Money Laundering

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The colourful world of the promoters of The Harris Organization

May 31, 1998
One wrote a book describing Albania as a "fairy tale land" and promised he could show investors "how to double your capital at no risk", another sells seemingly dodgy insurance brokerage licences to the gullible, promising they are available within 72 hours to people with no qualifications or even a formal education who will be able to access the Lloyd's of London market; and another has written a book on prostitution showing where "balding, fat guys like your author" can find "Thai virgins".

Insider Talking: April 30, 1998

April 30, 1998
David Walsh, the former head of Bre X Minerals, tried to close a bank account in the Bahamas and take out his entire deposit of $25.3 million two weeks after an audit revealed concluded that the supposedly rich Busang gold

US government brings test case against offshore gaming operators

April 30, 1998
In what is being seen as a test case, the U. S. Government has charged 14 owners and managers of six sports betting companies headquartered in the Caribbean and Central America with conspiracy to transmit bets and wagers on sporting events via the Internet and telephones. The cases are the first federal prosecutions of sports betting over the Internet and they will be watched closely by offshore centers that have embraced gambling as a way of earning much-needed foreign currency.

‘The Harris Matrix’ for hiding money from the IRS and your wife

March 31, 1998
Offshore Alert has obtained confidential documents that are presented to clients of The Harris Organization advising them how to hide their assets from their creditors, be it the IRS or their wives if they are going through a divorce. The documents are so sensitive that the cover sheet states: "Under no circumstances may this document be utilized outside the offices of The Harris Organization. Misuse or disclosure of this document is subject to civil and criminal sanctions under Panamanian law."

Marc Harris says: ‘We’re cleaner than clean.’

March 31, 1998
David Marchant, the publisher of Offshore Alert, flew to the Bahamas on Wednesday, March 25 to meet with Marc Harris at the Radisson Grand Hotel in Cable Beach, near Nassau. Also present at the meeting were Larry Gandolfi, who is a salesman; Christopher Davy, head of computers; and Alan McAloon, head of trust services.
marc-harris

The Harris Organization’s multi-million dollar Ponzi scheme

March 31, 1998
Offshore Alert can today disclose that Panama's most-hyped financial services group, known as The Harris Organization, is being run as a massive Ponzi scheme in which clients are being defrauded out of millions of dollars. The situation is so serious that The Harris Organization, which employs 150 people in Panama, is hopelessly insolvent, with net liabilities of at least $25 million, according to sources knowledgeable of the group's financial affairs.

Swiss American seeks dismissal of US lawsuit

March 31, 1998
Swiss American Bank Limited and Swiss American National Bank of Antigua filed on March 16 a motion to dismiss a complaint filed against them in Massachusetts by the US government alleging theft of $7 million of drugs money.

Banker John Rea wins Privy Council ruling on illegal police searches in Cayman

February 27, 1998
The Privy Council in London has rejected an appeal by Detective Inspector Brian Gibbs, the Commissioner of the Royal Cayman Islands Police and the Attorney General against a damages award of US$770,000 made in favour of former bank manager John Rea for an illegal search of his home and his office in 1991.The ruling on January 29, 1998 brings to an end a long, embarrassing and costly saga for the Cayman authorities in which they were found to have maliciously obtained and executed two search warrants against Rea in October, 1991.

FCO announces end of bank secrecy in overseas territories

February 27, 1998
The clearest indication yet that the UK government will force its Overseas Territories to co-operate with foreign regulators investigating both fiscal and regulatory offences was given this week to Offshore Alert.Offshore centres like Bermuda, the Cayman Islands, the Turks & Caicos Islands and the British Virgin Islands are being told by the UK government to introduce within two years legislation that will be virtually identical to the UK Criminal Justice (International Co-operation) Act 1990.

Bruce Rappaport appointed Antigua’s Ambassador to Russia

February 27, 1998
Readers who followed last month's story about the US government's lawsuit accusing four banks and the Antiguan government of illegally divvying up $7 million in drug profits might be interested to know that Antigua recently appointed the banks' owner, Bruce Rappaport, as its Ambassador to Russia.The appointment of Rappaport to this official position on December 3, 1997, adds an interesting twist to the recent lawsuit brought by the US government against the Antigua-based Swiss American Bank group and Inter-Maritime Bank, of Geneva.

