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Category Archives: Money Laundering

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Guatemala’s Former President & His Alleged Illicit Assets

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Public Corruption, White-Collar Crime Generally

U.S. prosecutors issued a press release yesterday announcing the extradition of former Guatemalan President Alfonso Portillo.  Mr. Portillo’s extradition to the United States was based on his alleged money laundering. Yesterday, Mr. Portillo was also arraigned in federal court in Manhattan.  Although Mr. Portillo was remanded to the custody of the U.S. Marshal, the Court’s docket reveals… Continue Reading

Asset Search News Roundup: April 20, 2013

Posted in Asset Search News, Money Laundering, Public Corruption, Swiss Banks, Tax Fraud

This Asset Search News Roundup discusses the Secrecy for Sale Project and the indictment of a NY attorney along with a Swiss banker: I)  The US-based  International Consortium of Investigative Journalists, (“ICIJ”), analyzed more than 2.5 million documents in its Secrecy for Sale Project.  The Project began after the ICIJ received a computer hard drive in… Continue Reading

Swiss Banks, Smuggling & Other Asset Recovery Issues

Posted in Asset Search/Fraud Investigation, Money Laundering, Swiss Banks, Tax Fraud, White-Collar Crime Generally

“Swiss Banks, Smuggling & Other Asset Recovery Issues” will be presented from 6:00 PM to 9:00 PM on April 18, 2013 in New York City, at the New York County Lawyers’ Association.  Jack Blum, Esq., Advocate Robert Fiecther of the Des Gouttes & Partners law firm located in Geneva, Switzerland and Fred L. Abrams, Esq…. Continue Reading

Receiver Says To Associated Bank, Show Me The Money

Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, White-Collar Crime Generally

The September 2009 Asset Search Blog article “Money Laundering By Minneapolis Money Managers?”, raised the issue of whether Associated Bank had violated federal anti-money laundering regulations.  This article discussed whether an account opened at Associated Bank in the name of Crown Forex, LLC, had been used to launder Ponzi scheme proceeds.  It pointed out that… Continue Reading

Asset Search News Roundup: December 14, 2012

Posted in Asset Search News, Financial Institutions, Money Laundering, Securities Fraud

A whistleblower claim against Deutsche Bank and HSBC’s settlement with U.S. Treasury: At “Human Intelligence & The SEC’s Whistleblower Program”, Labaton & Sucharow partner Jordan A. Thomas examines the critical role whistleblower tips will have in the SEC’s detection of fraudsters / recovery of assets.  One example of the foregoing might be the whistleblower tip… Continue Reading

Recovering Assets By Cracking Down On Corruption Proceeds

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering, Public Corruption, White-Collar Crime Generally

The ACAMS / MoneyLaundering.com article “FATF’s Focus on Asset Forfeiture Could Challenge Some Nations”, especially raises the issue of recovering corruption proceeds.  Near the end of this article, I am mentioned as saying that as part of their effort to crack down on corruption, Financial Action Task Force examiners may expect jurisdictions to track bribes paid… Continue Reading

Methods For Concealing Nazi-Looted Art & Other Assets

Posted in Asset Search/Fraud Investigation, Holocaust-Era Assets, Money Laundering

When analyzing the secret transfer of Nazi-looted art to museums and private collections, one may detect the use of multiple jurisdictions, nominees, forgeries or other common concealment methods. In some cases, these concealment methods are jointly employed to launder the title of looted artwork, similar to the way that illicit funds may be laundered.  Furthermore, because… Continue Reading

Asset Search News Roundup: September 28, 2012

Posted in Asset Search News, Money Laundering, Public Corruption

The name of a whistleblower is reportedly leaked and concealing assets in Luxembourg: A press release and “Ex-IRS examiner charged with naming whistleblower ” refer to the criminal complaint against Dennis Lerner of Edgewater, N.J.  Mr. Lerner is accused of violating 26 U.S.C. § 7213 (Unauthorized disclosure of information), 18 U.S.C. §§ 207 (Restrictions on former officers, employees, etc.) & 208 (Acts affecting a personal financial… Continue Reading

