FEDERAL INCORPORATION TRANSPARENCY ACT INTRODUCED AGAIN: WILL IT EVER PASS ?

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

~Contributed & Written by Kenneth Rijock ~

A number of prominent Congressman, including Representative Peter King of New York, has reintroduced the Incorporation Transparency and Law Enforcement Assistance Act. This landmark legislation requires that the names of beneficial owners of shell companies, together with sufficient information to positively identify them, be supplied upon incorporation.

Prior versions of this bill have been around since 2011, but it has never made it into law, notwithstanding bipartisan support from both Democrats and Republicans.

One wonders whether those prominent New York City lawyers, caught on hidden camera, by a major investigative NGO, explaining how they can hide money through corporations, were part of the repeated behind-the-scenes lobbying efforts to kill the bill each year.

Isn't the Department of the Treasury getting tied of seeing foreign tax evaders, and money launderers, abuse domestic American corporations ? Please see that this bill, critical in the fight against money laundering, is passed into law in 2016.

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BOGUS COPIES OF NEW YORK TIMES, WITH DISINFORMATION, DISTRIBUTED ON THE STREETS OF NEW YORK

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

~Contributed & Written by Kenneth Rijock ~

It seems that one can no longer trust what appears to be the real thing in the media. New Yorkers have reported that counterfeit copies of a New York Time "supplement" have been distributed in the city.

Purporting to be a special section dealing with the Israeli-Arab issue, it was reportedly produced by a pro-Palestinian group, and contains slanted content that is not objective reporting.

Internet and Twitter versions of this attempt to disseminate this disinformation have been removed from the Web, but it does confirm the existence of so-called "black" propaganda, which compliance officers should always be alert to; skim milk masquerading as cream, to quote Gilbert & Sullivan. Verify information before relying upon it, in a due diligence investigation, lest you get burned.

Here is a screenshot of a page from the bogus version of the Times:

Note how is it complete with what appears to be authentic adverts. Alert readers, however, know that newspapers like the Times rarely place ads that dominate the first page.

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SWITZERLAND & THE PALESTINIAN LIBERATION ORGANIZATION'S SECRET DEAL IS REVEALED

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

SECRET AGREEMENT BETWEEN SWITZERLAND AND PALESTINIAN TERRORISTS REVEALED

Swiss media has exposed details of a secret 1970 agreement, between the Government of Switzerland, and the Palestinian Liberation Organization (PLO), which was, at that time, engaged in committing violent terrorist acts throughout Europe, and was regarded as a terrorist organization. 

Switzerland concealed the agreement from the European Union, and the United States, which, had they known of its existence, might have severely affected diplomatic relations, for the Swiss provided assistance to the PLO, in exchange for a moratorium on terrorist acts within its territory.

Though all the details of the covert agreement are not known, as they reportedly are classified until 2020, Switzerland provided extensive diplomatic assistance to the PLO. Cash payments, which the West certainly regards as providing material support to terrorism, are believed to be one of the benefits included. One other is allowing terrorists to maintain bank accounts, and conduct their business, which gives rise to a number of terrorist financing issues. 

                                                

Some compliance officers may regard this latest black eye on Switzerland, following as it does the tax evasion scandal involving US taxpayers, as sufficient evidence to raise Country Risk. The issue of whether the Swiss have also cut deals with Specially Designated Global Terrorist (SDGT) groups has come up. Should US corporations conduct business with Swiss entities which are fronts for terrorists, not knowing their true beneficial owners, or illegal aims and goals, due to Swiss facilitation and cooperation, risk levels must rise.

Americans, many of who family members served in the Second World War, and still are disturbed when more details emerge about Swiss financial cooperation with Nazi Germany, will not be happy to learn that the Swiss Government chose to cooperate, facilitate, and finance, terrorists, fifty years ago, and such cooperation is most likely ongoing. Swiss bank accounts for terrorists does not go over well, even fourteen years after the events of 9/11.

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DEUTSCHE BANK: THE REGULATORS FINALLY GET ONE RIGHT ON SANCTIONS VIOLATIONS

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

We know that fining international banks for sanctions violations is not an effective deterrent, even when the civil fines & penalties are in the multi-million dollar range, for those in command see such costs as the cost of doing business, but I have seen one sanctions violations case recently, worthy of mention. 

