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20211110 Today's top five stories

FCRO Subsection: 
Editorial Staff

Don't miss our round-up of our top five financial crime risk and compliance (and adjacent) stories this morning.

1. Money Mules Malaysia.

Police in Malaysia have arrested more than 800 people in the smallest state in the country on suspicion of allowing their bank accounts to be used by fraudsters.


2. Acronyms: FIU means F***ed It Up.

Santiago Nieto, the director of Mexico's Financial Intelligence Unit has resigned. USD35,000 in cash was found by authorities in Guatamala in the possession of Juan Francisco Ealy Ortiz a newspaper man. Ortiz was with others in a private jet carrying a number of VIPs to Nieto's wedding to Carla Humphrey of Mexico’s National Electoral Institute (INE).


3. Intellectual property

A long judgment analyses not only the packaging for Glebe Foods Oat drink but also, in detail, the process by which it was arrived at. The end result is as one might expect simply by comparing the packaging with that of the plaintiff. But is there something between the lines? Is the plaintiff simply trying to stifle competition using an intellectual property claim as the tool?


4. In Australia, another company pays a penalty as a result of "allegations" not proceedings.

Funeral services provider Bare Funeral Group Pty Ltd, trading as Bare Cremation, has paid a penalty of AUD13,320 after the ACCC issued it with an infringement notice for allegedly making a false and misleading representation about the price of its cremation services.

5. Short trader caught short.

The USA's Securities and Exchange Commission has won a civil jury trial against Gregory Lemelson and Massachusetts-based Lemelson Capital Management LLC described as advisers to "hedge funds". Congratulations, incidentally, to the SEC for spelling "adviser" correctly. That's very welcome.


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