Asset Search News Roundup: August 9, 2012

Posted in Asset Search News, Divorce & Child Support, Money Laundering

A money laundering investigation and a Turkish letter rogatory: The Wall Street Journal article “Sands Probed in Money Moves”, gives a glimpse into the money laundering investigation of the Las Vegas Sands Corp.  The investigation reportedly started because of large casino deposits by former high rollers Zhenli Ye Gon and Ausaf Umar Siddiqui.  Mr. Ye Gon’s July 23, 2007… Continue Reading

Swiss Bank Secrecy Seems Poised For Another Hit

Posted in Financial Institutions, Money Laundering, Swiss Banks

Reporter Lynnley Browning’s 2009 article “Names Deal Cracks Swiss Bank Secrecy” mentioned the settlement of the UBS John Doe Summons case.  Pursuant to that settlement, UBS supplied the IRS with the names of about 4,450 suspected U.S. tax cheats alleged to have opened secret Swiss bank accounts.  The settlement was reached through two agreements, one of… Continue Reading

Asset Search News Roundup: July 4, 2012

Posted in Asset Search News, Holocaust-Era Assets, Money Laundering

The Holocaust-era assets of Hungarian Jews and the arrest of CEO Raymond Bitar: A supplemental amicus curiae brief filed in Kiobel v. Royal Dutch Petroleum, U.S. Supreme Court, Docket No. 10-1491, mentions that according to the  Republic of Hungary, 500,000 Jews were killed during the Hungarian Holocaust.  The brief filed on behalf of the Hungarian… Continue Reading

Asset Search News Roundup: June 17, 2012

Posted in Asset Search News, Money Laundering, Securities Fraud

Secreting Ponzi scheme proceeds and the conviction of three former money managers: “Secreting Assets Without A Border Trace” highlights methods determined criminals employ to conceal their assets from domestic authorities and everyone else.  It supplies the fact pattern of a securities fraudster who conceivably could have concealed Ponzi scheme proceeds by utilizing offshore jurisdictions, a… Continue Reading

Asset Search News Roundup: June 4, 2012

Posted in Asset Search News, Drug-Related Assets, Money Laundering

Suspected drug kingpins and hiding assets by way of nominees. “Obama Slaps Sanctions On Alleged International Drug Traffickers“, notes that a letter by President Obama just deemed an  Albanian, Mexican national and an Afghani, as drug kingpins.  These supposed kingpins are Naser Kelmendi, Jose Antonio Soto Gastelum and Sayid Wzir Shar.  On June 1st, the Office of… Continue Reading

Hiding Assets Through Gatekeepers With Accounts Across The Globe

Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering

A statement from The Wolfsberg Group of global banks recognizes that money laundering risks consist of financial “[a]ccounts for ‘gatekeepers’ such as accountants, lawyers, or other professionals for their clients where the identity of the underlying client is not disclosed to the financial institution.” It is therefore no surprise that assets hidden through laundering or otherwise, can end… Continue Reading

Protecting Assets By Utilizing A Nominee Incorporation Service

Posted in Asset Search/Fraud Investigation, Bankruptcy, Divorce & Child Support, Money Laundering

Ultra-high net worth divorcing spouses, kleptocrats, bankruptcy debtors, judgment debtors, etc., could easily conceal their beneficially owned assets by utilizing nominee incorporation services (“NIS”).  Pages 63-64 of The 2007 National Money Laundering Strategy, in essence divulge that some NIS promote the creation of non-transparent bank accounts and shell companies. Page 64 expressly says: “The FBI believes that… Continue Reading

Asset Search News Roundup: May 6, 2012

Posted in Asset Search News, Money Laundering, Tax Fraud, White-Collar Crime Generally

Today’s “Asset Search News Roundup” relays the details of a likey abusive trust scheme and an Egmont Group link chart. “Seattle’s Ubiquitous Asset Protection Lawyer, Ms. Mary Simon” outlines how an attorney was thought to have employed Belizean trusts as critical components in asset protection plans.  U.S.A. v. Arthur Lee Ong, U.S. District Court for… Continue Reading

