MAJOR CORRUPTION SCANDAL IN CHINA FOR EMBEZZLEMENT MURDER AND ABUSE OF POWER.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Contributed & Written by Kenneth Rijock

ARRESTED CORRUPT CHINESE PEPS HAD VILLA IN FRANCE, MANAGED BY MURDERED BRITISH BUSINESSMAN NEIL HEYWOOD

The evidence regarding a €2m villa in Cannes confirms that the owners were Gu Kaili, convicted of the murder of British Businessman Neil Heywood, and her husband, Bo Xilai, a senior Chinese government official now under arrest, and charged with bribery amounting to ten million Yuan, embezzlement and abuse of power, in a major corruption scandal that the Government of China sought to minimize while in the midst of a change of leadership.

The  French corporation that owned the villa was reportedly controlled by two firms in Luxembourg, and one must assume this was for the express purpose of concealing beneficial ownership.

The individuals managing the property were, successively: The French architect who lived with Gu Kailai in the UK, Neil Heywood, and finally a British national of Chinese origin, who is linked to the son of the PEP couple, Bo Guagua.

One wonders what over valuable assets Bo Xilai and his lawyer wife, Gu Kailai, purchased through straw buyers, outside the Peoples' Republic of China, and how many years he will receive in prison for his corruption.

Assuming that most senior Chinese PEPs are squirreling away bribery and kickback funds overseas, can you really risk banking Chinese PEPs in the EU ? I seriously doubt it.

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IT IS VERY DANGEROUS BEING A WITNESS IN A MONEY LAUNDERING CASE.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Contributed & Written by Kenneth Rijock

THE PERILS OF BEING A WITNESS IN A MONEY LAUNDERING CASE

The murder, by cyanide poisoning of an individual, who was reportedly originally scheduled to be a witness at the trial of Boston organized crime mobster James "Whitey" Bulger, reminds me of another such incident, back in the "Miami Vice" days, when narcotics trafficking was raging out of control, as understaffed law enforcement agencies struggled to control it.

Career criminal with a curious occupation; he specialized in ripping off narcotics shipments, and at times, the traffickers themselves. Since the traffickers could not very well report the robberies to the authorities,  any product or money he obtained were his to keep, a dirty guy in a dirty business.

When General Manuel Noriega was about to go to trial, in Federal Court in Miami, Turko was named a one of the witnesses against him. Shortly before the trial, however, he was killed in a late-night automobile accident.

It seemed that his BMW was involved in a one-car collision that resulted in his demise. Accident, coincidence or homicide ? You be the judge, but this man routinely carried an automatic weapon, and always had a firearm stowed in his sock. Of course, Noriega was convicted anyway, as the evidence against him was overwhelming.

Why am I bringing this up ? When you, as a banker, fail to timely identify potential money laundering activity at your bank, and exit the client, his ultimate arrest, years later, and trial, may result in your testimony being required by the prosecutor, to prove up his case. You bank client may have been charged "only" with money laundering, but he is a drug trafficker. What if he chooses to have you meet with an "accident" before the trial date ?

The moral of the story: identify any an all potential money laundering clients at your bank, early on, and avoid being the government's one witness that disappears the week before the trial.

Do not let financial criminals operate with impunity in your banks, for their clients are generally violent, and may terminate your, to avoid your appearance in court. 

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* For you non-history buffs: the Ottoman Empire ruled most of the Middle East until the end of the First World War, including present-day Lebanon and Syria, and immigrants from that region were often described as Turks in Latin American countries. Since the majority of Miamians are of Hispanic origin, the term is in common use there.

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BO XILAI FOUND GUILTY OF EMBEZZLEMENT.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Contributed & Written by Kenneth Rijock

BO XILAI CHARGED WITH CORRUPT ACTIVITIES IN CHINA

Sixteen months after his arrest, and after his wife's conviction of murdering a British businessman, China has finally gotten around to charging Bo Xilai, on of its former senior leaders, with corruption and abuse of power. The son of a prominent Chinese patriot, Bo Xilai is accused of bribery and embezzlement in the amount of $4m, according to reports published in China, where the press operates under strict government controls.

The case, which drew the compliance world's attention to the fact that many senior Chinese leaders build huge illicit fortunes, and often seek to place them outside China, raised awareness in the West of the potential problems banks face when accepting wealthy Chinese PEPs. Questionable activities of Bo's wife, who lived and worked for a while in the United Kingdom also surfaced during her murder trial, as well as the fact that their playboy son was being educated in the West, at a cost far above Bo's official salary.

Whether the long delay in charging Bo Xilai with criminal activities was due to the fact that China was going through one of its periodic leadership changes, and that bringing criminal charges would have embarrassed the Chinese Government, I will leave for historians to ponder. What is important about the case is that it was a wake up call on banking wealthy Chinese PEPs for international financial institutions. Serious inquiries into Source of Funds, and the true nature of the customer's occupation in China, are now being routinely asked at account opening, where the prospective client is, or possibly could be, a PEP. Enhanced due diligence has become the order of the day, with any new, affluent Chinese national who is seeking to open an account anywhere outside the Peoples' Republic. 

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