Financial Crime Online

Two weeks ago, Yemen has arrested Hassan Hussein Alwan, described as al Qaeda’s top financer in Yemen and Saudi Arabia. Bin Alwan has been charged with forming a terrorist group in Yemen and financing its activities.
“Alwan’s arrest will be instrumental in understanding the system of global terrorism financing. He is expected to be an intelligence [...]

The Financial Services Agency, Japan’s financial regulator, ordered Citibank to stop all promotional sales activities as punishment for lax money laundering controls. The bank may do business with individuals that contact the bank themselves.
The Japanese regulator said it has found “fundamental problems” with Citibank’s systems for detecting and monitoring suspicious transactions, including money laundering. The [...]

In 2001 a former defense attorney admitted that he had conspired with a “full time” crime professional to traffic cocaine and launder money that came from a $10 million armored car heist. Not in the least he admitted to have been part of the planning to kill a “business partner ” of his crime mate. The [...]

How do accountants end up at the wrong side of the fence? Probably just as most others do. Financial professionals offer services that are very attractive to professional money launderers and criminals that do “do it yourself laundering”. Who will set up companies in tax friendly jurisdictions? Who will think of a tax scheme to justify [...]