This week’s "Asset Search News Roundup" is about bank secrecy laws which can be exploited by tax cheats or other individuals fraudulently concealing their assets. As the OECD explained at page 19, ¶¶ 29 & 30 of "Improving Access To Bank Information For Tax Purposes", bank secrecy laws play a critically important role in a country’s… Continue Reading
Monthly Archives: February 2009
Financial Fraud Via Shell Companies In Nevada, Delaware, Etc.
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, White-Collar Crime GenerallyMy post "Domestic Shell Companies & An Asset Search" explained that assets are sometimes concealed by shell companies used in a variety of financial frauds. In fact, states like Nevada and Delaware are especially prone to the formation of shell companies lacking transparency. Once such shell companies are established in Nevada, Delaware or elsewhere, they… Continue Reading
Asset Search News Roundup: February 19, 2009
Posted in Asset Search NewsIn this "Asset Search News Roundup", I discuss the money laundering case against N.Y.P.D Officer Yaniris Balbuena– who is accused of hiding drug monies in nine bank accounts. I also mention the money laundering investigation just commenced against Houston billionaire R. Allen Stanford. *Although Officer Yaniris Balbuena is almost a nine year veteran of the… Continue Reading
Asset Forfeiture Goes Global
Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Global Asset Forfeiture, Money LaunderingFinancial Intelligence Units or other government agencies throughout the world have a keen interest in searching for illicit assets and then forfeiting them. This global interest in asset forfeiture is perhaps marked by the growth of "goAML" software from The United Nations Office on Drugs and Crime. "GoAML" even includes "goATR", which is asset tracking… Continue Reading
Asset Search News Roundup: February 11, 2009
Posted in Asset Search News, Drug-Related AssetsThe U.S. Treasury Department’s Office of Foreign Assets Control ("OFAC") is the focus of this "Asset Search News Roundup". OFAC administers economic and trade sanctions against international drug traffickers, terrorists and certain countries under Presidential national emergency powers or federal laws. In order to impose such economic sanctions, OFAC or other governmental authorities search for assets… Continue Reading
Politically Exposed Persons & Money Laundering
Posted in Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime GenerallyMy September 26, 2008 Asset Search News Roundup mentioned that public corruption crimes can involve concealing bribe payments or other illicit assets. This is perhaps why financial institutions sometimes check lists of "Politically Exposed Persons", (i.e. individuals holding high foreign public office, a.k.a. "PEPs"), in an anti-money laundering program. These lists of "Politically Exposed Persons"… Continue Reading
Asset Search News Roundup: February 3, 2009
Posted in Asset Search News, Public CorruptionTwo U.S. mayors suspected of public corruption crimes are mentioned in this "Asset Search News Roundup". The first mayor described below, might have concealed a bribe via a home renovation. The second one is suspected of hiding gifts. Meanwhile, a third mayor was just arrested along with his wife for an alleged insurance fraud relating… Continue Reading