Money laundering

Up to K4.4bn laundered in PNG

This is according to the International Monetary Fund’s (IMF) estimate of money laundering between 2 percent and 5 percent of a country’s GDP.

This figure is revealed in the Money Laundering and Financing of Terrorism National Risk Assessment of 2017, which was made public on Thursday.

Also made public was the Anti-Money Laundering and Counter Terrorist Financing Strategic Plan 2017 to 2020.

Two Cypriots charged with money laundering in Fiji

Brothers, Loizos and Cleanthis Petridis will reportedly face two hundred and ninety-nine charges.

The FBC says six of the charges have been filed while the remaining two hundred and ninety-three charges are to be filed at the next hearing.

It is alleged on December 19th, the two allegedly engaged in transactions involving $2660 that were the proceeds of crime.

The details of the remaining 293 charges will be released once the file is produced before Magistrate Jioji Boseiwaqa.

VIDEO: Regional solutions to money laundering and cross border terrorism

De-risking refers to the practice of financial institutions closing the accounts of clients seen to be "high risk" to minimise their exposure to money laundering and cross border financing of terrorism.

With a number of impacts that de-risking could have on international financial services within the pacific region, members of PIRI sat to discuss regional solutions, considering the need for financial inclusion, which stands to be affected by implementing de-risking policies.

 

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Haiti coup leader pleads not guilty

Philippe, 48, entered the plea in a Miami federal courthouse as throngs of supporters rallied outside. The US Drug Enforcement Administration had listed Philippe as one of its most wanted fugitives.

He is accused by the US of cocaine trafficking and money laundering.

Haitian police arrested Philippe at a radio station in Port-au-Prince on January 5, his lawyer Zeljka Bozanic said. He was extradited to the United States the same day.

Duo in court over money laundering allegations

39-year-old Cleve Horton Sale, from Balopa, Manus Province, the company director of Lakatoi Marine and Cargo surveyors, and George Sariman of Kairuku, Central, briefly appeared in court where his charge and the allegations against them were read.

Sale appeared in court last Thursday, Aug 26, while Sariman appeared yesterday (Tuesday).

Their cases were adjourned to Sept while police continue their investigations into the allegations.

Former banker stands trial for money laundering

Charged with one count each of stealing, conspiring with others to defraud and money laundering, the Committal Court has found sufficient evidence against Jacob Kom of Nondugl village, North Waghi district in Jiwaka Province.

Magistrate John Kaumi in his ruling found there was sufficient evidence Kom abused his position and responsibility in his former role as someone who manages customers’ bank accounts.

Caesars Palace fined $9.5M for lax money laundering scrutiny

The U.S Treasury's Financial Crimes Enforcement Network announced Tuesday that the agency had settled its investigation into the casino for $8 million. Nevada Gaming Control Board Chairman A.G. Burnett says the state agency plans to levy its own $1.5 million fine against the company in a separate settlement.

The investigations stems from actions the casino made as early as 2012.

Romania prime minister indicted in corruption investigation

Prosecutors said Ponta has been indicted on charges including tax evasion, money laundering, conflict of interest and making false statements while he was working as a lawyer in 2007 and 2008. At the time, Ponta was a lawmaker. He denies wrongdoing.

Prosecutors also said in a statement Monday that they temporarily froze Ponta's personal assets which include shares in a house, an apartment and several bank accounts. He sold two apartments in May for 150,000 euros ($170,000) and also sold a car.