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 through the abuse of plastic cards, ("prepaid stored value cards"), which store value electronically.
2. Switzerland: According to Swissinfo.ch, the Swiss Federal Prosecutor’s Office confirmed that ten affiliates of the People’s Mujahideen Organisation of Iran ("PMOI"), were just arrested by the authorities for money laundering. PMOI remains banned by the European Union because PMOI is a known terrorist group. The U.S. Treasury Department similarly lists PMOI at page 218 of its Specially Designated Nationals List, dated September 30, 2008.
3. United States: Examiner.com reported this week, that Mr. Juan Solano was sentenced to 15 months for money laundering and harboring illegal aliens via his Maryland "El Pollo Rico" restaurant. According to a Department of Justice press release, Mr. Solano and his sister Consuelo Solano were also ordered to hand over a total of $7.2 million in assets, because of the government’s asset forfeiture claim.
Copyright 2008 Fred L. Abrams