Asset Search News Roundup: April 21, 2012

Posted in Asset Search News, Money Laundering, Public Corruption, White-Collar Crime Generally

Transparency International’s April 17th post “Who owns what? Trying to clean dirty money in the EU”,  highlights the importance of identifying the beneficial ownership of assets.  Among other things, it mentions Teodorin Nguema Obiang, who is a suspected kleptocrat.  A Wall Street Journal blog post meanwhile, describes the French arrest warrant concerning Nguema. Former Turks & Caicos… Continue Reading

Unmasking Beneficial Owners To Identify Their Assets

Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Swiss Banks, Tax Fraud

Laundered Assets analyzes the way a beneficial owner secreted undeclared revenue in a “back-to-back” loan, (i.e. a fully collateralized loan in which the borrower and lender are one and the same).  “True Beneficial Owner” facilitated this money laundering scheme by putting a Liberian shell company to work as a nominee / intermediary.  A chart at Laundered Assets shows that True… Continue Reading

Searching For Assets Via Terrorist Financing Red Flags

Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering

“Terrorist Financing, Money Laundering & Financial Intelligence Units” and “Transnationally Tracking The Assets Of Terrorists” discusses the Egmont Group.  The Financial Intelligence Units of the Egmont Group search for assets secreted by terrorist financiers and money launderers. Financial Intelligence Units search for these illicit assets by looking for special indicators.  The Egmont Group’s report “FIUs And… Continue Reading

Asset Search News Roundup: March 18, 2012

Posted in Asset Search News, Money Laundering, Public Corruption

A letter rogatory from Kenya and the February 24th return of Mayan artifacts to Guatemala. Following a money trail through multiple jurisdictions may necessitate letters rogatory.  Such a letter rogatory was filed October 12, 2011 in In Re: Request from Kenya, U.S. District Court for the District of Delaware, Index No. 11-mc-00213.  The Delaware Federal Court… Continue Reading

The Asset Recovery Case Of Cohen v. S.A.C. Trading Corp.

Posted in Asset Search/Fraud Investigation, Divorce & Child Support, Money Laundering, Securities Fraud, Tax Fraud

The New York Post and Bloomberg wrote last month about the appeal pending in Cohen v. S.A.C. Trading Corp., et. al., (11-1390-cv). The Cohen appeal is over the trial court’s March 30, 2011 dismissal of Patricia Cohen’s Second Amended Complaint.  The Second Amended Complaint accused Ms. Cohen’s ex-husband, (billionaire hedge fund manager Steven Cohen), of tax… Continue Reading

Prosecutors Add To Indictment Connected To Ponzi Scheme Case

Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering, Securities Fraud

At “Hockey bid a factor in Beckman’s Ponzi trial”, the StarTribune analyzes the Second Superseding Indictment filed in the criminal prosecution against Jason Bo Beckman, Gerald Durand and Patrick Kiley.  This StarTribune article explains the three are accused of money laundering and other alleged crimes arising out of Trevor Cook’s securities fraud which was one… Continue Reading

Asset Search News Roundup: February 19, 2012

Posted in Asset Search News, Money Laundering, Public Corruption, Tax Fraud

The Financial Action Task Force updates its standards and two politically exposed persons are criminally charged in the Turks and Caicos Islands¹: The Financial Action Task Force has revised its 40 Recommendations for fighting money laundering and terrorist financing.  A February 16th press release states these revisions include “[m]ore effective international cooperation including exchange of… Continue Reading

Forex Dealer Sued For Allegedly Ignoring Red Flags Of Fraud

Posted in Asset Search/Fraud Investigation, Money Laundering, Securities Fraud

A February 3rd civil complaint filed against Forex dealer Peregrine Financial Group, (“PFG”), alleges “PFG ignored or failed to discern a myriad of objective red flags of fraud…” Complaint at pp. 5-6 ¶12.  The complaint asserted a $48 million dollar claim under Minnesota’s fraudulent conveyance law and it was filed by Receiver R.J. Zayed, who… Continue Reading