Tag Archives: terrorist financing

Searching For Assets Via Terrorist Financing Red Flags

By Fred Abrams on March 24th, 2012 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: February 19, 2012

By Fred Abrams on February 19th, 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

Asset Search News Roundup: August 18, 2011

By Fred Abrams on August 18th, 2011 Posted in Asset Search News, Bankruptcy, Divorce & Child Support, Money Laundering

Today’s “Asset Search News Roundup” deals with the beneficial ownership of assets. Although it was published as early as October 14, 2007, “Asset Search Indicia For Divorce, Debt Collection & Bankruptcy” is still relevant today. This is true because it reveals how beneficial owners sometimes conceal assets by using tools ranging from sham trusts to… Continue Reading

Asset Search News Roundup: June 8, 2011

By Fred Abrams on June 8th, 2011 Posted in Asset Search News, Holocaust-Era Assets, Money Laundering

The June 8th “Asset Search News Roundup” covers Holocaust-era assets and the Egmont Group of Financial Intelligence Units. By its December 16, 2010 decision, the Second Circuit affirmed the dismissal of the Holocaust-era assets case known as Grosz v. Museum of Modern Art. The December 16th decision is now the subject of a certiorari petition… Continue Reading

Discovery Of Offshore Bank Records At Arab Bank

By Fred Abrams on October 5th, 2010 Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering

An "Asset Search With Letters Rogatory" advises that a domestic court may issue a letter rogatory (a.k.a. a "letter of request" or "legal assistance request"), to try to compel a foreign bank to disclose offshore records. After issued by the domestic court, the letter rogatory would ordinarily be considered by governmental authorities located offshore where… Continue Reading

Asset Search News Roundup: July 4, 2010

By Fred Abrams on July 4th, 2010 Posted in Asset Search News, Holocaust-Era Assets, Money Laundering

The July 4th "Asset Search News Roundup" concentrates on Rudolf Leopold and cross-border activities: Austrian museum director and art collector Rudolf Leopold died on Tuesday, as pointed out by both the Associated Press and the New York Times. According to the Copyright Litigation Blog’s July 2nd article, Mr. Leopold’s death basically raises the issue of… Continue Reading

Asset Search News Roundup: May 12, 2010

By Fred Abrams on May 12th, 2010 Posted in Asset Search News, Tax Fraud

The May 12th “Asset Search News Roundup” talks about both whistleblower awards and hiding assets in informal banking systems: Ten days ago I had the pleasure of meeting a noted colleague, attorney Jack Blum. Among Mr. Blum’s high-profile clients are whistleblowers Rudolf Elmer and Heinrich Kieber, who are mentioned at at “Swiss Banker Blows Whistle… Continue Reading

Asset Search News Roundup: January 29, 2010

By Fred Abrams on January 29th, 2010 Posted in Asset Search News, Securities Fraud

The January 29th "Asset Search News Roundup" talks about HealthSouth’s ex-chief Richard Scrushy and includes the most recent remarks of Assistant Secretary For Terrorist Financing David Cohen: "HealthSouth Founder Scrushy Is Acquitted of Fraud" explained that Mr. Scrushy was acquitted in June of securities fraud and other criminal law violations. Mr. Scrushy was however, sentenced… Continue Reading

Asset Search News Roundup: November 16, 2009

By Fred Abrams on November 16th, 2009 Posted in Asset Forfeiture, Asset Search News, Financial Institutions, Money Laundering

A tax filing at the "Financials Page" of its website reveals that the Alavi Foundation had assets in 2007 with a fair market value of nearly $88 million. Federal prosecutors meanwhile, filed an amended complaint last Thursday against The Alavi Foundation. It sought asset forfeiture, as reported by Reuters, The New York Times and an… Continue Reading

Anti-Money Laundering Bellwether Seeks Transparency Across The Globe

By Fred Abrams on November 13th, 2009 Posted in Asset Search/Fraud Investigation, Financial Institutions, Money Laundering

The Financial Action Task Force (“FATF”), is the bellwether for the fight against global money laundering and terrorist financing. Its leading role is recognized by U.S. lawmakers in the Bank Secrecy Act at 31 U.S.C. §5311, which states: “FATF’s Forty Recommendations on Money Laundering and the … Special Recommendations on Terrorist Financing are the recognized… Continue Reading

Bank Melli Accused Of Hiding Its Fifth Avenue Assets

By Fred Abrams on December 25th, 2008 Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Financial Institutions, Money Laundering

