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money laundering

Implications of Costa Rica’s Money Laundering Law Reform

Implications of Costa Rica’s Money Laundering Law Reform

Q COSTA RICA – Lawyers, notaries, accountants, real estate agents, casinos, and non-profit organizations and others will be required to report suspicious transactions made by their clients that may be used as a tool for money laundering or for financing terrorism. Bill 19.951 approved in first reading in the Legislative Assembly last Thursday, April 21, […]

Why Did US Blacklist Most LatAm Countries for Money Laundering?

Why Did US Blacklist Most LatAm Countries for Money Laundering?

Q24N via Insightcrime.org – The United States has blacklisted nearly all Latin American countries for money laundering in 2017. InSight Crime explores why this is the case, and discusses some of the achievements and failings of regional anti-money-laundering efforts over the past year. Of the 88 countries and territories included in the US State Department’s […]

Money Laundering in Central America

Money Laundering in Central America

Q24N – The housing market, casinos, concert halls, and the livestock sector are all used to launder money in Central American countries. Excerpted from the report “International Narcotics Control Strategy Report, Volume II, Money Laundering and Financial Crimes” by the US State Department: Nicaragua Weak governmental institutions, deficiencies in the rule of law, and concerns […]

Costa Rica On The Hunt For Wanted Former Mexico State Governor

Costa Rica On The Hunt For Wanted Former Mexico State Governor

Q COSTA RICA NEWS – “He will be detained and immediately deported,” are the words of the Minister of Security, Gustavo Mata, on the possible presence Javier Duarte, the former governor of the Mexican state of Veracruz, reported to be in Costa Rica. Mata made the comment following a report by a Mexican newspaper that […]

Narco Model Sentenced To Four Years in Prison

Narco Model Sentenced To Four Years in Prison

(QCOSTARICA) Costa Rican model Adriana Kathia Corella will be spending the next four years and six months in prison, sentenced by a Nicaraguan court for money laundering and organized crime. The sentence was read Wednesday afternoon by judge of the Seventh Criminal Court District Trial of Managua, Octavio Rothschuh. Corrella was one of the members […]

Soho Mall Stores and the Clinton List

Soho Mall Stores and the Clinton List

(Q24N) As time passes there is growing uncertainty on the part of traders that have shops in Soho Mall in Panama about the future of the company which has been included on the US government’s list of companies suspected of money laundering. From a statement issued by the Chamber of Commerce, Industries and Agriculture of […]

Panama Denies to U.S. Risk of Money Laundering

Panama Denies to U.S. Risk of Money Laundering

(Q24N) he Government of Panama rejected today the remarks of the Department of Financial Services of New York (NYDES), of the United States, as a high-risk jurisdiction for money laundering. The Minister of Economy and Finances Dulcidio De la Guardia told reporters he received an official communique of the U.S. Treasury Department or the State […]

Biggest Money Launderer In The World Fights To Keep Costa Rican Citizenship

Biggest Money Launderer In The World Fights To Keep Costa Rican Citizenship

(QCOSTARICA) The man regarded as being the biggest money launderer in the world, currently servicing 20 years in a United States prison, is fighting to keep his Costa Rican nationality. Arthur Budovsky Belanchuk, 42, born in the Ukraine, became a naturalized citizen of Costa Rica on January 20, 2010 after marrying Yesenia de los Ángeles […]

Costa Rica Approves Reforms Against Terrorism and Laundering

Costa Rica Approves Reforms Against Terrorism and Laundering

(QCostarica) Under the banner of fighting drug trafficking, but more important the country not falling on the “black list” (lista gris in Spanish), Costa Rica’s legislator have approved in first debate reforms  against terrorism and money laundering. With a vote of 39 (of 55) in favour, the reforms criminalize terrorism financing, which covers the trafficking […]

Report Highlights Importance of Trade-Based Money Laundering

Report Highlights Importance of Trade-Based Money Laundering

  Q24N – A new report from the US Congressional Research Service details the importance of trade-based money laundering for criminal networks in Latin America and outlines some of the ways the region’s governments are attempting to combat illicit financial flows. The CRS report (pdf) describes trade-based money laundering, or TBML, as “among the most […]

BBC’s Hardtalk With President of Costa Rica, Luis Guillermo Solis

BBC’s Hardtalk With President of Costa Rica, Luis Guillermo Solis

QCOSTARICA – HARDtalk’s Stephen Sackur talks to the President of Costa Rica, Luis Guillermo Solis. In the 23 minute interview, President Solis talks about he is certain that he will succeed in his mandate and is willing to discuss the legalization of cocaine and marijuana in Costa Rica. The interview aired on the BBC on […]

Costa Rica Based Liberty Reserve Owner Sentenced To 20 Years Prison In U.S.

