German Organized Crime laundering $708 million
In its annual report on organized crime, German law enforcement highlighted the various threats and the illicit revenue generated.
From Deutsche-Welle:
In its annual review on serious and organized crime in Germany, the Federal Criminal Police Office (BKA) announced that new laws were needed to combat child pornography and organized crime.
The BKA’s annual report on organized crime, [...]
Money Laundering Market Value
According to the UNODC, between $800 Billion to $2 Trillion is laundered globally each year.
Source: UNODC, “Money-Laundering and Globalization“, (accessed: August 21, 2008.)
Former President of Taiwan laundered money to Swiss Bank
The Former President of Taiwan has admitted to wiring money to a bank in Switzerland as part of a corruption investigation.
From the AP (via the IHT):
Taiwan will enlist the help of U.S. and Singaporean authorities in an investigation into alleged money laundering by former President Chen Shui-bian, an official said.
Taiwan has been working with Swiss authorities [...]
Tax evasion whistle blower on the run and in hiding
The man who sold the information at the center of the Liechtenstein tax evasion case is on the run from Interpol and in hiding.
From the International Herald Tribune:
In 2004, Heinrich Kieber told a Viennese criminal psychologist that he no longer held the keys to the kingdom of Liechtenstein, one of the world’s leading purveyors of [...]
Suspicious bank transfers lead Feds to Spitzer
According to various news reports, US law enforcement first became aware of New York Governor Elliot Spitzer because of suspicious financial transactions, and not because they were already monitoring the escort service Emperor’s Club VIP.
First, from ABC News:
The federal investigation of a New York prostitution ring was triggered by Gov. Eliot Spitzer’s suspicious money transfers, [...]
$45 billion in losses from tax evasion in Germany
Due to the impact of the Lichtenstein tax evasion case, the European Union is set to revamp its laws and practices to crack down on loopholes.
From the IHT:
Jolted by the Lichtenstein tax scandal, European countries on Tuesday took the first steps toward enacting a fresh clamp down on tax havens on their doorstep.
Under pressure from [...]
If you are hiding your money in Liechtenstein, you are in trouble
Up to ten countries are currently conducting investigations into banks in Liechtenstein to determine whether their citizens are evading taxes.
From the IHT:
Following the lead of Germany and Britain, at least eight other countries, including the United States, said Tuesday that they were investigating whether some of their citizens were using banks in Liechtenstein to evade [...]
Cocaine consumption in Europe leads to money laundering
The Wall Street Journal reports on the cocaine boom taking place in Europe. As revenues increase due to the selling of cocaine, drug traffickers are handling more and more cash in Euros.
To wash it, the traffickers must take various steps to clean up its tracks.
From the Wall Street Journal:
The first step is to convert [...]
Global Corruption targeted by UN, World Bank
Corrupt leaders in developing countries and transitioning countries skim up to $40 billion a year from the public.
The World Bank and the United Nations announced Monday that they were setting up a system to help developing nations recover assets stolen and sent abroad by corrupt leaders that amount to an estimated $40 billion a year.
According [...]
