Money Laundering

The new Anti Terrorism Bill that has been passed into law in the United States will make it more difficult for offshore entities to operate bank accounts in the U.S.Under the new law, all U.S. financial institutions must establish anti

Suisse Security Bank and Trust chairman Mohamad Harajchi and the bank's CEO, Christopher Lunn, filed a civil complaint against Bahamas Prime Minister Hubert Ingraham in October, alleging that Ingraham defamed them in a public speech that he gave in Nassau.

Investigator finds links among different cases of corruption in Argentina The head of an anti money laundering commission in Argentina, Legislator Elisa Carrió, has linked apparently unconnected cases of corruption that have occurred during the past 15 years in a

An application may be made to wind up Dominica based Overseas Development Bank & Trust in the first week of December if it does not honor a demand for payment from a creditor, we have been told.Attorney Michael Bruney told

A claim by St Vincent &the Grenadines that it is serious about combating financial crime was dealt a blow on November 22 when it allowed suspected money launderer Thierry Nano to avoid an arrest warrant.Nano flew from the island on

A client of financial services provider Marc Harris has confirmed to OffshoreAlert that he is taking legal action in Panama in an attempt to recover an investment of approximately $1 million.An article was published in La Prensa newspaper in November

The Bahamas Supreme Court dealt a blow to the local government's fight against money laundering by issuing a landmark ruling limiting the powers of the new Financial Intelligence Unit.In a decision dated November 27, 2001, Judge Anita Allen ruled that

Four offshore bankers were arrested by United States law enforcement agencies in November and charged with money laundering.Two more have also been charged with money laundering but are still at large after warrants were issued but not executed.Those arrested were

Bahamas-based Americas International Bank Corporation Ltd. is insolvent and was used primarily as "a vehicle to launder funds" received from investment fraud, according to its liquidator.Accountant Clifford Culmer painted a bleak picture of the bank's activities in an affidavit filed with the Bahamas Supreme Court on November 19, 2001.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Netherlands into Giovannie M. M. de Jesus Van Ierland and others for alleged narcotics trafficking and money laundering.

Indictment in USA v. Julien Giraud and Brian Boeger at the U. S. District Court for the Southern District of Florida.

Indictment in USA v. William Abraczinskas and Leo Malcolm West at the U. S. District Court for the Southern District of Florida.

Criminal Complaint in USA v. William Abraczinskas at the U. S. District Court for the Southern District of Florida.

September 11 side effects on already slowing regional economy The attacks on the United States on September 11th will have profound economic effects, further slowing a world economy already growing at its lowest rate in a decade and speeding up

A Nauru-licensed bank that is operated from Nevis was used to launder most of the more than $30 million in profits from a fraudulent stock trading ring, it has been alleged.Exchange Bank and Trust, which is operated by Terry Neal's Nevis American Trust Co., has been named as a relief defendant in three of four related lawsuits filed by the SEC in the United States.

Americas International Bank Corporation Ltd. has become the latest Bahamas-based private bank to stop operating.AIBC's shareholders passed a special resolution on October 11, 2001 that the bank, which was licensed on September 23, 1994, should go into voluntary liquidation.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the Netherlands into Gursal Aslan for allegedly laundering the proceeds of fraud by Robert and Lynne Schillaci.

Amended Letter Rogatory from the USA to Costa Rica for the prosecution of Alyn Richard Waage, James Michael Webb, Lynn Waage Johnston and the Tri-West Investment Club and related entities, filed at the U. S. District Court for the Eastern District of California.

Letter Rogatory to Costa Rica for the prosecution of Alyn Richard Waage, James Michael Webb, Lynn Waage Johnston, and Tri-West Investment Club and related entities, filed at the U. S. District Court for the Eastern District of California.

Two Cayman banks that were closed down by regulators due to money laundering concerns have filed lawsuits against the government seeking the return of a mysterious US$2.5 million payment in 1997. The litigation relates to the unusual circumstances in which Euro Bank Corporation, then a Class 'B' bank, obtained a rarely-awarded Class 'A' banking license on October 8, 1997.

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Aruba - for a criminal investigation into Pursi Jie-A-Swie and Farley Jie-A-Swieet for suspected money laundering and forgery.

