Panama Banks Welcome Dirty Money From Switzerland

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

SWISS-AMERICAN AGREEMENT WILL DRIVE DIRTY MONEY OVERSEAS

The announcement, this week, that the Swiss and United States governments have reached an agreement whereby Swiss banks will disclose information on their American clients who hold accounts, will save the banks from criminal indictment, but it will also stimulate the capital flight of funds whose owners fear criminal tax evasion charges, as well as seizure of the proceeds of crime.

Actual client names, and account data, in the hands of US law enforcement agencies, could result in action, both in the United States, and in Switzerland, to seize assets, which is a real problem if you are a career criminal secreting criminal profits abroad, and at home. Information produced by Swiss banks could identify criminal assets held in the United States.

Some criminal organisations have already transferred funds out of Switzerland, principally to Asian countries, but you can expect a groundswell of additional transfers, once the money launderers for such groups learn the details of what their clients will universally regard as  bad news.

I would look carefully at any new, substantial Swiss funds transfers, coming from corporate entities that are not known to be engaged in actual business operations, or any trusts, foundations, NGOs not known to be active, or other unusual business associations, as they may be carefully cleaned criminal proceeds, that has been residing in Switzerland for several years.

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Nigeria And Hezbollah Together.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

RAISE COUNTRY RISK ON NIGERIA

Nigeria, already reeling from the violent clash of religions amongst its population, rampant corruption at the highest level, and a powerful militant radical organisation, is now facing new terrorist threats from the Middle East. A large weapons cache, including anti-aircraft missiles, was found by the authorities in Kano, in northern Nigeria; it is said to belong to Hezbollah. Arrests have been made at the residence, where a sophisticated underground storage facility was located. 

There have been reports of late in Nigeria, of Lebanese nationals that the government asserts are members of Hezbollah, including the arrest of a reported Hezbollah agent at a Nigerian airport, where he was attempting to travel to the Middle East with $60,000 in cash.  All the indicators point to an intention to conduct multiple terrorist acts in  Nigeria.

This weapons cache seizure raises Country Risk to a new level, as the authorities have asserted that Hezbollah's intentions are to attack Western, American and Israeli interests in the region. Such actions could severely impact foreign investment, and thereby the local economy. It is suggested that you  carefully review the facts, and make an educated decision on whether to raise Country risk for Hezbollah for Nigeria at this time.

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Panama Government Supports Money Laundering

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

VIRTUAL CURRENCY TRADERS THRIVE IN THE REPUBLIC OF PANAMA

Those readers who found the Liberty Reserved digital currency money laundering case of interest should be aware that two of the Russian-Americans who were Liberty principals lived in the Republic of Panama, owned luxurious residences there, and spent a substantial amount of time in Panama City.

 Liberty reportedly operated twenty offices there, though old Panama hands have remarked that these facilities engaged in a very small amount of business, which is unusual, given the nature of the multi-billion dollar criminal enterprise that the United States has accused Liberty's principals of operating through Costa Rica. Were these merely fronts ?

There are other virtual currency exchange system operators located in Panama, including Perfect Money, and CashU. None of these entities reportedly actually performs KYC (Know your Customer) on its clientele, though they profess to do so, and many are known to have sold their own proprietary prepaid closed-loop cards, as well as debit cards issued by major US card companies.

It appears that Panamanian regulators and law enforcement agencies were aware of the operations of a dozen virtual currency companies, as they are registered with local regulatory agencies, but to date have failed to take any action against them, notwithstanding complaints from local money service businesses.  It has been alleged that the owners of these digital currency entities have taken in partners prominent in the local community, which ensures that these companies will neither be investigated, nor closed down. 

Since Liberty Reserved allegedly exclusively served criminal organisations and enterprises, it is suggested that:

(1) Any new client attempting now to transfer a large amount funds into your bank, from or through a money transmitter or money service business with any variation of the following names be checked thoroughly, to eliminate the client as a former customer of Liberty: EuroGold, AsianaGold, Swift Exchanger, and Exchange Zone.

