amlmaps monthly highlights report (full) - feb 2017
TRANSCRIPT
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AMLMaps™ has been developed to give the
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2,017Records
USD 47.7 BnCumulative Penalties
2,157Incarcerations
2
Highlights for the Month of Jan 2017
HIGHLIGHTS OF THE MONTH
Regulators of United States (9), United Kingdom (6) & India (4) reported the
highest number of cases
Penalties of nearly USD 630 Mn have been imposed on Deutsche Bank AG for
failing to prevent USD10 Bn of Russian money laundering and exposing the UK
financial system to the risk of financial crime
The highest quantum of imprisonment was awarded to UK-based Andrew
Barrett (16 Years)
Five individuals, including ex- Tanzania Telecommunications Company Limited
(TTCL) accountant were fined a total of TZS1.8 Bn after being found guilty of
money laundering charges involving more than TZS 3 Bn
China adopted stringent new anti-money-laundering rules making an impact,
mainly on small investors who used to funnel their money out of the country
to invest in Canada’s property market
3
Updates
Cases Reported 21
Incarcerated 30
Imprisonment 3,904 Months
Penalties $1.2 Bn
Noted AML Cases for the Month
4
Western Union admits anti-money
laundering violations
Western Union Company agreed to forfeit USD
586,000,000 to the Federal Trade Commission
(FTC) on January 2017, for failing to maintain an
effective anti-money laundering program and
aiding and abetting wire fraud.
Source: http://bit.ly/2k80V3Q
Individual sentenced for money laundering offenses
UK-based Andrew Barrett was sentenced to 16 years'
imprisonment by Old Bailey Court in January 2017, for
conspiracy to committing money laundering and possessing
class A and B drugs with intent to supply.
Source: http://bit.ly/2kLkL2u
India’s Ex-Minister gets 7 years’ jail term
India-based Hari Narayan Rai (Rai), former Jharkhand
Tourism, Urban Development and Forests Minister was
sentenced to 7 years’ imprisonment and ordered to pay a
fine amount of INR 5000,000 by the Special Enforcement
Directorate (ED) Court in January 2017, for conspiracy
to commit money laundering. Further, in the event of Rai
failing to pay the fine, he would have to undergo 18
additional months of imprisonment.
Source: http://bit.ly/2k7fG2k
Swiss banker sentenced in 1MDB case
Singapore-based Jens Sturzenegger, Swiss national and
former Manager at Falcon Private Bank was sentenced
to 28 weeks' imprisonment and ordered to pay a fine
of USD 89,143 by a Singapore court in January 2017,
for failing to report suspicious transactions in a case
linked to the indebted Malaysian state fund 1MDB and
lying to investigators.
Source: http://fxn.ws/2lroZeX
Unfettered greed turns into fraud, involving Gen-X Energy Group
US-based Richard Estes, former Chief Executive Officer of Gen-X Energy
Group, Inc. was sentenced to 105 months imprisonment, 3 years of
supervised release and ordered to pay USD 4,360,724.50 in restitution by
U.S. District Court for Eastern District of Washington in January 2017, for
conspiracy to committing money laundering.
Source: http://bit.ly/2kWAlKz
AML News under Monitoring
5
Deutsche Bank closes
down NBK accounts over
suspected money
laundering | Germany
Deutsche Bank has shut all
National Bank of Kenya (NBK)
accounts over suspected
money laundering activities. In
April 2016, the bank had
notified NBK of their
intention to terminate their
corresponding banking
relationship. This is despite
NBK claiming that they are
not aware of any instances of
money laundering have
occurred through the bank.
http://bit.ly/2kSayDH
Haiti President faces
money laundering
allegations | Haiti
Elected President of Haiti,
Jovenel Moise (Moise)
faces money laundering
allegations from the
Central Unit of Financial
Intelligence (UCREF), a
government institution.
Moise is said to have
laundered money through
a personal account he held
with his wife. However,
Moise denies the allegation.
http://reut.rs/2kZJIJC
Former Guinea minister
charged for money
laundering | Guinea
Mahmoud Thiam (Thiam), a
U.S. citizen and former
minister of mines in Guinea
was charged with money
laundering after he
laundered USD 8.5 million in
bribes he received from a
Chinese conglomerate to
help it secure mining rights
in the West African country.
Thiam has pleaded not guilty
to the charges.
http://reut.rs/2kOqK6B
Financer’s son arrested on
money laundering charges
| India
In January 2017, Jignesh
Kishorebhai Bhajiawala, son of
India-based financer, Kishore
Bhajiawala, was arrested on
money laundering charges and
for allegedly using 1,000 fake
IDs to illegally convert INR 10
million in into currency notes
new post the demonetization.
He was put under arrest as
per provisions of the
Prevention of Money
Laundering Act (PMLA).
http://bit.ly/2kZL1Za
230 cases registered under
anti-money laundering law |
Pakistan
Law Enforcement Agencies
(LEAs) of Pakistan registered
nearly 230 cases under anti-
money laundering law to curb
the sources of funds being used
in terrorism. LEAs have also
registered cases nearly 498
under the Foreign Exchange
Regulation Act (FERA) and
nearly 116 cases registered as
Suspicious Transaction Reports
(STRs) from Financial Monitoring
Unit (FMU).
http://bit.ly/2kSs2zV
Contributors
6
Name Country
Guillermo Ruiz Mexico
Soumendu Mukhopadhyay USA
AMLMapsTM incorporates core elements of a crowd-sourcing by leveraging contributions, suggestions and inputs from
the AML & FCC community around the world. We would like to recognize noted contributors, who have engaged with
the AMLMaps team, in the past month.
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