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Aruba - for a criminal investigation into Pursi Tjew San Jie-A-Swie, Farley Hon Ping Jie-A-Swie, Gerrit de Rouw, Hon Wo Choy, Kong Hing Supermarket NV, Kong Hing Supercenter NV and Kong Hing Freezone NV for suspected money laundering.

Not even the courtroom presence of boxing legend Muhammad Ali could save offshore investment promoter Yank Barry from being convicted of bribery, conspiracy and money laundering in Texas. Barry, 53, who resides in the Bahamas and also spends time in Grenada, faces up to 70 years in prison and a fine of $2 million when he is sentenced, which is scheduled for November 19, 2001.

Last month's lead article about the fight for the assets of Eurofed Bank prompted a representative of the Antigua government to send a letter of complaint to OffshoreAlert.Wrenford Ferrance, Antigua's Director of the Office of National Drug Control and Money Laundering Policy, has denied that the liquidation of Eurofed is being carried out in secret, as we have been told.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in the United Kingdom into Michael Tyrell.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Canada into alleged money laundering by Theodore Savoie and Louise Savoie.

Letter to the Editor of OffshoreAlert regarding liquidation of Eurofed Bank from Wrenford Ferrance, Director - Office of National Drug Control and Money Laundering Policy.

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Aruba - for a criminal investigation into Pursi Tjew San Jie-A-Swie, Farley Hon Ping Jie-A-Swie, Gerrit de Rouw, Hon Wo Choy, Kong Hing Supermarket NV, Kong Hing Supercenter NV and Kong Hing Freezone NV for suspected money laundering of the proceeds of narcotics trafficking and forgery.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Brazil into Paulo Salim Maluf (former Mayor of Sao Paulo), Caio Fabio D'Araujo Filho and Lafaiete Coutinho regarding the alleged sale of a counterfeit document known as the 'Cayman Dossier' in an attempt to discredit the President of Brazil, Fernando Henrique Cardoso, and other politicians.  

Expense accounts and management reports handed over in discovery weighed heavily against the Bank of Bermuda (Cayman) in its fight to avoid United States jurisdiction in the Cash 4 Titles litigation.In one report, the Bank's management stated: "Miami continues to grow in importance as a location with potential business and we are now working with a number of relationships with a Miami presence."

In secret court hearings held in Antigua, the island's government has been trying to seize all or most of the $76 million of assets recovered so far in the liquidation of Eurofed Bank Ltd., we can reveal.The government is claiming the assets under its anti-money laundering laws on the grounds that they are the proceeds of criminal activity by former Ukraine Prime Minister Pavlo Lazarenko, 48.

One of the principals of a now defunct Grenada-registered bank has been sentenced to five years and 11 months in prison in the United States.Daniel G. Danker, 53, was also fined $50,000 and ordered to pay restitution of more than $20 million at the U. S. District Court for the Southern District of Indiana on July 15, 2001.

Article based on two applications to collect evidence for separate criminal investigations into suspected money laundering - pursuant to requests for judicial assistance from Liechtenstein - that were filed at federal courts in the USA on June 14, 2001 and June 15, 2001. Individuals and businesses mentioned in the requests for assistance include Jorge Hugo Reyes Torres, Herbert Batliner, Helmuth Otto Wilhelm Eduard Stanisch, Enrico Clerici, Dresdner Bank (Switzerland) AG, Peter Niermann, Verwaltungs-und Privat Bank AG, Pablo Escobar, Juan Carlos Saavedra Molina, Eugen von Hoffen, Eugen Heeb, Maria Sanclemente, Angela Maria Narvaez, Rosa Elvira Muñoz, Nestor Gomez Mejia, Intercompany Management AG, Barex Shipping, Conus Shipping, Nomentana, Calcul Business Consulting, Cashcom Investments, Con Moto Stiftung, Brenner Stiftung, Ancestry Foundation, FSK Foundation, Von Langenburg Stiftung, Agnat Stiftung, Valauris AG, Langdon Shipping Ltd., Standex Shipping Ltd., Zundorf Unternehmens AG, LGT Bank, Citibank, National Financial Services Corp., and Pershing Securities Ltd.