U.S. authorities are seeking the sanction of asset forfeiture in connection with a 36-story Fifth Avenue N.Y.C. building, alleged to be partly owned by Iran’s Bank Melli. "Assets Seized at Company Suspected of Funneling Money to Iran" and / or a U.S. Treasury Department press release, also report that Bank Melli is accused of… Continue Reading

Hiding Assets In Informal Banking Systems

By Fred Abrams on October 19th, 2008 Posted in Asset Search/Fraud Investigation, Money Laundering

Based on a March 2003 FinCEN Advisory, informal banking systems, (a.k.a. informal value transfer or alternative remittance systems), have been around since 5800 BC. Such systems are abused by terrorists to transfer their funds, as more fully described by a presentation from the Organization for Security and Co-operation In Europe. According to said presentation, the… Continue Reading

Asset Search News Roundup: October 2, 2008

By Fred Abrams on October 2nd, 2008 Posted in Asset Forfeiture, Asset Search News

Given the fact that some beneficial owners conceal funds in bank accounts used as money laundering "links", this "Asset Search News Roundup" describes money laundering news from around the world: 1. Australia: The Australian Institute of Criminology, has released its September report, "Money laundering risks of prepaid stored value cards". Said report explains money laundering… Continue Reading

Government Data Mining & An Asset Search

By Fred Abrams on September 22nd, 2008 Posted in Asset Forfeiture, Asset Search/Fraud Investigation, Money Laundering

Data mining predicts patterns through electronic data base technologies like statistical analysis and modeling. Some U.S. law enforcement agencies data mine to predict the criminal patterns of money launderers, terrorist financiers or other criminals. The U.S. Department of Homeland Security for example, mentioned the following four data mining programs in its February 11, 2008 Letter… Continue Reading

Smuggling Cash Across Iraq’s Border

By Fred Abrams on September 3rd, 2008 Posted in Asset Search/Fraud Investigation, Money Laundering

I first wrote about Donnie in my post,”Forfeiture & The DEA’s Asset Search“. In that post, I mentioned that Donnie was a former Special Agent with the Drug Enforcement Administration who had gone to Iraq to train Iraqi Police. Donnie recently left the Numaniyah National Police Training Academy to travel about an hour’s drive southeast… Continue Reading

Asset Search News Roundup: August 23, 2008

By Fred Abrams on August 23rd, 2008 Posted in Asset Search News

This week’s roundup highlights three different matters in which assets were hidden by a "john" patronizing prostitutes; a Pakistani national engaged in terrorist financing; and an attorney from Utah: The Charlotte Observer reported at "2nd guilty plea in call-girl ring case" , that a "john" pleaded guilty to tax fraud for hiding revenue from the… Continue Reading

Hiding / Smuggling Cash

By Fred Abrams on March 31st, 2008 Posted in Asset Search/Fraud Investigation, Money Laundering

Nathan Vardi’s Forbes.com article "Cash Is King", describes some of the ways funds can be transferred during money laundering: Wire Transfers Credit Cards Prepaid Cards Digital Currency (i.e. E-Gold) Cash "Cash Is King" also briefly quotes me and mentions that cash is hard to trace. Illicit cash can of course still be detected, particularly at… Continue Reading

Money Laundering Typologies

By Fred Abrams on March 20th, 2008 Posted in Asset Search/Fraud Investigation, Money Laundering, White-Collar Crime Generally

A licensed private investigator from Arizona advised that he had a good track record in finding hidden assets and / or locating bank accounts. He however, contacted me wanting to know the best way to learn more about money laundering (18 U.S.C. §§1956 & 1957) and structuring / smurfing (31 U.S.C. § 5324). One good… Continue Reading

Fighting Financial Fraud At UK Banks

By Fred Abrams on October 8th, 2007 Posted in Financial Institutions, Identity Theft, Money Laundering

In the United States, the Financial Crimes Enforcement Network regulates the customer identification procedures, (a.k.a "know your customer rules"), at banks. In order to clarify these procedures, the Financial Crimes Enforcement Network issued guidance in January 2004. These customer identification procedures codified at 31 C.F.R Part 103.121, demonstrate that there is no discretion as to what information… Continue Reading

Terrorist Financing, Money Laundering & Financial Intelligence Units

By Fred Abrams on September 7th, 2007 Posted in Financial Institutions, Money Laundering

The Financial Intelligence Units of the Egmont Group, exchange information worldwide to track terrorist financing and fight crimes like money laundering. Their exchange of information occurs pursuant to the Egmont Group’s Principles for Information Exchange (June 2001) and Best Practices for the Exchange of Information (updated June 2004). Sometimes Financial Intelligence Units (“FIU’s”) share information… Continue Reading