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20211112 Today's Top Five

FCRO Subsection: 
Editorial Staff

Today's Top Five financial crime risk and compliance stories.

1. It's a fraud but it's not a crime.

The Australian High Court has refused Volkswagen AG, a German car manufacturer, leave to appeal against a penalty (it's not a fine) imposed by the Federal Court in December 2019 in a suit brought by the Australian Competition and Consumer Commission. VW agreed that it "breached the Australian Consumer Law by making false representations about compliance with Australian diesel emissions standards" when it imported vehicles into Australia and did not disclose that it has a special engine mode that produced readings specially tailored to enable the cars to pass emissions tests. It's a civil action because it's difficult to prosecute companies in most cases.

e:learning about companies and corporate liability: here

2. India's Enforcement Directorate arrests politician

India's Enforcement Directorate, a hybrid Financial Intelligence Unit and Financial Crimes Investigation and prosecution division has arrested a former Member of the Legislative Council (a kind of MP in a state rather than nationally) in The Punjab. Sukhpal Singh Khaira is alleged to be connected to money laundering, a fake passport ring and other illegal activity.


3. Angel Dominguez Ramirez Jr. admits to leading vast drug smuggling, money laundering empire

For once, it seems, the hyperbole in a USA DOJ headline is justified.

"Dominguez, a former United States Marine and dual U.S.-Mexican citizen, built his organization through cooperative alliances with the Beltran Leyva Organization (BLO), the Cartel de Jalisco Nueva Generacion (CJNG), the Sinaloa Cartel, the Cartel del Golfo (CDG), and the Los Zetas. His organization not only moved vast quantities of its own cocaine and marijuana into the United States, but it was also used by leaders of other Mexican cartels and drug trafficking organizations to move illegal drugs into the United States. "


4. China has launched a Digital Central Bank Currency. Within weeks, it's embroiled in a money laundering investigation.

The pioneer of central bank digital currency, China recorded its first case of money laundering via the electronic yuan.


5. Rare palm cockatoo listed as endangered due to habitat loss, bushfires in far north Queensland.

Species of plants and animals become endangered for many reasons, as this story shows.
But once they are endangered, their price goes up.


Relevant e-learning: Essentials: More than Trade Based; More than Money Laundering.

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