Money Laundering

Money Laundering - how it is done, and what is being done about it. A guide to sources

King Juan Carlos's daughter Princess Cristina is innocent, says Spanish PM

Mariano Rajoy makes declaration weeks before princess due to testify in court over alleged tax fraud and money laundering. Guardian, 21 January 2014.

 

Vatican prelate accused of money laundering

Monsignor Nunzio Scarano is suspected of using offshore accounts to funnel fake donations through his Vatican accounts. Guardian, 21 January 2014.

 

HSBC investigation: Drug dealers, gun runners and Britain’s biggest bank

HSBC faces investigation into money laundering after whistleblower exposes thousands of offshore accounts in Jersey. Telegraph, 9 November 2012.

 

HSBC warns money-laundering fines could top $1.5bn

Bank braces for 'significantly higher' fines from the US authorities as it sets aside further $800m. Guardian, 9 November 2012.

 

HSBC warns money-laundering fines could top $1.5bn

Bank braces for 'significantly higher' fines from the US authorities as it sets aside further $800m. Guardian, 9 November 2012.

 

HSBC Exposed U.S. Financial System to Money Laundering, Drug, Terrorist Financing Risks

The report of the Senate Subcommittee. July 16, 2012.

 

Standard Chartered stumps up $340m for Iran links

Standard Chartered has agreed to pay $340m (£217m) to settle sanctions-busting allegations in the US, protecting its valuable New York banking licence and averting an embarrassing public hearing. Independent, 15 August 2012.

 

HSBC 'sorry' for aiding Mexican drugs lords, rogue states and terrorists

Executive quits in front of US Senate as bank faces massive fines for 'horrific' lapses that resulted in laundering money for drugs cartels and pariah states. Guardian, 17 July 2012.

 

US banks and regulators 'fail' to cut money laundering

One of the US's top fraud investigators, Eric Lewis, is warning that America's policing of money laundering is wide open to abuse and he will tell a Congressional hearing on terrorist financing that billions of dollars are slipping through the US banking system. BBC, 28 September 2010.

 

$1M painting, used in money-laundering scam, sent back to Brazil to reimburse defrauded victims

A Roy Lichtenstein masterpiece and a second painting were part of a huge art collection used by a South American scammer to launder some of the $1 billion he stole from Bancos Santos. New York Daily News, September 21st 2010.

 

Vatican Bank 'investigated over money-laundering'

The head of the Vatican Bank, Ettore Gotti Tedeschi, is under investigation as part of a money-laundering inquiry. BBC, 21 September 2010.

 

Noriega to be held in French custody until trial

Former Panamanian leader Manuel Noriega has been extradited from the United States to France and faces 10 years in jail for money laundering. BBC, 27 April 2010.

 

Billionaires and Bollywood stars caught up in IPL corruption inquiry

A host of Indian billionaires and Bollywood stars have been dragged into a money-laundering inquiry centred on cricket’s most lucrative tournament. Times, 23 April 2010.

 

Australian Charged with $500 Million Money-Laundering Scheme

Daniel Tzvetkoff, arrested in Las Vegas on money laundering charges, is suspected of processing more than $500 million in proceeds for U.S. gamblers and Internet gambling websites. Banking Information Security News, 23 April 2010.

 

Bogus peer Hugh Rodley tried to pull off world’s biggest bank raid

A gang of international criminals came close to stealing £229 million from a City bank by exploiting the high-tech security measures designed to protect money transfers. Hugh Rodley was the front man for the group, setting up companies and bank accounts to receive and launder the money. The Times, 5 March 2009.

 

House of Lords European Union Committee: Money Laundering and the Financing of Terrorism

A call for evidence. December 2008.

 

The Joint Money Laundering Steering Group

The Group is made up of the leading UK Trade Associations in the Financial Services Industry. Its aim is to promulgate good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations

 

Prepaid Cards: Vulnerable to Money Laundering?

A discussion paper by Stanley Sienkiewicz, published by the Federal Reserve Bank of Philadelphia. February 2007.

 

The Financial Crime Forum

The Financial Crime Forum is an initiative of The Anti Money Laundering Network, a group of companies which specialises in matters relating to financial crime and regulatory affairs. It holds regular conferences.