Deloitte & Touche clear way for $3 billion claim against Ernst & Young

February 27, 1998
A $3 billion claim brought by Deloitte & Touche as liquidators of the failed Bank of Credit & Commerce International against accounting firm Ernst & Young was reinstated by the Court of Appeal in London on February 13. The ruling overturned a High Court decision of January of last year.

US government sues Swiss American Bank-Inter-Maritime Bank group

January 30, 1998
The US government has filed a landmark civil lawsuit against banks in Antigua, Panama and Switzerland in an attempt to recover $7 million that it claims are the proceeds of criminal activity.The lawsuit is considered to be of significance to other offshore tax havens because it will test the ability of the US government to enforce home-based judgements in foreign territories against offshore companies who collaborate with money launderers.The US government is suing Swiss American Bank Ltd. and Swiss American National Bank Ltd., which are both registered in Antigua; Swiss American Holding Company S. A. of Panama and Inter-Maritime Bank of Geneva.

Bermuda introduces Proceeds of Crime Act

December 30, 1997
Bermuda has followed in the footsteps of the Cayman Islands and the British Virgin Islands and become the latest country in the region to pass anti-money laundering legislation covering the proceeds of various of crimes.

First Proceeds of Criminal Conduct Law cases in Cayman

December 30, 1997
The Cayman Islands authorities have so far processed three matters under the Proceeds of Criminal Conduct Law, which became law in September, 1996 but became operational at the beginning of this year.Two of the matters involved applications from the US authorities to restrain the assets of suspected criminals while the other resulted in the prosecution of a man on relatively minor money laundering offences, to which he pleaded guilty and was given a prison term, said Cayman's Attorney General Richard Coles.

‘Stolen’ Cayman bank records in hands of the IRS

October 31, 1997
The liquidator of Cayman-based Guardian Bank & Trust (in liquidation) has lost a petition he filed against the US government for the return of a computer tape containing details of accounts held at the bank.John Mathewson, the former chairman of the bank, handed over the tape to the FBI in June, 1996, as part of a plea bargain agreement after he was charged with money laundering offences in New Jersey.

BVI passes anti-money laundering legislation

October 31, 1997
Twelve months after a similar law was introduced in the Cayman Islands, the British Virgin Islands, which is home to more than 200,000 foreign companies, became the second Caribbean Dependent Territory to pass wide-ranging anti-money laundering legislation at the behest of the UK government. Bermuda is expected to be next, possibly before the end of the year.

BCCI liquidators awarded US$2.1 billion in damages

September 29, 1997
The Court of Appeals in the Cayman Islands has awarded damages of US$2.1 billion to the liquidators of BCCI-affiliate International Credit and Investment Company and ICIC-subsidiary Finance International and Investment Limited.

Over 100 BCCI-related lawsuits filed in Cayman, Crown Prince of Dubai among defendants

August 28, 1997
Lawyers acting for the liquidator of the Bank of Credit & Commerce International have swamped the Cayman court system by bringing over 100 lawsuits against people who borrowed money from the bank and foreign banks and insurers it did business with.A defendant in two of the actions brought at the Grand Court of the Cayman Islands is the Crown Prince of Dubai and the Minister of Defence for the United Arab Emirates, His Highness Shaikh Mohammad Bin Rashid Al Maktoum.

UK tax initiative in Cayman

July 30, 1997
Does it exist or doesn't it? That was the question being asked in the Cayman Islands this month after widespread reports that the Foreign and Commonwealth Office in London sent a directive to Governor John Owen instructing Cayman to pass legislation opening up bank accounts for tax investigations carried out by the world's major countries.

Cayman trust company caught up in money laundering case

June 26, 1997
AMEX International Trust (Cayman) Limited and Cayman International Trust Company Limited were innocently used to launder the proceeds of cocaine trafficking from Mexico to the US in the early 1990s, it has been alleged in a Texas court case. Jose Jesus Echegollen and Guillermina Chavez are accused of using a string of Cayman companies to help launder $30 million in cocaine proceeds which were transferred to Cayman from banks in the US and Mexico.

