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It is a source of some consternation that representatives of Philippines bank RCBC continue to claim that they cannot disclose details of transactions relating to the transmission through the bank of moneys stolen from the Bank of Bangladesh because bank secrecy laws prevent it.

Here we set out why that position is nonsensicle, in the particular circumstances of the case and what can be done to resolve the position.

Nigel Morris-Cotterill

The attention focused on The Anti Money Laundering Council in The Philippines is largely unjustified. It can only what the law allows and, as World Money Laundering Report Vol 15 Number 2 will show, the law falls a long way short of ideal - and it's not only casinos.

But, as the graphic below shows, it's not the only problem AMLC has.

Editorial Staff

At the heart of the Philippines aspect of the Bank of Bangladesh case appears to be a "businessman" known as Kim WONG. But in less than 30 seconds, we discovered that as recently as 2001, he held a Chinese passport in the name WONG Kam Sin - and used it to get out of The Philippines in the face of an investigation.

Editorial Staff

It's a basic tenet of Formula One that the podium celebration takes place in a shower of champagne. Well..... not exactly. After 15 years, the deal for Mumm to sponsor the sport has ended. And the new sponsor is half a name and not a champagne.

Bryan Edwards

It is fascinating that the USA is having a panic attack about the spread of Da'esh / ISIS by means of propaganda. It is also ironic, given the cultural imperialism that the USA has applied through the entertainment industry - and continues to do so, shaping thinking in so many ways that even in the UK, we find ourselves dominated not by the USA's sharpest minds but by the excessively puerile.

And yet the parallels of how Da'esh / ISIS and the USA spread their messages, and reinforce them, are striking.

Nigel Morris-Cotterill

Pay attention: when I told you in 2006 that all the signs were present for a US housing crisis that would engulf the world in a financial crisis, you didn't listen. When I told you in 2007 that the crisis was happening and organised a conference to discuss strategies to prepare for and manage it, you didn't listen and you didn't come to the conference. If you were invited as a speaker, you denied there was a problem and declined to speak.

So, listen now: ...

Nigel Morris-Cotterill

Fidelity National Financial Inc, is a Florida-based title insurance company. District attorneys in California alleged that the company used a software system that "facilitated illegal secret payments to brokers for business referrals to title insurers and other providers."

Editorial Staff
BIScom Subsection: 

After the fact insurance is nothing new - but it's supposed to be taken out with the consent of the insurance company. California is suffering from a glut of frauds where motor crashes take place, insurance is then taken out and a claim made under the policy. That's not right, say the authorities.

Editorial Staff
BIScom Subsection: 

Sung Kook (Bill) HWANG has entered into an agreement - without admitting or denying the allegations - with the USA's Securities and Exchange Commission over the activities of two private funds: Tiger Asia Fund, L.P., and Tiger Asia Overseas Fund, Ltd.

Editorial Staff
BIScom Subsection: 

The Jakarta Post reports that it has seen a copy of a draft banking Bill which has been "specifically developed to target foreign banks operating here," it says.

Editorial Staff
BIScom Subsection: 

The USA's Securities and Investment Commission has commenced administrative (i.e. civil) proceedings against Linda Dianne Alexander, a 70 year old living in California, alleging that she has conducted a prime bank investment fraud since 2004 - and in doing so was offering securities despite being unregistered or associated with a registered broker-dealer.

Editorial Staff
BIScom Subsection: 

The Securities and Exchange Commission today sued AMMB Consultant Sendirian Berhad (AMC), a Malaysian investment adviser, alleging that for more than a decade, AMC charged a U.S. registered fund for advisory services that it did not request and that AMC did not provide. The total cost to the company in the USA? USD3,125,000.

Editorial Staff

The US Commodity Futures Trading Commission has imposed an agreed penalty of USD200 million on Barclays PLC, Barclays Bank PLC and Barclays Capital, Inc for attempting to manipulate LIBOR and Euribor rates and making false reports to obscure its financial position during the global financial crisis. But there have also been settlements with the US Department of Justice and the UK's Financial Services Authority. The total of fines and penalties is substantial. And other banks may be in the firing line, too.

Editorial Staff
BIScom Subsection: 

The Securities and Exchange Commission obtained, on 25 June 2012, a temporary restraining order and asset freeze against Wayne L. Palmer and his firm, National Note of Utah, LC alleging that he operated a real estate-based Ponzi scheme that bilked USD100 million from investors nationwide. Yet banks continued dealing with him.

Editorial Staff
BIScom Subsection: 

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%.

Editorial Staff
BIScom Subsection: 

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