 

14th Annual International Money Laundering Conference

The dates of the conference in Florida are March 16-18, 2009.

 

Virtual money laundering now available on the world wide web

Money launderers can now move illicit cash through the growing number of virtual reality role-playing games, and convert that cash into real currency before withdrawing it from ATMs worldwide. An article by Kenneth Rijock, a financial crime consultant based in Miami.

 

Terrorists launder cash through online gambling

Islamic terrorist networks are using online gambling websites to launder money for attacks, security analysts have disclosed. Daily Telegraph, 2 January 2009.

 

Second Life world may be haven for terrorists

Legal experts claim the virtual world could provide a haven for money launderers, fraudsters and even terrorists to hide and move funds. Sunday Telegraph, 13 May 2007.

 

The hawala alternative remittance system and its role in money laundering

A paper by Patrick M. Jost of FinCEN and Harjit Singh Sandhu of Interpol/FOPAC published by Interpol, January 2000.

 

Eleven jailed in £500m 'dirty cash' case

A police and Customs operation has ended with more than 75 years jail for money launderers based in Yorkshire. The ring involved the laundering of some £500 million over four years in the late 1990s and early 2000s through abuse of the ancient Islamic financial system of hawala. Guardian, April 18, 2007.

 

Hawala: criminal haven or vital financial network?

A paper Roger Ballard Published in the October Issue of the Newsletter of the International Institute of Asian Studies, University of Leiden, pages 8 – 9.

 

Eight held in hawala money laundering probe

Eight people have been arrested in London on suspicion of involvement in a huge money laundering operations which used the ancient hawala system. BBC, 30 October 2001.

 

Underground Banking and National Security

Hawala, Hundi and Chop banking systems as traditionally used by Arabs, Indians and Chinese, do not necessarily involve money laundering but nevertheless underground banking has historically proven itself to be one of the safest methods for money launderers to transfer large sums of money without a trace.

 

Crime and Money Laundering - the Challenges

A speech by Tom K Alweendo, Governor of the Bank of Namibia, at the African Banking Congress in Johannesburg, 8-10 March 2005.

 

Nigeria governor to be impeached

A Nigerian state governor who was charged with money laundering in the UK has been handed an impeachment notice in his oil-rich home state of Bayelsa. BBC, 23 November 2005.

 

Spotlight turns to slick IRA money-making machine

The Provisional IRA's finance department is a slick machine with 30 years' experience in moving money through the international banking system, as well as hiding millions of dollars in donations from Libya and the US. Guardian, February 19, 2005.

 

IRA bid to buy bank

The IRA's money laundering empire is so vast they have been in negotiations to buy a bank in Bulgaria according to reports. 22 February 2005.

 

IMoLIN : International Money Laundering Information Network

IMoLIN has been developed with the cooperation of the world’s leading anti-money laundering organizations and the website includes a database on legislation and regulation throughout the world, an electronic library, a calendar of events in the anti-money laundering field, and a news forum.

 

Secretary Ridge Announces New Financial Investigations Initiatives

The Secretary of Homeland Security, Tom Ridge, announced programs to safeguard America's financial systems against criminal exploitation including Operation Cornerstone, a new financial investigations initiative against money laundering crimes. July 8, 2003.

 

European Union - Financial Crime

The part of the official European Commission website that deals with money laundering and financial crime.

 

UK Money Laundering Regulation

Publications and guides from HM Revenue & Customs.

 

The Anti-Money Laundering Network

founded in 1994 by Nigel Morris-Cotterill, the internationally recognised counter-money laundering strategist. It provides a complete range of AML consultancy, services and products to various financial institutions all over the world.

 

Making Sense of the AML Compliance Puzzle

Information from 192.com Business Services who have produced guides to the relevant laws.

 

Dow Jones Watchlist

A database to assist compliance officers in the fight against money laundering, illicit payments, and other illegal activity. It provides information on "politically exposed persons" in every country.

 

The Institute of Money Laundering Prevention Officers

A cross-representative forum of anti-money laundering professionals who share views, experiences and opinions. The IMLPO Annual Conference is an important forum for developments in the field.

