Tag: Money laundering

Survey: Businesses Focus On Anti-Laundering

Survey: Businesses Focus On Anti-Laundering

Senior management’s focus on money laundering is at an all time high, according to findings from KPMG’s 2014 Global Anti-Money Laundering [AML] Survey, recently released by the Bermuda firm. A spokesperson said, “According to KPMG’s survey report, anti-money laundering has never been higher on senior management’s agenda, with regulatory... Read more of this article

39 Yr Old Man Charged With Having $316,000

39 Yr Old Man Charged With Having $316,000

A 39 year old man appeared in Magistrates Court where he was charged with having around $316,000 while knowing that the money was the proceeds of criminal activity. Kenith Bulford, of Sandys, faced the indictable charge that he was in possession of around $316,000 while knowing that this money was the proceeds of criminal activity. Since the charge... Read more of this article

Deuss Agrees To Pay $47 Million Settlement

Deuss Agrees To Pay $47 Million Settlement

One-time Bermuda-based businessman John Deuss has agreed to pay $47 million to settle a seven-year battle with European authorities over allegations of financial irregularities. He was previously given a suspended prison sentence of six months and a fine of 327,000 euros [$409,000], after being found guilty in a Dutch court of banking without a license... Read more of this article

Finance Ministry: ‘Spain Never Contacted Us’

Finance Ministry: ‘Spain Never Contacted Us’

The Finance Ministry responded to a recent newspaper article about Bermudian authorities “refusing” to assist Spain with a financial investigation, saying it was “categorically untrue.” The Ministry said that neither the Bermuda Government or any related agencies in Bermuda were contacted by Spanish Authorities about the matter. The... Read more of this article

Papers Filed To Seize Mexican Fugitive’s $2 Million

Papers Filed To Seize Mexican Fugitive’s $2 Million

U.S. authorities have filed a document to seize over $2 million in a Bermuda bank account allegedly belonging to a fugitive Mexican official charged in a corruption case. Hector Hernandez Javier Villarreal [pictured] — the former Secretary of Finance for Coahuila, Mexico — is suspected of forging state documents to obtain fraudulent loans... Read more of this article

Money-Laundering Charges: HSBC Pay $1.9B

Money-Laundering Charges: HSBC Pay $1.9B

Banking giant HSBC agreed to pay a $1.92 billion settlement on Tuesday [Dec 12] after an investigation by U.S. authorities found the bank violated laws by laundering money from Mexican and Colombian drug cartels and processed banned transactions for countries subject to U.S. sanctions, including Cuba, Iran and Sudan. U.S. Assistant Attorney General... Read more of this article

Proceeds Of Crime: Bermuda Receives $672,225

Proceeds Of Crime: Bermuda Receives $672,225

[Updated with video] US Consul General Grace Shelton handed over a cheque for $672,225 to Premier Paula Cox this afternoon [Aug 15],  with the funds representing Bermuda’s share of assets forfeited to U.S authorities from an illegal internet pharmacy operation based in the United States. The operation laundered its proceeds abroad, including through... Read more of this article

Minister of Justice Issues Financial Advisory

Minister of Justice Issues Financial Advisory

Attorney General and Minister of Justice, Senator Kim Wilson, today issued the following advisory about the risks in a number of jurisdictions arising from inadequate systems and controls to combat money laundering and terrorist financing. The full advisory follows below:The Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations... Read more of this article

Deuss Receives 6 Month Suspended Sentence

Deuss Receives 6 Month Suspended Sentence

One-time Bermuda-based businessman John Deuss was given a suspended prison sentence of six months and a fine of 327,000 euros [$409,000], after being found guilty in a Dutch court of banking without a license and failing to report unusual transactions. The 69-year-old banker and oil trader stood trial in Arnhem along with his sister, who was also convicted... Read more of this article

Court: Roger Cox’s Appeal Turned Down

Court: Roger Cox’s Appeal Turned Down

The Court of Appeal has rejected the appeal by convicted money launderer Roger Cox. Mr Cox, 38, received a 5 year prison sentence last April after pleading guilty to money laundering approximately $2.2 million dollars. His friend Michelle Lindsay received four months for her part in the operation. After the pair pleaded guilty last year a Police spokesman... Read more of this article


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