(2) You thoroughly vett any customer payments to what appear to be  money service businesses, acting on behalf of digital currency traders.

(3) Until and unless an adequate regulatory regime is installed in your jurisdiction, and the digital currency firms fully comply, such as FinCEN registration in the US, avoid digital/virtual currency traders at this time, lest you draw fines & penalties later, not to mention possible money laundering charges.

Be extremely careful; should you feel that there is some type of virtual currency being redeemed through your bank, immediately notify, and consult with, outside bank counsel, to protect the bank from exposure to high-risk activity.   

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Iran Expands Terrorist Networks in Latin America

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

Writing by Hilary Burke and Hugh Bronstein

Iran & Hezbollah Terrorist Cells Operating Fully In All Latin America Countries 

An Argentine prosecutor accused Iran on Wednesday of establishing terrorist networks in Latin America dating back to the 1980s and said he would send his findings to courts in the affected countries.

State prosecutor Alberto Nisman is investigating the 1994 bombing of a Jewish community center in Buenos Aires that killed 85 people. Argentine courts have long accused Iran of sponsoring the attack.

Iran, which remains locked in a stand-off with world powers over its disputed nuclear program, denies links to the blast. No one was immediately available to comment at the Iranian embassy in Buenos Aires on Wednesday.

In a 500-page-long document, Nisman cited what he said was evidence of Iran's "intelligence and terrorist network" in Argentina, Brazil, Paraguay, Uruguay, Chile, Colombia, Guyana, Trinidad and Tobago and Suriname - among others.

In the case of the AMIA (Asociacion Mutual Israelita Argentina) center bombing in Buenos Aires, Argentina has secured Interpol arrest warrants for nine men - eight Iranians and one person presumed to be Lebanese. Iranian Defense Minister Ahmad Vahidi is among the officials sought by Argentina, which is home to Latin America's largest Jewish community.

Another Iranian with an outstanding arrest warrant against him in the case is Mohsen Rezaie, a former head of the Revolutionary Guards who is running for president.

Nisman said new evidence underscored the responsibility of Mohsen Rabbani, the former Iranian cultural attache in Argentina, as mastermind of the AMIA bombing and "coordinator of the Iranian infiltration of South America, especially in Guyana."

Nisman said U.S. court documents showed Islamist militant Abdul Kadir - who was sentenced to life in prison in 2010 for participating in a foiled plan to attack John F. Kennedy International Airport in New York - was Rabbani's disciple.

Kadir "received instructions" from Rabbani "and carried out the Iranian infiltration in Guyana, whose structure was nearly identical ... to that established by Rabbani in Argentina," the prosecutor wrote.

Nisman urged Interpol to intensify its efforts to execute the arrest warrants.

In February, Argentina's Congress approved an agreement with Iran to set up a "truth commission" to shed light on the AMIA bombing after years of legal deadlock. But many Argentine Jewish community leaders feared the pact could undermine the ongoing judicial investigation, led by Nisman.

Argentine President Cristina Fernandez has close ties with other Latin American leaders who are on good terms with Tehran, such as Venezuela's Nicolas Maduro and Ecuador's Rafael Correa.

Her government had no immediate comment on Nisman's report, which reinforced concerns voiced by Jewish leaders in Buenos Aires about the Argentine-Iranian commission.

The forming of the commission was seen as a diplomatic win for Iran as it confronts a U.S.-led effort to isolate Tehran because of its nuclear program, which Western nations fear is aimed at attaining nuclear weapons.

Also on Wednesday, Canada said it will freeze all remaining trade with Iran to protest the Tehran's nuclear ambitions and its human rights record.

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Canada Shuts Down All Iranian Imports.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

Canada Bans Nearly All Iranian Imports, Expands Blacklist .

Canada is banning nearly all exports to and imports from Iran.