 

The Terror Finance Blog

The Terror Finance Blog was created to serve the needs of legislative staff, government officials, policy makers and researchers who need intelligent and relevant analysis of issues relating to terrorist financing. The contributing experts all have many years’ worth of experience in studying, documenting, and researching the ways in which terrorists fund their actvities and get away with it.

 

Anti-Money Laundering / Combating the Financing of Terrorism

The most comprehensive source of downloadable documents on these subjects. It is part of the website of Kenneth L. Bryant DBA Intelsec International, a global full service investigative, security and risk management consultancy that provides asset protection and risk mitigation services exclusively to corporate clientele worldwide.

 

The Money Laundering Compliance Centre

Silkscreen Consulting (countermoneylaundering.com): One of the world's leading specialist counter-money laundering strategy consultancies. Works with banks to design, implement and maintain efficient and effective anti-money laundering system and training programme.

 

ABC Solutions

ABCsolutions was established to assist Canadian individuals and organizations to meet the challenge of developing and maintaining an effective anti-money laundering compliance program as mandated under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

 

IBA Anti-Money Laundering Forum

The International Bar Association's Anti-Money Laundering Forum website provides a unique "one-stop-shop" for access to the most current versions of each EU member state's anti-money laundering laws and regulations, direct links to national anti-money laundering authorities information websites and a large amount of related information and is information from all significant jurisdictions around the world.

 

Quicktolearnmore.com

An anti-money laundering e-learning platform especially for counter-money laundering training in multi faceted and multi-jurisdictional environments, which will assist financial institutions around the world to meet the challenges of an increasingly international regulatory threat to their businesses in different jurisdictions.

 

Clicktolearnmore.com

The leading provider of counter-money laundering content to e-learning providers and for in-house e-learning systems.

 

World Money Laundering Report

The only truly international newsletter for compliance professionals. Sources from Europe, USA, Asean and more. Edited by Nigel Morris-Cotterill. With syndication deal, readership exceeding 10,000.

 

GlobalKYC.COM

The leading OFAC monitoring service. (OFAC is a US government organization, the Office of Foreign Assets Control).

 

Money Laundering Reporting Officers

MLRO Support Ltd is managed by two qualified accountants - David Winch (co-author of Money Laundering for Lawyers)  and Bob Edwards who both are experienced MLRO's in their individual practices.

 

New anti-money laundering unit set up

A new anti-money laundering taskforce to streamline and modernise the system for reporting suspect financial activity in Britain, has been announced by the Home Office. 1 July 2003.

 

Risk Values

A cutting edge customer profiling tool for anti-money laundering transaction monitoring and analysis software.

 

OPSIS Sentinel

UK anti-Money laundering software from OPSIS. The Money Laundering Regulations 2003 have increased the importance of having systems to prevent money laundering and solicitors, estate agents, IFAs, car dealerships and auctioneers, are just some of the businesses affected by the regulations.

 

US Treasury - Office of Terrorism and Financial Intelligence

The website contains papers on the US Government's National Money Laundering Strategy with a special emphasis on unravelling the finances of terrorist groups.

 

Khodorkovsky "laundered $23bn"

Russian prosecutors claimed that Mikhail Khodorkovsky, the jailed Yukos oil tycoon, laundered more than $23bn (€18bn, £12bn), in Yukos oil sales, disclosing the first details of charges that could keep the Kremlin opponent in jail for a further 10 years. Financial Times, February 9 2007.

 

Khodorkovsky & Lebedev Communications Center

The official website of Mikhail Khodorkovsky and Platon Lebedev that was established to support their claims that they are innocent.

 

U.S. Indicts Russian U.N. Official

Vladimir Kuznetsov, a Russian official who chairs the United Nations' powerful budget committee has been charged with helping another U.N. procurement officer launder hundreds of thousands of dollars in bribes for a share of the money. Fox News, September 2, 2005.

 

Money Laundering in Casinos

Part of an anti-casion website.

 

Online Gambling Sites Less Susceptible to Money Laundering Than Real-World Counterparts

In a submission to the Financial Action Task Force (FATF), the Interactive Gaming Council (IGC) points out that online gambling is in a better position to address the risks of money laundering. 24 September 2002.

