“Secreting Assets Without A Border Trace” shows the role portable valuable commodities like diamonds can have in a scheme to hide assets. This January 4th “Asset Search News Roundup” reviews two more ways assets can be hidden.
Bulk Cash Smuggling
A December 16th press release refers to one case now being prosecuted which allegedly involved bulk cash smuggling and other crimes. In these situations, currency or monetary instruments are physically transported / concealed in what is often a money laundering scheme. An earlier “Asset Search Blog” article that discusses bulk cash smuggling in detail is “A Doctor, A Lawyer & Bricks Of Cash In Switzerland“.
Checks & Wire Transfers
Assets are also routinely hidden through the misuse of checks and / or wire transfers. The article “A Tax Fraud & Identity Theft From Miami” for example, mentions a drug trafficker named Mr. Wallace. Mr. Wallace had concealed $6.3 million dollars by wire transferring it from Panama to his Cayman Island bank account.
Nearly all of this $6.3 million was next stolen by Chuck who had forged letters to gain access to Mr. Wallace’s Cayman Island bank account. Chuck specifically did this by impersonating Mr. Wallace in two letters he sent to the Cayman Island bank. One of these letters redacted below, partly reveals that Chuck drained Mr. Wallace’s bank account by directing a wire transfer to Mexico:
Copyright 2011 Fred L. Abrams