Inasmuch as fines alone do not stop the big banks, it is much more effective to also hit back at the individuals themselves who are responsible for the organized sanctions violations. Make sure that the people who actually evaded sanctions are terminated, as publicly as possible.

The New York case, where a whopping $258m fine imposed upon Deutsche Bank AG, for doing business with blacklisted countries, also required the bank to discharge six of the bad actors. Additional players in the sanctions evasion process has already left the bank, and three others transferred, and banned from any duties involving the bank's American operations.

You have got to tip your hat the the New York State Department of Financial Services, for it has been at the forefront of effective enforcement of sanctions laws; it reportedly will receive $200m of the fine payment, at in my humble opinion, it is well earned.

I have a suggestion; name, shame and publish the photographs of all the individuals involved in sanctions evasion, Superintendent Albanese, so that bankers worldwide get the message, loud & clear. Bankers are still constantly accessing my article containing the photographs of BNP Paribas officers who were terminated in its scandal. Out all these financial thugs, please.

DUNDEE BANK IN GRAND CAYMAN OPERATED BY CRIMINALS & FRAUDSTERS

FROM THE - CHRONICLES Of Andrei Slavenkov Netherlands – Analyst For Wanted SA ~ Contributed & Written By Kenneth Rijock ~

DUNDEE BANK - OPERATED ILLEGALLY BY FRAUDSTERS - ABRUPTLY CLEANED OUT WHEN SUIT FILED

Grand Cayman's Dundee Merchant Bank,* though ordered liquidated years ago, and which was operating illegally, was abruptly cleaned out, and its computers and bank records removed post haste yesterday, when the news broke that a major civil suit had been filed against it.

The bank has been a base for a $450m trading fraud, perpetrated by the Cayman Gang of Four, a quartet of financial scoundrels who stole from Canadian and American retirees and pensioners.

A review of Cayman Islands public records showed that no liquidation, nor receivership, nor any other permitted class of dissolution of the bank, has ever been initiated, let alone completed, notwithstanding that Canadian regulators has ordered it closed a long time ago. 

The bank has only a Class B banking license, which requires a full-service financial institution as a parent organization, and Canada's Dundee Corporation had sold off its banking arm years ago. Financial media, and even reputable reference materials, have listed Dundee as "in liquidation" for years, meaning that this disinformation was deliberately leaked to the financial press.

The bank had never been liquidated, though Dundee Corporation has claimed that it had completed the necessary actions, and handed off the liquidation to bank management, headed by President Derek Buntain. Mr. Buntain is missing, and is believed to be hiding somewhere in Canada's Atlantic Provinces, possibly Prince Edward Island, where his family resides.

Dundee President Buntain

Witnesses stated that Sharon Lexa Lamb, the Senior Vice President of Dundee Bank, ordered the bank's small Grand Cayman offices stripped, after she was notified by a staff member at the Grand Court of the Cayman Islands that a Statement of Claim had been filed, against her, and the bank, alleging massive breaches of fiduciary duty to account holders**.

There are three unanswered questions that deserve attention:

(1) If the bank was in clear violation of Cayman banking laws, why was it allowed to remain in operation by CIMA, the Cayman Islands Monetary Authority, the relevant government agency charged with regulating the financial sector ? No liquidation was filed, yet media was declaring it as fact. Who was guilty of regulator malpractice at CIMA, and should they not be disciplined for this abject failure ? Also, why didn't CIMA catch Dundee's parent's sale ? Is this not gross negligence ?

(2) If Dundee Corporation did, as it claims, sign off on the liquidation, why was there never any on-site inspection and report, to confirm that it actually was accomplished ? That is basic due diligence, and the fact that a document was issued, under the bank's name, recently, showing Dundee Corporation's Toronto address for Dundee Merchant Bank, in a mailing to clients, suggests that it knew, or should have known, that the bank was still in operation.

(3) Where is Canada's financial regulator, the National Bank of Canada, in all this ? There is no publicly-available document that tells consumers and investors the details of the ordered liquidation, and the authority through which it was ordered. Investors were blindly following word of mouth. Should we not have regulatory filing transparency, especially regarding high-risk, and non-CDIC/FDIC, financial institutions located in offshore financial centers ?

One wonders where the bank's computers, and books & records are. Perhaps someone at the Royal Cayman Islands Police Service might want to step in here, and pay Ms. Lamb, and the rest of the Gang of Four,  a visit.

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* The bank was also trading under the name of Dundee Bank.
** This case shall be covered in a subsequent article.