 

Death threats before crash

Stephen Curtis, a lawyer for the Russian oil giant Yukos, who died in a mystery helicopter crash had received death threats. Swiss auditors had recently started investigating possible money laundering by Yukos companies. Western Mail, August 7, 2004.

 

Riggs Bank Hid Assets Of Pinochet, Report Says

Riggs Bank courted business from former Chilean dictator Augusto Pinochet and helped him hide millions of dollars in assets from international prosecutors while he was under house arrest in Britain, according to a report by Senate investigators. Washington Post, July 15, 2004.

 

Argentina: the Dirty Money War

A whirlwind of allegations linking at least two Argentine financial institutions to elaborate international money-laundering networks has damaged the credibility of the nation’s banking system and further complicated the government’s task in reviving the economy. World Press Review (VOL. 48, No. 05) May 2001.

 

Money Laundering new regulations - implications for information provision

A feature article by Olivia Freeman, former Head of Business Information at HSBC Bank, in the FreePint Newsletter 164, 29th July 2004.

 

International Conference on Money Laundering, London, 26 February 2002

Among the covered were the financing of terrorism, new regulations in Europe and the USA, practical steps to prevent money laundering, and cases of international corruption and organised crime. Speakers come from the Financial Services Authority, Scotland Yard, National Criminal Intelligence Service, Transparency International, the Organisation for Co-operation and Security in Europe and other important bodies.

 

US Financial Crimes Enforcement Network (FinCEN)

FinCEN was established in 1990 by the US Treasury Department to collate, analyze, and disseminate information on financial crimes, especially drug money laundering.

 

Money Laundering: A Banker's Guide to Avoiding Problems

Advice from the US Office of the Comptroller of the Currency.

 

Correspondent Banking: A Gateway For Money Laundering

Minority Staff of the Permanent Subcommittee on Investigations Report, United States Senate, February 5, 2001.

 

Financial Action Task Force on Money Laundering

The FATF was established by the G-7 Summit in Paris in 1989 to examine measures to combat money laundering. Its membership includes the major financial centre countries of Europe, North America and Asia. It is a multi-disciplinary body which meets several times each year bringing together the policy-making power of legal, financial and law enforcement experts. Since the atrocities in the US on 11th September 2001 the FATF has been paying special attention to the world-wide effort to combat terrorist financing.

 

Launderingmoney.com

A website maintained by Michael Hearns, a veteran US law enforcement officer with considerable experience of combatting money laundering.

 

Association of Certified Anti-Money Laundering Specialists

ACAMS was created in November 2001, by Alert Global Media, Inc., the publisher of Money Laundering Alert, and is an international organisation that provides a platform for career development and professional networking for individuals and is a resource for financial institutions and related businesses to identify and locate specialists in the money laundering prevention field.

 

International Compliance Association

The ICA was created to support Money Laundering Reporting Officers, Compliance Officers and their assistants, in meeting the challenges posed by enhancements to the regulatory environment and the risks associated with the relentless growth in the extent of property derived from criminal activity.

 

Former Merrill Lynch trader probed over Allegheny payment

Daniel Gordon, former chief energy trader for Merrill Lynch & Co., is being investigated for allegedly embezzling $43 million from the world's largest securities firm in 2000 by disguising the theft as an energy trade, and laundering the money with the help of a Canadian offshore-banking consultant. Washington Post, August 13, 2003 .

 

SAS in Bosnia bank seizure

An SAS team helped end a mafia money-laundering racket by taking part in a raid on a Bosnian bank, it has emerged. It was believed that the money-laundering operation was funding a plot to set up a breakaway Bosnian Croat state. BBC, 17th June 2002.

 

Funny money

Following the September 11th terrorist attacks, governments accelerated measures to deter economic crime, particularly money laundering. However, businesses and individuals are also victims of such crime, including fraud and corruption. The Economist, May 3rd 2002.

 

Tax Havens Stymie Judge Garzón's Investigations

Spanish judge Baltasar Garzón investigations into alleged money laundering, tax evasion and embezzlement of funds, and possible blackmail payments to illegal Basque organisation ETA are being frustrated by a lack of cooperation from authorities in Gibraltar, Cayman Islands, Monaco, Puerto Rico, Liechtenstein, the British isle of Jersey, and the northeastern U.S. state of Delaware. Inter Press Service, April 30,2002.

