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Cambodian police trained to fight money laundering, terror financing

With an aim of facing the growing challenge in Southeast Asia concerning money laundering and the financing of terrorism, the U.N. Office on Drugs and Crime has stepped in to provide Cambodian police with skills in order to curb this threat, according to a statement released Monday. The statement, released by the European Union, said money laundering and the financing of terrorism have become a growing challenge worldwide, with Southeast Asia being no exception.

Wife of former spy watchdog gets bail in money-laundering case in Montreal

MONTREAL - The wife of Canada's former espionage watchdog has been granted bail after being in jail for more than two months. Pamela Porter is charged with conspiracy and laundering more than $22 million in the construction of a Montreal superhospital. She will return to court in September for her preliminary hearing. Porter is accused of helping to launder the money for her husband, Arthur Porter, the former head of the McGill University Health Centre.

U.S., China emerge as major channels for money laundering: report

SEJONG, July 11 (Yonhap) -- The United States and China have been emerging as major channels for South Koreans seeking to launder money or stash away their wealth overseas, a customs agency said Thursday. According to the Korea Customs Service (KCS), the amount of money laundering by South Koreans through the U.S. came to 157.8 billion won (US$139.9 million) last year, up from 8.5 billion won a year earlier. The amount is also sharply higher than just 100 million won involved in a single money laundering case that the KCS detected in 2009, it said.

Costa Rica probes soapy money-laundering link to Venezuela

By Isabella Cota SAN JOSE, Costa Rica (Reuters) - Costa Rica said on Thursday it was investigating two men suspected of laundering money for Venezuelan government firms after detecting a shady scheme to buy millions of bars of soap. Investigators in the Central American nation said they had frozen at least $15.5 million in bank accounts belonging to a Costa Rican lawyer and a Venezuelan who had made suspicious transactions for a company owned by Venezuela's government.

Barclays pulled into U.S. money laundering investigation

LONDON (Reuters) - Barclays <BARC.L> has been dragged into an international money laundering investigation after U.S. prosecutors discovered that Arthur Budovsky, the founder of digital currency exchange Liberty Reserve, held an account with the British bank. U.S. prosecutors have filed an indictment against the operators of Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.

Malaysia police track 'money trail' in US fraud probe

Malaysian police have been cooperating with authorities overseas against a global online currency operator being probed in the US on allegations of massive money-laundering, a report said Thursday. The United States on Tuesday unveiled what it called the world's largest money-laundering investigation, targeting the digital currency business Liberty Reserve.

Federal Reserve orders Bank of Montreal to correct lapses in anti-money laundering program

WASHINGTON - Federal regulators are ordering the Bank of Montreal to take steps to correct lapses in oversight that could allow the bank to be used for money laundering. The Federal Reserve announced an agreement Friday with the bank, which is one of Canada's largest. The Fed cited procedural deficiencies to prevent money laundering in the bank and its Chicago branch. No financial penalty was imposed on the bank under the agreement. The bank agreed to submit detailed plans to the Fed and to Illinois banking regulators for strengthening its programs and correcting problems.

Spain busts Chinese-Moroccan cash-laundering gang

Spanish police said Thursday they busted a network of Moroccan and Chinese nationals who laundered hundreds of thousands of euros a week in drug money. Officers arrested two Chinese nationals, one suspect from Hong Kong and three Moroccans in raids at locations including a major Chinese trading estate near Madrid, a police statement said. The network sold hashish that was smuggled from Morocco to Spain, distributing it to Britain, France and other countries, and laundered the money via wholesale purchases of clothes and jewellery.

Germany, France urge EU to take lead in fighting money laundering

BERLIN (Reuters) - Germany and France want the European Union to take a lead in fighting money laundering and financial crimes, asking the Commission in a joint letter to develop policies against countries that do not cooperate. The two countries' finance ministries also said in a joint statement on Thursday that they wanted better harmonisation of national anti-money laundering frameworks and that the EU Commission should control and assess implementation.

Britain fines Swiss bank over laundering controls

Britain on Wednesday said it had fined the British private banking arm of Switzerland-based EFGI Group a reduced penalty of £4.2 million ($6.4 million, 4.9 million euros) for failures in its anti-money laundering controls. "The Financial Conduct Authority has fined EFG Private Bank Ltd £4.2 million for failing to take reasonable care to establish and maintain effective anti-money laundering (AML) controls for high risk customers," the FCA said in a statement. "The failings were serious and lasted for more than three years."
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