Financial Crime Online

Betting is not allowed in a lot of countries and in most states of the US, so by definition here only criminals supply betting facilities. The US states that allow gambling (most well know is Nevada) regulate the gambling industry very strictly. The sheer amount of money flowing through casinos itself makes them interesting for [...]

A sensitive subject; lawyers involved in money laudering. Why sensitive ? Lawyers have a respectable profession and some priviliges. One of the most important is is attorney-client privilige. Lawyers have uncontrolled access to suspects in custody, conversations with clients can not be intercepted by law enforcement, and in some jurisdictions even the bank accounts of [...]

The classic image of a money launderer ? High rolling in a casino, laundering his money while having a martini. This week a drug trafficker in Ontario pleaded guilty to money laundering by feeding bills into casino slot machines, playing for a bit, then cashing out. When the machine issued a stub for the remaining [...]

It is a matter of economics; supply and demand. In this case supply, demand and secrecy. Everything that is illegal comes at a premium, also in the financial sector. A lot of people are willing to pay some extra’s to keep their financials hidden. And this demand is met by (part time) shady financial advisors [...]

Adeel Sattar, a 24 year old Pakistani from New York, was sentenced today to 3 years imprisonment for his hawala operations. An informant working for ICE and FBI gave him $ 1.7 m to launder, which he did. By the way, he was explicitly told that the money was in fact drugs money. Adeel transferred [...]

Yesterday the Colombian police reported that FARC is weakening. Has the battle against cocaine trafficking and money laundering finally paid off? The efforts of the US government are reported to have contributed to these results. I find the US Foreign Narcotics Kingpin Designation Act very interesting in its approach. For anyone who is not familiair [...]

Financial Crime Online launched today. Dedicated to financial crime and financial aspects of other types of crime. Made for law enforcement, security and AML professionals. News from the industry and from the world with comments from (anti) financial crime professionals from the US and Europe. Awaiting your participation and feedback. Happy reading.