 

Barclays handled cash stolen from SCH's Banco Noroeste in Brazil

Barclays PLC handled about $8 million of cash stolen from Banco Santander Central Hispano SA's Banco Noroeste in Brazil. The original theft of $242 million, an upfront fee fraud, involved two people posing as the Governor and Deputy Governor of the Central Bank of Nigeria.

 

Criminals rush for Euros

Finnish police are faced with the extraordinary task of tracking large amounts of illicit funds during the changeover to the common European currency. October 1, 2001.

 

Report on Money Laundering Typologies 2003-2004

One of the topics covered in this report from FATF is terrorist financing in relation to money laundering.

 

Israeli bank in money laundering probe

Twenty-two employees of Hapoalim, one of Israel's biggest banks, have been arrested following a year-long investigation into alleged money laundering worth hundreds of millions of pounds. The Times, March 7, 2005.

 

Israel troops raid Ramallah banks

Israeli troops have swooped on several banks in Ramallah.Israel has justified earlier bank raids as part of efforts to trace foreign funding for Palestinian militants. BBC, 25 February 2004.

 

Arafat's Wife at Centre of Money Laundering Inquiry

French prosecutors have launched a money-laundering probe into suspected million dollar transfers to accounts held by the wife of Palestinian leader Yasser Arafat. 13 February 2004.

 

French bankers held in laundering probe

The president of Société Générale was detained by police in connection with a money laundering network stretching between France and Israel. BBC, Monday, 14 January, 2002.

 

Argentina's banking scandal deepens

A congressional committee originally set up to investigate accusations that the governor, Pedro Pou, had failed to investigate cases of alleged money laundering through Argentina's financial system will also investigate the bank's directors. The BBC, 21 February, 2001.

See also Scandals involving Central Banks

French judge: Indict Leumi France on money laundering

French Investigating Judge Isabelle Prevost Desprez ordered eight French banks, including Banque Leumi France, to be indicted on serious money laundering charges. The affair was uncovered over a year ago, as part of a suspected money-laundering scheme that originated in Israel. 7 October 2003.

 

Peru spy chief’s Swiss millions frozen

Switzerland has frozen some $50 million in five bank accounts linked to Peru's ex-spy chief, prompting the Peruvian government to launch a probe into allegations that Vladimiro Montesinos laundered money through Swiss banks. November 3, 2000.

 

SFBC orders removal of bank’s general manager

Switzerland's Federal Banking Commission (FBC) has ordered Bank Leumi, Israel's second biggest bank, to replace the head of its Swiss banking subsidiary after it failed to exercise due care in opening a bank account for Vladimiro Montesinos, the former Peruvian spy chief. 13 November 2001.

N.B. Compare this case with the plot of Into the Fire, a fictional account of a Peruvian spy chief involved in money laundering, written before this revelation. A new edition of the novel is now out!

The Peruvian efforts to recover proceeds from Montesinos’ criminal network of corruption

A paper by Guillermo Jorge Executive Director, Program on Corruption and Governance, Universidad de San Andrés, Argentina.

 

New Book Accuses Luxembourg Clearing House Of Money Laundering

The book "Revelations" by Ernest Backes, an ex-banker and and Denis Robert, a French investigative reporter, accuses Clearstream of having been involved in money laundering. Ulrika Lomas, Tax-news.com, Brussels 28 February 2001.

 

Labour donor link to money-launder scandal

A businessman who has made big donations to the Labour party is under investigation by Swiss authorities on suspicion of helping to launder millions of dollars looted in one of the biggest thefts in history by the former dictator of Nigeria, General Sani Abacha. Guardian, February 28, 2002.

 

FSA Report on accounts linked to General Abacha

UK banks are criticised in the report by the Financial Services Authority (FSA) into their role in the looting of Nigeria by the late dictator General Sani Abacha.

 

Bureau de Change Laundered £70 million

Ussama El-Kurd who used a bureau de change in London as a front for what is believed to have been Europe's largest money laundering operation was jailed for 14 years and fined £1 million. Daily Dispatch (South Africa), February 27, 1999.

