Money laundering

Morgan Mogu and Dominic Terupo through their lawyer Bernard Popeu submitted before Magistrate Alex Kalandi that the charges laid against the two is inappropriate.

The duo are being charged with money laundering and terrorist financing under the Criminal Code Act and Money Laundering Financial Act 2015 section 508.

Their lawyer said that the charge of money laundering is inappropriate.

He instead argued that this is a simple case of possession of “dangerous drugs”.

TIPNG has taken this position in light of the various comments made relating to the actions taken by the FASU in issuing a ‘show cause’ notice to the BSP Financial Group Ltd (BFL).

“The financial intelligence unit of the Bank of Papua New Guinea is an operationally independent unit with its functions and powers specified under Anti-Money Laundering and Counter Terrorist Financing (AML CTF) Act 2015,” said Peter Aitsi, the Chair of TIPNG.

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.

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.

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.

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.

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.

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.

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.