Letter to OffshoreAlert from Imperial Consolidated Group principal Jared Brook pleading with us to stop exposing his fraudulently-operated Imperial Consolidated Group.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Switzerland into Vladimiro Montesinos Torres, James Stone, Ilan Weil Levy, Zwi Sudit, Yury Khozyainov, Fernando Carulla, Rony Lerner and Mordechai Mintzer for alleged money laundering, bribery and embezzlement.

A client of Exchange Bank and Trust, which is operated illegally in Nevis by Terry Neal-controlled Nevis American Trust Company, has lost a stock fraud lawsuit filed by the SEC in the United States.Judgments were entered against Stephen C. Sayre, Independent Financial Reports Inc. and Silver Screen Industries Inc. at the US District Court for the Central District of California on May 24, 2001.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Jorge Hugo Reyes Torres and others for suspected money laundering and narcotics trafficking.

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in Liechtenstein into Juan Carlos Saavedra Molina and others for the alleged laundering of the proceeds of narcotics trafficking.

Panama is on a new "black list" Getting genuine and trustworthy information vital if one wants to make smart investing decisions is going to be harder from now on in Panama. Eight journalists have been convicted of criminal libel in

Ned Richard Hart, who was criminally indicted on February 23, 2000 along with Nevis based offshore provider Raymond David Finzer and Christian G. Cooper, pleaded guilty to one count each of fraud and money laundering on May 21, 2001 at

A man who is under criminal indictment in the United States for alleged money laundering and fraud is no longer involved with Nevis-based Guardian Trust Company, said the firm's manager, Jessica Huggins. Even though one of Guardian's web-sites is still registered to Baron D. Abboud, of Omaha, Nebraska, Huggins said: "He no longer has anything to do with the company."

Application for the appointment of a Commissioner to collect evidence for a criminal investigation in India into Ashok Kumar Aggarwal for alleged corruption while serving as Deputy Secretary, Ministry of Finance, New Delhi.

Argentina Finally, Argentinean Central Bank boss Pedro Pou was replaced on Wednesday, April 25th, by Roque Maccarrone, former President at Banco de la Nación and Banco Río. The move followed a parliamentarian investigation that found irregularities in the way Pou

Six people have been convicted of criminal offenses relating to a $64 million investment scam that involved several offshore jurisdictions, including Antigua, Bermuda and the Bahamas. The convictions on April 13, 2001 followed a six-week jury trial at the U. S. District Court for the Northern District of Florida that focused on investment programs known as Hammersmith Trust, Microfund and Luxor Capital Markets.

Thirteen months after being exposed by OffshoreAlert as a scam, the SEC filed a civil lawsuit against Grenada-registered Wellington Bank & Trust, its principals and affiliates. The lawsuit was filed at the United States District Court for the Southern District of Indiana on February 27, 2001.

The head of Isle of Man-based Valmet Group, which was recently purchased by Mutual Risk Management, has admitted being "economical with the truth" during a criminal trial in New York. Peter Bond is the chief witness in the trial of former penny stock promoter Robert E. Brennan, who is charged with 13 counts of bankruptcy fraud and money laundering.

Bahamas-based Suisse Security Bank & Trust filed an application at the Bahamas Supreme Court on March 29, 2001 to reverse what it has called "a purported out-of-court appointed receivership". The Respondents in the lawsuit are Julian Francis, who is the Governor of the Central Bank of the Bahamas; the Attorney-General of the Bahamas and SSBT's Receiver, accountant Raymond Winder.

Two Panamanian residents and two Panama-registered companies have been criminally indicted in the United States with laundering the proceeds of drug trafficking by Colombians. They were charged with money laundering and conspiracy to commit money laundering at the United States District Court for the Eastern District of New York on September 15, 2000.

The National Commercial Bank of St. Vincent has been awarded damages by Grenada Supreme Court after its correspondent accounts were frozen in the United Kingdom by attorneys representing victims of the First International Bank of Grenada. In a decision on December 12, 2000, the court discharged an injunction that had been granted on August 11, 2000 in Grenada and September 14, 2000 in the High Court in England against NCB's assets held in correspondent accounts in the United Kingdom.

The Panama Securities Commission has turned down an investment advisor application by Harris Investment Advisory Inc., which is part of The Harris Organization group. A Commission spokesman said the application was rejected primarily because of "the number of  complaints we have received from Harris clients alleging all sorts of dubious practices".