Foreign Affairs Minister John Baird said Wednesday Canada has grave concerns over Iran's nuclear program. Canada is also adding 30 individuals and 82 entities to an economic blacklist.

Baird says Iran has produced nothing but "false promises and empty gestures" about its nuclear program.

The U.S., Canada and their allies fear Iran is moving toward development of a nuclear weapon. Iran denies any interest in nuclear arms.

The latest round of sanctions comes after talks between Iran and the United Nations Security Council, as well as Germany, failed to reach an agreement.

Canada shut its embassy in Tehran last September and ordered Iranian diplomats to leave, accusing the Islamic Republic of being the most significant threat to world peace.

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RUSSIANS FROM PANAMA OPERATE WORLD’S BIGGEST MONEY LAUNDERING SCAM ACTED AS “UNDERWORLD BANK”

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

LIBERTY RESERVE BUSTED FOR MONEY LAUNDERING & PROCESSESSED OVER 55 BILLION DOLLARS

Calling it perhaps the biggest money laundering scheme in U.S. history, federal prosecutors charged seven people Tuesday with running what amounted to an online, underworld bank that handled $6 billion for drug dealers, child pornographers, identity thieves and other criminals around the globe.

The case was aimed at Liberty Reserve, a currency transfer and payment processing company based in Costa Rica that authorities say allowed customers to move money anonymously from one account to another via the Internet with almost no questions asked.

U.S. officials said the enterprise was staggering in scope: Over roughly seven years, Liberty Reserve processed 55 million illicit transactions worldwide for 1 million users, including 200,000 in the U.S.

The network "became the bank of choice for the criminal underworld," U.S. Attorney Preet Bharara said in announcing the unsealing of an indictment against the defendants, including Liberty Revenue founder Arthur Budovsky, an American who renounced his U.S. citizenship after deciding to set up in Costa Rica.

Liberty Reserve allowed users to open accounts using fictitious names, including "Russian Hacker" and "Hacker Account." An undercover investigator was able to register using the name "Joe Bogus" and the address "123 Fake Main Street" in "Completely Made Up City, New York," and then conduct transactions he recorded as "ATM skimming network" and "for the cocaine."

"The coin of the realm was anonymity," Bharara said. "It was the opposite of a know-your-customer policy."

The network charged a 1 percent fee on transactions through middlemen known as exchangers, who converted real currency into virtual funds and then back into cash.

In the indictment, prosecutors called the network "one of the principal means by which cyber criminals around the world distribute, store and launder proceeds of their illegal activity ... including credit card fraud, identity theft, investment fraud, computer hacking, child pornography and narcotics trafficking."

Bharara said it was possibly "the largest international money laundering case ever brought by the United States."

Budovsky and another defendant, identified as Azzeddine el Amine, were arrested Friday at a Madrid airport while trying to return to Costa Rica, according to a Spanish court official, who spoke on condition of anonymity because court policy forbids him from speaking on the record. They were ordered jailed while they await a hearing on extradition to the U.S.

Two other men, including Liberty Reserve co-founder Vladimir Kats, were arrested last week in New York City. There was no public record of their arraignments on Friday night, and there was no immediate response to phone messages left Tuesday with their attorneys.

Of the three remaining defendants, one was in custody in Costa Rica and the others were at large there.

A notice pasted across Liberty Reserve's website Tuesday morning said the domain "has been seized by the United States Global Illicit Financial Team." Attempts to reach Liberty Reserve by phone and email were unsuccessful.

Budovsky and Kats have previous convictions on state charges related to an unlicensed money transmitting business, according to court papers. After that case, they decided to move their operation to Costa Rica, the papers said.

In an online chat captured by law enforcement, Kats admitted Liberty Reserve was illegal and noted that authorities in the United States knew it was "a money-laundering operation that hackers use."

While authorities described Liberty Reserve as being rife with criminals, the site's ease of use, low fees and irreversible transactions that deterred fraud also attracted legitimate users.

