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A trust established to manage the island's accumulated mining wealth, set up for the day the reserves would be exhausted, has diminished in value. To earn income, Nauru briefly became a tax haven and illegal money laundering centre. [21]
Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, underground sex work, terrorism, corruption, embezzlement, and treason, and converting the funds into a seemingly legitimate source, usually through a front organization.
The Caribbean Financial Action Task Force (CFATF) is an organization of states and territories of the Caribbean Basin that have agreed to implement common counter-measures against money laundering. CFATF has associate status within the Financial Action Task Force on Money Laundering (FATF). [1]
Situated in the South Pacific, about halfway between New Zealand and Hawaii, is a tiny island nation that is home to around 15,000 people—and untold billions in assets from the world's ultrawealthy.
(Reuters) -A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners to the U.S ...
Comoro Gulf Holdings (CGH) and 2008 Comoros Economic Citizenship Law. Comoran ex-President (2006-2011) Ahmed Abdallah Sambi The origin of the Comoros passport sales scheme can be traced to French-Syrian businessman Muhammad Bashar Kiwan, who in 2006 began to lobby the Comoros legislature to enact a controversial citizenship by investment scheme in which his close associate, Comoros ex ...
Operation Destabilise was an international investigation led by the National Crime Agency which, over the course of three years, uncovered a money laundering ring with ties to criminal organisations in the UK, drug cartels in South America, the Kinahan Organised Crime Group, Russian espionage efforts and sanction avoidance.
The family continued to be active in a variety of criminal enterprises, including gambling, loansharking, extortion, labor racketeering, fraud, money laundering and narcotic trafficking. In 2012 the Gambino family still had some control on piers in Brooklyn and Staten Island through infiltrated labor unions. [140]