Costa Rica Based Liberty Reserve Owner Sentenced To 20 Years Prison In U.S.

QCOSTARICA – The co-founder and owner of Costa Rica based Liberty Reserve, Arthur Budovsky, was sentenced Friday in New York, to 20 years in prison. Budovsky’s Liberty Reserve operated an alternative digital currency that allegedly laundered billions of dollars for cyber criminals around the world distribute, store and launder the proceeds of illegal activity. Budovsky […]

Costa Rica Examples Of Money Laundering Highlighted In IRS Reports

Costa Rica Examples Of Money Laundering Highlighted In IRS Reports

QCOSTARICA – The United States Internal Revenue Service (IRS) highlights Costa Rica cases in its annual examples of Money Laundering Investigation reports. “The following examples of Money Laundering Investigations are written from public record documents on file in the courts within the judicial district where the cases were prosecuted,” according to the IRS ‘Examples of […]

Panama Papers Reveal Offshore Account of Guatemala Drug ‘Queen’

Panama Papers Reveal Offshore Account of Guatemala Drug ‘Queen’

(Q24N) The Panama Papers data leak exposed an offshore account belonging to a Guatemalan drug trafficker and money launderer, providing intricate details into the shady dealings of Guatemala’s prolific narco “queen.” A report by Univision highlights the involvement of Marllory Chacón Rossell, often referred to as the “Queen of the South,” in an offshore company established […]

Costa Rica Weak Against Money Laundering and Terrorism, Report

Costa Rica Weak Against Money Laundering and Terrorism, Report

QCOSTARICA – A real estate broker, construction company, casino, or a lawyer in Costa Rica may be among targets by extremist financial groups, making the country weak, allowing networks to launder money from organized crime. That is the opinion of the Financial Action Task Force of Latin America (GAFILAT), a regionally based inter governmental organization […]

Is El Chapo’s Son In Costa Rica?

Is El Chapo’s Son In Costa Rica?

QCOSTARICA – A Tweet by Jesús Alfredo Guzmán Salazar – son of Joaquín “El Chapo” Guzmán – where he seen with two other people, with their faces covered and whose location is indicated as Costa Rica, has the Organismo de Investigacion Judicial (OIJ), scurrying to confirm or deny if the information is true.   The […]

Costa Rica Against Money Laundering, Terrorist Funding

Costa Rica Against Money Laundering, Terrorist Funding

(QCOSTARICA) Costa Rica has launched a national campaign against money laundering and terrorist financing, that includes actions in various fields and changes to legislation. The proposal was discussed during the two days, Thursday and Friday, of the Grupo de Acción Financiera de Latinoamérica (GAFILAT) – Latin America Anti-Money Laundering Group, in San José, with the […]

Smuggling Cash Into The Country Nets Arrests Of 8 In Four Days

Smuggling Cash Into The Country Nets Arrests Of 8 In Four Days

(QCOSTARICA) Six people allegedly responsible for introducing into the country, for the purpose of money launderin some US$35,000 dollars, are being held in preventive detention, after a series of arrests between Thursday and Saturday of last week. In a press release Monday, the Poder Judicial (Judiciary) said the group is composed of two women and […]

Narco Group Invested Money In Land and Businesses

Narco Group Invested Money In Land and Businesses

(QCOSTARICA) The organization dedicated to the business of international drug trafficking invested millions of dollars in buying land in Liberia, Guanacaste and retail businesses in Cartago; that is how they laundered the profits from the illegal trade. The investigation that culminated in a series of 18 raids on Tuesday started in July last year. On […]

Government Forced To Drop Price To Sell Confiscated Property

Government Forced To Drop Price To Sell Confiscated Property

QCOSTARICA – The home of Alejandro Jiménez González, alias Palidejo, in the Altos de Montenegro in Canos de Alajuela, is for sale and so far the government has not had any takers for the seized home, forcing it to once again reduce the price to attract potential buyers. The Instituto Costarricense sobre Drogas (ICD), in […]

Panama Banks Must Identify Owners of Corporations

Panama Banks Must Identify Owners of Corporations

TODAY PANAMA – The Superintendency of Banks has established an obligation for banks to identify the ultimate beneficiaries of corporations that are their clients. From the order published in the Official Newspaper, La Gaceta: “… ARTICLE 1. IDENTIFICATION OF FINAL BENEFICIARY OF CORPORATIONS. For the purposes stated in Article 4 paragraph 1, letter g of […]