Please Be Informed...

Business crime: old frauds are like bad oysters - they just keep on coming back

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It's an oldie but a goodie, rather like that phrase much beloved of DJ who used to spin the disks in the 1960s and 70s. There's a massive upsurge in an old-fashioned internet fraud / money laundering scam - and the morons doing it have sent multiple copies to sandbox addresses at World Money Laundering Report, our sister publication and other companies within The Anti Money Laundering Network.

Way to go!

FCRO Subsection:

Financial Crime News

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Payment cards: Regulatory pressure reduces AMEX penalty rates in Australia

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As a result of concerns raised by ASIC, American Express Australia Limited has agreed to change its approach to the charging of a higher ‘default’ rate of interest to credit card customers who have defaulted in their payment obligations. The policy currently affects 7.9% of credit card accounts issued by AMEX. As a result of the changes the holders of those accounts will receive a reduction in interest rate of up to 6%.

BIScom Subsection:

Credit cards

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AML/CFT: Ibori he say "yes."

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James Ibori, the former Governor of Delta State in Nigeria has at last given up his efforts, widely regarded as worse than futile, to defend criminal charges of money laundering in London. He pleaded guilty to ten counts yesterday several months into the trial process but minutes before the trial proper began.

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When is a car not a car? When it's electric with a flat battery

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Research by Australian Newspaper News.Com.Au has turned up a hidden problem with electric cars: if the battery goes flat, it might not be possible to recharge it, resulting in a very expensive - and not at all ecoologically friendly - replacement

CoNet Section:

Automotive Industry

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England's Law Society takes on HSBC

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The Law Society of England and Wales is mounting one of its biggest PR campaigns ever as HSBC, one of the largest residential mortgage lenders in the UK says that all its mortgage work is to be handled by only 43 firms.

CoNet Section:

Legal Profession

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Disbarred lawyer's second big conviction

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James D Levitt is 66 years old and facing serious jail time. Aside from his latest conviction, he's behind on payments on a prior criminal conviction in respect of which he still owed more than USD400,000.

CoNet Section:

Legal Profession

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Clint Eastwood's misty eyes playing for Detroit

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Clint Eastwood has thrown his hat into the ring with a SuperBowl half-time advert on behalf of, nominally, Chrysler but widely seen as pro-Detroit in general. Actually, it's much more than that.

CoNet Section:

Automotive Industry

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The funniest 419 scam ever?

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Scam e-mails are nothing new and usually they are so boring they don't even register. But "Woolcock" paulwk@gmail.com 's "Money Transfer" scam mail is so amusing it justifies being included in the Fraud Hall of Fame. By the way, it was sent to an e-mail address at "countermoneylaundering.com." Twit.

BIScom Subsection:

Compliance

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Insurance: Hong Kong prosecutes advisers for fraud and corruption

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Hong Kong's Independent Commission Against Corruption has charged a number of people with a range of offences alleged to have been committed against insurance companies.

BIScom Subsection:

Management

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AML/CFT: "Clean Sheet" draft money laundering law proposed

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In 2011, Compliance Complete (Complinet) published a series of articles titled "What's Wrong with Counter-Money Laundering Laws?".

The articles promised that the author, Nigel Morris-Cotterill, Head, The Anti Money Laundering Network, would subsequently supply a draft law designed to improve on existing legislation.

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English solicitors told to face up to Facebook, etc.

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Solicitors in England and Wales have been issued with a new Practice Note (a non-binding guidance) relating to the use of social media including sites such as Twitter and Facebook. It reveals a fascinating insight into the ways in which supposedly transient media can trip up the unwary, and not just lawyers.

CoNet Section:

Legal Profession

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A few new thoughts from a frozen garden

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It's freezing here at the house in France. Really. There's ice on the pond in the garden. I broke it last night so that the fish could breathe (is that necessary? I don't know. Seemed like a good idea at the time) but now it's frozen over again.

Publication:

Little Blue-Green Planet

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English lawyer struck off for land-banking scam

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An English solicitor has been struck off the Roll following "gross recklessness." He acted in a land-banking scam.

CoNet Section:

Legal Profession

Motorsport

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