Archives > 2006-07

To ensure the sustainability of the financial center, Governing authorities must be aware of the changes to the geopolitics and the geoeconomics : we live at a time of transparence and governance with various programs (OECD, World Bank...). Governing authorities must ask questions and accept questions especially on compliance issues. They must tighten up the ship on issues all the more than there are alternative financial centers for investors and head offices of banks. Otherwise they weaken their international credibility. The failure to ask or to answer questions allows these...

In the late 1980s and early '90s, Harvard-educated economist Franklin Jurado ran an operation to launder money for Columbian drug lord Jose Santacruz-Londono. His was a very complex scheme. In its simplest form, the operation went something like this: Placement: Jurado deposited cash from U.S. drug sales in Panama bank accounts. Layering: He then transferred the money from Panama to...

On 12th July 2006 the Monegasque Tribunal found William Fogwell guilty of the charges against him in relation to the collapse of Hobbs Melville in 2000 and sentenced to 5 years prison. He was...

Supporting actually a financial center means sentencing, especially in cases of criminal breach of fiduciary duty. This reflects need to protect reputation of Island’s financial services industry...

Every year, U.S. officials from agencies with anti-money laundering responsibilities meet to assess the money laundering situations in 200 jurisdictions. The review includes an assessment of the...