Mitchell Rossetti, whose Houston-based ePayCards.com was one of several mainstream merchants that accepted Liberty Reserve's online-only currency, said his business still had about $28,000 tied up in Liberty Reserve accounts.

"The irony of this is I went to them because of the security," Rossetti said. "All sales were final."

He acknowledged that the currency was being used by scammers but said Liberty Reserve funds were just like any other currency: "The U.S. dollar can be donated to a church or it can pay a prostitute."

Liberty Reserve appears to have played an important role in laundering proceeds from the recent theft of some $45 million from two Middle Eastern banks, according to documents made public by U.S. authorities earlier this month. In that scheme, thieves stole debit card information and then used it to drain cash from thousands of ATMs around the world in a matter of hours.

As part of the Liberty Reserve investigation, authorities raided 14 places in Panama, Switzerland, the U.S., Sweden and Costa Rica. In Costa Rica, investigators recovered five luxury cars, including three Rolls-Royces. Bharara said authorities also seized Liberty's computer servers in Costa Rica and Switzerland.

The businesses that were raided in Costa Rica on Friday as part of the investigation into Liberty Reserve are dedicated to Web hosting services, website development and Internet business consulting.

In Costa Rica, all online businesses are legal and there aren't any laws regulating them, so the country has been attracting entrepreneurs setting up Internet-based companies that do everything from e-commerce to gambling banned in other countries.

IT LOOKS LIKE CHICHAKLI IS COOPERATING WITH USA LAW ENFORCEMENT

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

IS VICTOR BOUT'S MONEY LAUNDERER COOPERATING WITH US LAW ENFORCEMENT ?

Extradited fugitive money launderer, Richard Chichakli, reportedly had his First Appearance, before a United States Magistrate judge last Saturday, but the court file curiously fails to show, not only no record of that event, but the file has nothing newer than the Superseding Indictment filed in January. That is indeed a mystery.

There is no Notice of Appearance of counsel for Chichakli, though you would have thought that his family would have made arrangements during the past 30 days, when he agreed to extradition, to face multiple Federal charges in US District Court in Manhattan. He does not show up on the Bureau of Prisons website as being custody. One wonders where Mr. Chichakli is, and whether he has decided to render Substantial Assistance, to reduce his ultimate sentence.

Is the United States seeking to seize, and forfeit, Viktor Bout's arms trafficking profits ?

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LIBERTY RESERVE | LESSONS

 FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

THE LESSONS OF LIBERTY RESERVE

How were the principals of Liberty Reserve able to operate for so many years before they were indicted ? It appears that they took full advantage of a number of weaknesses in the global financial structure:

(1) They employed digital currency as the medium of exchange, which required customers to first send funds in dollars to third parties, who then forwarded them on. This additional step, which involved money transmitters in notoriously unregulated, and remote, jurisdictions, effectively provided an additional layer of protection, insulating Liberty from their customers. That makes law enforcement's job much more difficult, as there was lack of direct contact with the clients' money.

(2) Liberty took advantage of the lax regulation in Costa Rica, to operate as an unlicensed entity; it also repeatedly deceived regulators there about its activities. (Do you have any bank clients operating there, and if so, what sort of financial activities are they engaged in) ? Is it not now finally time for Costa Rica to clean up its facilitation of illicit commerce, or should the US impose sanctions until it does ?

(3) Most of the third-party money transmitters used as intermediaries were reportedly not licensed in their countries. Where were the local law enforcement agencies and regulators, allowing these illegal operations ? Bank accounts were located in offshore financial centres. Why didn't regulators in those tax haven jurisdictions investigate the huge cash flows ?

(4) Law enforcement, and the financial community, are just now starting to learn how digital currency can be used for illicit purposes, and the legal systems of developed countries has not yet enacted specific legislation to deal with it. See the recently released FinCEN material on the subject. 

