FBI explained recently, are accountants, hawalas, lawyers and individuals, as […]
SEC Settlement A New Jersey lawyer, Gregg Jaclin, entered into a settlement agreement with the US Securities Exchange Commission (“SEC“) earlier this fall in respect of several allegations, including over the practice of the creation and resale and flipping of what are called “shell” companies, flipped to clients for hundreds of thousands of dollars and in respect […]