From politics to soccer: Money laundering stories making headlines

January 18, 2017

China: China's anti-money laundering regulations will soon require that financial institutions report cross-border transfers of more than 200,000 yuan (approximately $29,000 USD), domestic cash deposits, withdrawals or transfers of 50,000 yuan or more ($7,300 USD), and any smaller transactions that may be suspicious.

On a side note, the Joint Financial Intelligence Unit of the Government of Hong Kong recently provided an update on the number of suspicious transaction reports (STRs) it has received. As of November 30, 2016, 71,563 STRs had been submitted in 2016 compared to 42,555 the previous year—a 68% increase.

Figure 1: Number of STRs received by Joint Financial Intelligence Unit, Hong Kong

England: Southend United striker Nile Ranger has been charged with conspiracy to defraud and conspiracy to commit money laundering. He has admitted to plotting to swindle more than £2,000 in February 2015 from a vulnerable woman in an online bank scam.

Ranger obtained the details of the woman’s online HSBC account and transferred the money into a Satander account. Prosecutors told the court that the transfer was done through an account belonging to an innocent third party. The charges of fraud stem from Ranger acquiring the bank details and then transferring the money. Ranger has denied the money laundering charge.

India:  A branch manager in Delhi was arrested by the Enforcement Directorate for his role in nine alleged fake accounts with deposits worth Rs. 34 crore ($5 million). The deposits were made after last November’s demonetization initiative that saw all 500 and 1,000 rupee notes voided, followed by a 50-day period where old notes could be exchanged for newly designed 500 and 2,000 rupee notes or deposited into bank accounts.

In addition to the bank manager, two others were arrested for allegedly depositing black money.

Mexico: A newly elected member of the Tijuana City Council has been charged with 10 counts of money laundering. Luis Torres Santillan, the general manager of a family-owned food import business, is one of 12 defendants accused of smuggling the proceeds from illegal activity into the United States, depositing it into banks and then wiring it back to Mexico.

Santillan’s bail has been set at $300,000 and his next hearing is scheduled for early February.

 

Upcoming webinar: Register for our upcoming webinar, ‘The role of compliance in reinforcing correspondent banking relationships’ on February 6th. Dave Garcia of National Commercial Bank Ltd. in Jamaica will discuss how respondent banks can successfully build correspondent banking relationships. Register now!

 

About Anu Sood:

Anu Sood is the Director of Product and Corporate Marketing at CaseWare Analytics and is responsible for the company’s global marketing strategy. Prior to CaseWare Analytics, Anu worked in various roles in the high-tech industry and her accomplishments range from writing software for telephone switches to launching a new global satellite communication service. Anu has extensive experience in strategic marketing, corporate communications, demand generation, content marketing, product management, product marketing and technology development. 

Connect:    Anu Sood 

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