The scheme allowed criminal organisations to move, and store, billions of dollars of the proceeds of crime as digital wealth. You can expect that all manner of businesses involved in digital currency commerce will come under law enforcement's microscope in the near future.

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THE ILLUSION OF FAIRNESS IN VENEZUELA IS GONE.

 FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

VENEZUELA TO USE MILITARY UNITS IN LAW ENFORCEMENT ROLES.

  

If you had any illusions left about the fairness of the criminal justice system in the Bolivarian Republic of Venezuela, they have now completely evaporated; the government has announced that members of all branches of its armed forces shall now be tasked with law enforcement duties in that Latin American nation.

What little protection remains, under the country's Constitution, against arbitrary arrest, and detention without trial, or assistance of counsel, will certainly disappear, as the Venezuelan military does not answer to those few members of the judiciary who are not Chavista appointees, and actually follow the law.

This is but one additional factor in my current opinion, to the effect that Country Risk levels in Venezuela are so high at present, to recommend that you engage in no new investment, no major extension of credit, and no exposure of your staff to the possibility of arrest.

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Richard Ammar Chichakli Extradited To New York.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

VIKTOR BOUT'S MONEY LAUNDERER EXTRADITED TO NEW YORK

Richard Ammar Chichakli, the Syrian-American accountant who, with his partner, Viktor Bout, attempted to evade international sanctions, and illegally purchase aircraft for their clients, has been extradited to New York, where he faces several Federal charges*:

(1) Money Laundering Conspiracy.

(2) Wire Fraud.

(3) Conspiracy to commit Wire Fraud.

(4) IEEPA violations.

Chichakli, whose other aliases include Robert Cunning and Raman Cedorov, was arrested in Australia when he applied, under still another alias, for a law enforcement position. He agreed to be extradited over a month ago, but arrived in the United States at the end of next week. He reportedly was denied bail, at a First Appearance on Saturday, but due to the long holiday weekend, the court file does not yet contain any corroborating information.

The defendant is believed to have been the primary money launderer for convicted arms trafficker Viktor Bout, and he may have information on where Bout secreted the lucrative profits he received for supplying arms and ammunition to both sides, in many armed conflicts in Africa and Asia. The question is: will he cooperate with law enforcement, and enter into a plea agreement, to reduce his potentially long sentence ? Stay tuned.  

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*United States vs. Richard Chichakli et al, Case No.: 09-cr-1002-WHP (SDNY).

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Cuba And Its Corruption.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

COUNTRY RISK REMAINS HIGH FOR CUBA

The Havana closed non-jury trial of Canadian businessman Sarkis Yacoubian has concluded after two days of hearings that will surely be regarded as a travesty of justice; a judgment is expected at the Peoples' Tribunal for Havana Province shortly. Mr. Yacoubian could receive as much as twelve years on corruption charges. The fact that he was the whistle blower of major institutional governmental corruption notwithstanding, he will be spending a substantial amount of time in one of Cuba's notorious prisons. Apparently, the embarrassing exposure of corruption will result in conviction of the messenger.

Since his arrest, several foreign business executives, as well as government officials, and leaders of state-controlled corporation have been detained. Inasmuch as bribes and kickbacks are required to open, and maintain, any foreign-owned business in Communist Cuba, you can expect the current purge, of officials as well as the foreign businessmen who paid them, to be extensive, and dangerous to foreign investors, businessmen and professionals.

Investing in Cuba, for foreign individuals and entities, appears to be out of the question at this time; keep your Country Risk for Cuba at the highest level, which strongly discourages investment, any banking relationships, and any expenditure of significant amounts of capital.

MEK RENEGES ON PROMISE TO LEAVE IRAQ, SHOULD BE DISBANDED

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

MEK RENEGES ON PROMISE TO LEAVE IRAQ, SHOULD BE DISBANDED

The Mujahedeen Khalq, the Marxist/Islamist militant cult group more commonly known in the West as the MEK, is not cooperating in the orderly departure of its members, from camps in Iraq, to resettlement sites in Europe. This far, only a dozen of the expected 3100 members have been transported out of Iraq, to their new homes.