Cayman passes mutual legal assistance law for drug-related offences

June 26, 1997
The Cayman Islands has introduced another piece of anti-money laundering legislation with the passage this month of the Misuse of Drugs (International Co-operation) Law 1997, which allows foreign countries to apply for legal assistance when investigating drug-related offences.

Money launderer convicted in Cayman

May 28, 1997
In a case that has triggered investigations on both sides of the US-Canadian border, Pietro Paolo Codispoti, of Montreal, was convicted in the Cayman Islands on May 22 of three counts of money laundering.

United Kingdom: Robert Bolden et al

March 25, 1997
Application for the appointment of a Commissioner - pursuant to a request for judicial assistance from the United Kingdom - to collect evidence for a criminal investigation into Robert Allen Bolden and Jeanette Dean for suspected narcotics trafficking and money laundering.

Interamerican Asset Management Fund allegedly used in multi-million dollar fraud

March 16, 1997
A Bahamas-based mutual fund was used by one of Ecuador's best-known business families to defraud investors and the Central Bank of Ecuador out of approximately $160 million, it has been claimed.And the scandal has extended to the United States where the Federal Reserve Board has taken steps to safeguard the financial position of the Pan American Bank, in Miami.Both the Bahamian mutual fund - the Interamerican Asset Management Fund Limited - and the Pan American Bank were set up by the powerful Ortega family of Ecuador.

Cayman’s Proceeds of Criminal Conduct Law: Is it for real?

February 28, 1997
Is the Cayman Islands new ‘Proceeds of Criminal Conduct Law' a smoke and mirrors act - as some in rival jurisdictions have indicated - or is it a genuine attempt at deterring money laundering? The answer will only be known the first few times that the Cayman authorities receive requests for assistance from law enforcement agencies in the U. S. and the U. K.

USA v. Daniel Enright et al: Superseding Indictment (‘Tax Fraud’)

August 27, 1996
Superseding Indictment alleging tax fraud and money laundering in USA v. Daniel Enright, Igor Erlikh, Aron Misulovin, Demetrios Karamanos, Richard Pedroni, Richard Santo, David Wasserstrom, Kevin Ginty, Ruslan Erlikh, Aron Chervin, John Ruocco, Ilya Klotsman, Arnold Zeidenfeld, Vadim Brusilovsky, Mary Ingram, Michael Lipkin, Alex Krechmar, Varujan Amroyan, Ilya Gorodetsky, Igor Yusim, Thomas Hampton, Rafail Shirl, and Anatoly Kogan at the U.S. District Court for the District of New Jersey.

Suspected money laundering in Bermuda

September 7, 1995
British police investigating an alleged fraud that could run into billions of pounds are looking into whether some of the money may have been laundered in Bermuda.But they have been criticized by Bermuda Monetary Authority general manager Malcolm Williams for making allegations about the island which appear unsupported by any evidence.

BCCI investigators turn eyes to Bermuda in search for assets

August 18, 1994
European investigators looking into the Bank of Credit & Commerce International scandal have turned their attentions to Bermuda.They are trying to locate the assets of Sheikh Khalid bin Mahfouz, who has business interests on the island.

USA v. Kenneth Rijock et al: Superseding Indictment

July 12, 1990
Superseding Indictment in USA v. Kenneth Walton Rijock, Herberto Julian Rodriguez, a.k.a. Tico Rodriguez, a.k.a. Herberto Castellano; Michael Clinton Gruener, a.k.a. Michael Rossi, and Christine Marie Dickinson at the U. S. District Court for the Northern District of Florida.

USA v. Kenneth Rijock et al: Criminal Indictment

May 10, 1990
Criminal Indictment in USA v. Kenneth Walton Rijock, Herberto Julian Rodriguez, Michael Clinton Gruener, and Christine Marie Dickinson at the U. S. District Court for the Northern District of Florida.

USA v. Edward C. Bodden et al: Superseding Indictment

June 11, 1986
Superseding Indictment in USA v. Edward C. Bodden, a.k.a. Jill Bodden; Everett Kyle Lane, Christopher Bain, Sibert Watler, a.k.a. Bert Watler; Executive Air Services, Ltd., and Inco Bank and Trust Corporation at the U. S. District Court for the Northern District of Florida.