 

Sweeping it Under the Carpet: the Role of Accountancy Firms in Money Laundering

by Austin Mitchell, Member of Parliament, House of Commons, UK, Prem Sikka, University of Essex, UK and Hugh Willmott, University of Manchester Institute of Science and Technology, UK. A draft of a paper presented at the Critical Perspectives on Accounting Symposium, Baruch College, New York, 26-28 April 1996.

 

Financial Crimes and Money Laundering

A report by the U.S. Department of State Bureau for International Narcotics and Law Enforcement Affairs. It includes information on money laundering in about 200 countries and territories around the world.

 

Why the War on Money Laundering is Counterproductive

  A paper by Richard W. Rahn, author of the End of Money, at the Anti-Money Laundering 2001 conference.

 

International Narcotics Control Strategy Report, 1997 : Money Laundering

A detailed account of the relationship between drug trafficking and money laundering.

 

On 'Cooling Hot Money': Transatlantic Trends in Drug-related Money Laundering and its Facilitation

An article by Nigel South, Professor of Sociology, University of Essex, England.

 

Moneylaundering.com

News about money laundering from the publishers of Money Laundering Alert. Subscribers can search the journal archives back to 1989.

 

Money Laundering Training Multimedia and Video

Details of training materials for different types of financial organisations.

 

Money Laundering Training Solutions by Easy i

Easy i specializes in communicating complex but critical issues, such as anti-money laundering prevention, to employees. 

 

Money Laundering Bulletin

This claims to pay more attention to UK and international issues than Money Laundering Alert does.

 

ICA Money Laundering site

Guidance and advice from the Institute of Chartered Accountants in England and Wales.

 

Billy's Money Laundering Web Site

The history of money laundering, the methods used, its effects, UK legislation and efforts to combat it, and particular cases such as Operation Green Ice and Operation Dinero are just some of the topics covered by this site.

 

Modelling Global Money Laundering Flows

A paper containing estimates of the total amount of money laundered and also a ranking of individual countries according to their perceived attractiveness to money launderers. By John Walker Crime Trends Analysis Services.

 

Investigation & Control of Money Laundering via Alternative Remittance & Underground Banking Systems

A report by Christine Howlett who was awarded a 2000 Churchill Fellowship for the investigation.

 

Money Laundering Fears Surface in Fiji

Fiji authorities believe there could be as many as ten money laundering operations working in the country.

 

Niue calls for Pacific Island states to stand together

Niue has called on Pacific Island states to stand together against allegations from developed nations that they are being used as money laundering centres.

 

The Dominion of Melchizedek - A Fictitious Nation

An account of the various frauds, apart from money laundering, associated with the non-existent country.

 

The Dominion of Melchizedek

The home page of a country that exists only in cyberspace.

 

Electronic Money Laundering

A report by Department of Justice Canada. October 1998.

 

Detecting Money Laundering Actions Using Data Mining and Expert Systems

A presentation by Ekrem Duman with Ayse Buyukkaya at the NATO Advanced Study Institute on Mining Massive Data Sets for Security, September 10 - 21, 2007, Villa Cagnola - Gazzada - Italy.

 

An A to Z of money laundering

Crooks and terrorists both need to move money around. BBC, 15 March 2002.

 

Labour donor link to money-launder scandal

A businessman who has made big donations to the Labour party is under investigation by Swiss authorities on suspicion of helping to launder millions of dollars looted in one of the biggest thefts in history by the former dictator of Nigeria, General Sani Abacha. Guardian, February 28, 2002.

 

How Money Laundering Works

An introductory article by Julia Layton at the How Stuff Works website.

 

Operation Casablanca continues its sweep

The largest drug money laundering case in U.S. history led by the U.S. Customs Service linked some Mexican banks and banking officials with the laundering of Juarez and Cali cartels' drug profits, and the most recent arrests extend the operation's reach to Venezuelan banks and banking officials US Department of the Treasury, May 20, 1998.

 

Banking On Cocaine

A "sting" operation in the US leads to the arrest of 31 Mexican bankers.

 

Cafe Americain-style

US Customs set up a firm called the Emerald Empire as part of Operation Casablanca to trap people laundering the proceeds of illicit drug sales.

 

Operation Juno

In September 1996, the DEA and the Internal Revenue Service began a pro-active undercover money laundering sting investigation called Operation Juno.