The MEK, who opposes the regime in Iran, but has a history of violence to Americans, was delisted as a terrorist group in the US, after extensive lobbying efforts in Washington. It promised the United States it would agree to resettlement, but its leadership has proven to be uncooperative, notwithstanding the danger to MEK members, should they remain in Iraq, whose Shiite militants have attacked them several times, since they disarmed after the Second Gulf War.

Perhaps now all those who expressed reservations to the US delisting of the MEK can now remind the American Government that the presence of the MEK, which is not well-regarded in Iran, has no place in the current political situation in the Middle East, and it should be disbanded forthwith. The many prominent former US military officers and retired politicians on its lobbying payroll notwithstanding.

The US & Iraq need to dissolve the MEK, lest it cause trouble again in the region. It has been  described by its detractors as a fanatical cult that requires absolute loyalty from its members; non-democratic, and employs a cult of personality in its leadership. It has no place in the Arab (or Persian) Spring.

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False Testimony Of Nevin Shapiro A Ponzi

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA

~Contributed & Written by Kenneth Rijock ~

PONZI SCHEMER ADMITS PERJURY IN COURT TESTIMONY AGAINST CHEQUE CASHER

Another reason why you must identify possible Ponzi schemers banking with you early on; they tend to lie on the witness stand to improve their chances at sentencing, meaning that their perjured testimony could convict innocent parties, whilst the Ponzi enjoys a reduced sentence, and other benefits.

Nevin Shapiro, whom we have covered extensively on this blog*, is presently serving a 20-year sentence for securities fraud, in a $900m Ponzi scheme; he has now admitted that, during his testimony against the owner of a Miami money service business, he committed perjury. The businessman, Juan Rene Caro, was sentenced to an 18-year sentence in 2009, whilst Shapiro received immunity for his role. Shapiro's own criminal case came a year later, in 2010.  More recently, it was revealed that he cooperated with the NCAA, in its internal investigation into corruption in college sports at the University of Miami. 

Shapiro has now sent a letter to the Court admitting his misconduct, and has also accused his former criminal defence attorneys, both ex-Federal prosecutors, of knowingly allowing him to lie on the witness stand. Shapiro has filed a Florida Bar complaint against his former counsel. Lawyers who represent Ponzi schemers can find themselves later on the receiving end of professional misconduct, when their client, post-sentencing, and desperately seeking a sentence reduction, lashes out at his counsel, on a wide variety of grounds. Perhaps attorneys should better weigh the risks of representing Ponzi schemers, before undertaking to represent this particular variety of fraudster, lest they live to

regret it later.

The facts represent a casebook illustration of the importance of identifying, and exiting, any client whom the evidence confirms is operating a Ponzi scheme, lest you later get drawn in, due to lies told by your client, who is seeking to save himself from the consequences of his acts, when the long arm of justice descends upon him. 

If several of these red flags are present, they may help you identify a Ponzi scheme in progress:

(1) Was the client's atypical business success on the fast track, rather than over a period of time ? Is "instant" success unknown in the client's business or profession ?

(2) Is the heavy cash flow supported by payments for customary business operating expenses, costs and are there identifiable customers  ? 

(3) Are the client's principal officers keeping the long hours, and supreme effort, typically required by achieve such success ?

(4) Is the client's actual business activity commensurate with the income ?

(5) Is the client flamboyantly spending money, rather than reinvesting it into the business ? Is money going into offshore financial centres ?

Though some of these red flags may indicate merely a successful business, the presence of a number of them could mean Ponzi scheme.

Remember, always seek the expert advice of your outside bank counsel forthwith, if you suspect that a client banking with you is engaged in a Ponzi scheme.

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*Published January 24,2013, Jan. 25, 2013, February 1, 2013.

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