Money Laundering | ICE

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ICE leads money laundering and financial crime investigations

In recent decades, U.S. law enforcement has encountered an increasing number of major financial crimes, frequently resulting from the needs for drug trafficking organizations to launder large sums of criminal proceeds through legitimate financial institutions and investment vehicles.

Cornerstone

Cornerstone is ICE’s initiative to detect and close down weaknesses within U.S. financial, trade and transportation sectors that can be exploited by criminal networks. Law enforcement entities share criminal typologies and methods with businesses and industries that manage the very systems that terrorists and criminal organizations seek to exploit. This sharing of information allows the financial and trade community to take precautions in order to protect themselves from exploitation. (read more)

El Dorado Task Force

The El Dorado Task Force consists of more than 260 members from more than 55 law enforcement agencies in New York and New Jersey – including federal agents,

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How Money Laundering Works | HowStuffWorks

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As of September 2018, Paul Manafort, who served at one time as President Trump’s campaign chairman, has been found guilty on eight counts of tax and bank fraud. In a separate trial, he will be prosecuted for money laundering. The money laundering charges have to do with a scheme that follows a tried and true method for rinsing the dirt off your treasure. Manafort is alleged to have garnered millions from the former Ukrainian President Viktor Yanukovych. Rather than declare these earnings to the IRS and turn over the taxes due, Manafort is said to have placed them in offshore accounts and then used them to buy expensive real estate in the U.S.

Once he owned the properties, prosecutors say he then used them as collateral to take out millions of dollars in loans from U.S. banks. Since the money was in the form of loans rather than income,

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U.S. prosecutors charge PDVSA contractor with money laundering

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(Reuters) – U.S. prosecutors have charged a Venezuelan oilfield contractor with money laundering for bribing officials at state oil company Petroleos de Venezuela to win overpriced contracts, and then seeking to hide the proceeds in the United States.

The charges are the latest in a U.S. investigation of corruption at PDVSA, a once prolific company whose crude output has plunged in recent years due to mismanagement and pilfering of funds, contributing to Venezuela’s humanitarian crisis.

In a complaint filed on Friday, federal prosecutors in the Southern District of Florida said Leonardo Santilli received nearly $150 million from PDVSA-controlled joint ventures with foreign companies in the Orinoco belt between 2014 and 2017 for contracts to supply equipment.

Reuters could not immediately reach Santilli for comment, and no defense attorney was listed for him in court records. PDVSA did not immediately respond to a request for comment.

The complaint said that in

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HSBC money laundering report: Key findings

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HSBC bank logo

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HSBC operates in more than 80 countries around the world

Failure after failure at HSBC led to the London-based bank being used as a conduit for “drug kingpins and rogue nations”, a 300-page report compiled for a US Senate committee and has found.

The July 2012 report and investigations by US authorities led to the UK-based bank being fined almost $2bn for failing to stop criminals using its banking systems to launder money.

Here we summarise some of the Senate Permanent Subcommittee on Investigation’s main findings against HSBC.

Mexican drug barons

Despite HSBC Mexico (HSMX) operating in a country “under siege from drug crime, violence and money laundering” it had inadequate money laundering controls.

Between 2007-8, for example, HBMX shipped $7bn to HSBC’s US operation, more than any other HSBC affiliate.

Mexican and US authorities expressed concern that drug traffickers were able to circumvent the anti-money laundering controls

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Money Laundering | Wex | US Law

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money laundering: an overview

Money laundering refers to a financial transaction scheme that aims to conceal the identity, source, and destination of illicitly-obtained money. The money laundering process can be broken down into three stages. First, the illegal activity that garners the money places it in the launderer’s hands. Second, the launderer passes the money through a complex scheme of transactions to obscure who initially received the money from the criminal enterprise. Third, the scheme returns the money to the launderer in an obscure and indirect way.

Tax evasion and false accounting practices constitute common types of money laundering. Often, criminals achieve these objectives through the use of shell companies, holding companies, and offshore accounts. A shell company is an incorporated company that possesses no significant assets and does not perform any significant operations. To launder money, the shell company purports to perform some service that would reasonably require its

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