BITCOIN MUST BE REGULATED.

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

~Contributed & Written by Kenneth Rijock ~

REPORTS SAY BITCOIN HAS REGISTERED AS AN MSB WITH FINCEN

Media reports claim that Bitcoin, the virtual currency, has registered as a money service business, with the Financial Crimes information Center, FinCEN. Assuming that this is true, it may signify that the virtual currency industry is ready to concede that it must be regulated, meaning that banking best practices compliance will be necessary. How exactly will that be accomplished online, I wonder ?One final question; since FinCEN registration must be accomplished within six month of beginning operation, and Bitcoin has been around for much longer than that, will charges of operating an unlicensed MSB be filed, as was done with Rosemont Financial ? The Rosemont case was a nightmare for that company's clients , as they had massive funds seizures, resulting in costly settlements with DOJ.

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

REPORTS SAY BITCOIN HAS REGISTERED AS AN MSB WITH FINCEN

Media reports claim that Bitcoin, the virtual currency, has registered as a money service business, with the Financial Crimes information Center, FinCEN. Assuming that this is true, it may signify that the virtual currency industry is ready to concede that it must be regulated, meaning that banking best practices compliance will be necessary. How exactly will that be accomplished online, I wonder ?

One final question; since FinCEN registration must be accomplished within six month of beginning operation, and Bitcoin has been around for much longer than that, will charges of operating an unlicensed MSB be filed, as was done with Rosemont Financial ? The Rosemont case was a nightmare for that company's clients , as they had massive funds seizures, resulting in costly settlements with DOJ.

CROATIA JOINED THE EU AND THE MONEY LAUNDERERS ARE READY.

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

MONITOR TRANSACTIONS TO NEW EU MEMBER CROATIA

As of today, 1 July, Croatia is a member of the European Union. Though it is not yet a member of the Eurozone, and maintains its national currency (the Kuna) at this time, it is anticipated and expected that it will transition to the Euro, on schedule, in two or three years.

The issue is that good money launderers have been known to move assets into, and make investments in,  new member countries, before they join the Eurozone, knowing that, in the hustle and bustle of exchanging currency, when it does occur in the near future, is a valuable opportunity.

It is impossible to ask every Croatian who has kept cash at home to document the Source of Funds of their savings; lack of staff, other fiscal responsibilities, and the chaos of the event, all add up to a gap that can be exploited.

Therefore, should you notice bank clients, who heretofore had no trade or other business in Croatia, moving funds there, or making substantial investments, you may wish to take a closer look at your customer.

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LAWYERS, KEEP AN EYE ON YOUR CLIENTS SuSPICIOUS ACTIVITIES.

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

~Contributed & Written by Kenneth Rijock ~

SUITS AGAINST LAWYERS FOR PONZI SCHEME CAN EXPOSE PERSONAL INFORMATION ON PROFESSIONALS

The pending lawsuit, against a prominent law firm that advised convicted Ponzi schemer Nevin Shapiro, illustrates the possible consequences when lawyers fail to identify their client as a Ponzi early on, and exit the relationship. We have previously covered this litigation in a prior article, but a new, and more professionally disturbing, development recently appeared.

Counsel for the plaintiff, a victim who sues the Ponzi's law firm on several causes of action, asked the Court for the performance reviews, personnel files, and sundry other extremely personal professional information about the attorneys who advised their client, who is now serving an extended term in Federal Prison for his crimes.

Though the judge denied these requests, the point remains: when lawyers unwittingly advise Ponzi schemers, and do not learn about their client's true purpose until it's too late, they risk being placed under a microscope in subsequent litigation against them by the victims.

That is just one more reason to always periodically review your clients for suspicious activity, irrespective of your profession.

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MEXICAN GOVERNOR PLEAD GUILTY FOR MONEY LAUNDERING

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

~Contributed & Written by Kenneth Rijock ~

FORMER MEXICAN GOVERNOR RECEIVES ELEVEN YEARS IN US FOR MONEY LAUNDERING CONSPIRACY 

Due to a plea agreement, in which he was allowed to enter a guilty plea to a single count of Conspiracy to Commit Money Laundering, Mario Ernesto Villanueva Madrid, the former governor of Mexico's Quintana Roo State, was sentenced, in US District Court in New York, to a term of imprisonment of  ten years and eleven months.

The defendant, who has already served a six year term in Mexico for his crimes, reportedly still owes twenty three years in prison to his native country.

Villanueva accepted $17m in bribes, to allow the Juarez Cartel to freely move large shipments of narcotics through Quintana Roo State, en route to the United States. He later used an investment broker at Lehman Brothers to launder his illicit wealth, hence the money laundering charges; she was previously convicted for her role.

Considering that Villanueva was instrumental in facilitating the entry, into the United States, of massive amounts of drugs, in my humble opinion, the sentence seems inadequate. What do you think ?

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GUATEMALANS LOOTED DOWNED PLANE THAT TRANSPORTED DIRTY MONEY FROM MEXICO.

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

 

LOOTERS TAKE BAGS OF CASH FROM DOWNED VENEZUELAN BULK CASH SMUGGLING PLANE

The aircraft was completely destroyed. Mexico's strict laws regarding the deposit of currency have forced narcotics traffickers to continue to  transport their US-source criminal proceeds into the Republic of Panama.

A light aircraft that crashed in the mountains of western Guatemala, resulting in the death of all six on board, was carrying a large amount of US Dollars, and some Mexican Pesos, on a southbound flight.

Reports confirm that a Venezuelan national was in command of the bulk cash smuggling operation; he has been publicly identified as Elio Brito Laricchia, whose Cédula [national identity card number] is V-8344237.

Local Guatemalan villagers looted most of the bags of currency from the aircraft before rescue crews arrived, and reportedly attempted to block investigators from removing the bodies.

The aircraft, identified as a Cessna 206 Stationair, Mexican registry XB-MSN, was not authorized to enter Guatemalan airspace. Quantities of jewelry, a weapon, and credit cards were also recovered from the wreckage.

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THE LEBANESE ARMY IS TRYING TO HIDE THE TRUTH

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

~Contributed & Written by Kenneth Rijock ~

MIDDLE EAST MEDIA IS NOT ALWAYS A TRUSTED SOURCE OF INFORMATION FOR COMPLIANCE

Compliance officers performing due diligence investigations know to discount the accuracy of media from Middle Eastern countries that are not democracies, but sometimes, even in those with democratic traditions, someone seeks to hide the truth. This week, after the Lebanese Army was joined by fighters from Hezbollah, in attacking the forces of a radical Sunni religious leader in Sidon, who opposes the Syrian Assad regime, army spokesmen delivered a blunt, public warning to Lebanese media.

The army threatened that, if any local media showed that Hezbollah troops participated in combat operations, against the Sunni group in Sidon, they would file what were described as judicial charges, against those news outlets that did. In truth and in fact, the army, supposedly a neutral entity, was seeking to suppress information harmful to Hezbollah. Direct domestic, military, involvement of Hezbollah may reflect negatively upon the stability of Lebanon, and therefore, its Country Risk.

While I am a regular reader of the Beirut newspaper, The Daily Star, when government actors in Lebanon seek to suppress truth in media, I must now consider that, in looking at any open sources of information originating in Lebanon in the future. 

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