 

Raul Salinas accused of $100m drugs laundering

The Swiss authorities say more than $100m of drugs money was deposited in Swiss banks by the brother of the former Mexican president, Carlos Salinas. The BBC, October 20, 1998.

 

Wyoming court convicts Atlantan in investor scam

Six defendants were convicted of money laundering in a scheme that originated in Wyoming and duped hundreds of Atlanta business people into believing promises of a $1.5 trillion fortune, purportedly amassed by former SBC Chorco Chairman and British businessman Leslie Chorlton and linked to funds held by the CIA, the Mafia and the Vatican. Atlanta Business Chronicle, January 3, 1997.

 

Off Shore, Corruption and Money Laundering - General Analysis

A collection of articles by the Global Policy Forum.

 

A Clear and Present Danger

It's been called the greatest theft ever. In the past decade between $200 billion and $500 billion has been gouged from the Russian economy. Four Corners, Australian Broadcasting Corporation, May 2001.

 

Barclays drawn into Russian metals lawsuit

Russian Aluminium, the world's second largest aluminium producer, is being sued for $2.7 billion by three rival metals companies. The lawsuit includes accusations of murder, fraud, bribery and money laundering. Sunday Times, 22 April 2001.

For a thriller about murder and fraud in the Russian aluminium industry see Forged Metal by Lesley Campbell.

 

Swiss want Yeltsin aide extradited

The Swiss Government has formally asked the United States to extradite former Kremlin property manager Pavel Borodin, to face prosecution in connection with money-laundering allegations. The BBC, 5 February 2001.

 

Russian Crime Finds Haven in Caribbean

By Douglas Farah, Washington Post Foreign Service, Monday, October 7 1996. Russian organized crime groups, flush with billions of dollars looted from the former Soviet Union and profits from drug trafficking and other criminal activities, are using unregulated and secretive Caribbean banks to launder their illicit gains.

 

Russia sues Bank of New York for $22.5 billion

Russia's Federal Customs Service has filed a $22.5 billion lawsuit against the Bank of New York for money laundering. Forbes, May 17 2007.

 

Redwash: the untold story of the Bank of New York, global money laundering and financing of international terror

It was called "the bank heist of the 20th century," "the biggest financial scandal of all times" and was investigated by the FBI, the Federal Reserve Board, the New York State Banking Department, the banking and law enforcement authorities of Switzerland, Italy, Russia, Cyprus and other countries, yet the only person sent to jail was a low level clerk.

 

Russia Hid Hard Currency

In an effort to hide funds from creditors, Russia transferred billions of dollars of its hard currency reserves to a fund management company in the Channel Islands tax haven of Jersey. CNN February 12, 1999.

 

Following the Rouble

While the Russian scandal bears all the hallmarks of the typical money laundering scheme, it is complicated by last years' financial crisis. The BBC, Wednesday, October 6, 1999

 

Using Falun Gong to Amass Dirty Money, and Committing Economic Crimes of Tax Evasion and Money Laundering

The Chinese embassy in Canada claims that the Falun Gong religious sect has been involved in money laundering.

 

Souls of Discretion

by Eduardo Galeano. An article from the New Internationalist magazine, October 1998, about Swiss banks and money laundering.

 

Money laundering in cyberspace

Money laundering is bolstered by the near anonymity that can sometimes be achieved through internet communication. BBC, 2 February 2001.

 

Cleaning up money laundering on Net

by Rose Aguilar. At a meeting in San Francisco in 1996 government finance officials from 27 countries discussed ways of preventing money being laundered in cyberspace.

 

Cyberlaundering: Anonymous Digital Cash and Money Laundering

for a seminar at the University of Miami School of Law.

 

The Nugan Hand Bank

Michael Hand, a former American soldier who fought with distinction in Vietnam, co-founded the Nugan-Hand Bank with Australian Frank Nugan in 1973. The bank is suspected of being used by the CIA to finance covert operations and to have laundered the proceeds of drug and arms sales.

 

Clinton's Money Laundry

Allegations that various banks, not just the now defunct Nugan Hand Bank, have been involved in money laundering for the CIA. By Sherman H. Skolnick.