The October 11th Asset Search News Roundup describes what could have been the use of cross-border elements to launder the proceeds of a securities fraud. The interdiction of $41 million from bulk cash smuggling in Mexico and Colombia, is also discussed.
- The "Money Laundering FAQ" webpage belonging to the Financial Action Task Force states that: "Large-scale money laundering schemes invariably contain cross-border elements". Cross-border elements may have existed in the suspected securities fraud case mentioned at "Money Laundering By Minneapolis Money Managers?".
In that case, (known as Philips v. Cook, 09-cv-01732), proceeds from an alleged securities fraud might have been laundered across international borders and transferred into Switzerland, Panama, Costa Rica and the United Kingdom. "Investors fear money went south — to Panama", mentioned these particular cross-border elements in connection with the Phillips case.
- Bulk cash and other smuggling continues even though cargo containers can be screened by X-ray and gamma ray machines and radiation detection devices at ports like the one in Cartagena, depicted below. This past September, $41 million in U.S. currency was interdicted from bulk cash smugglers who had used cargo containers.
A press release states that the $41 million was hidden in the cargo containers at Colombian and Mexican ports. Other articles herein about smuggling cash include: "Concealing Assets By Smuggling Cash", "Smuggling Cash Across Iraq’s Border" and "A Yola, A Police Sergeant & A Restauranteur".
The Port of Cartagena, Colombia
Picture: U.S. Customs and Border Protection
Copyright 2009 Fred L. Abrams