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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,...

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...

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...

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...

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...

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...

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...

“It’s A Money Laundry”, The Secret Life of Panama

The Secret Life of Panama City By Jon Lee Anderson By Jon Lee Anderson, The New Yorker – Panama, which offers up its national flag to international shippers, local addresses to ghost corporations, and an anything-goes banking system to anyone with money, has long...

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...

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...

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...

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...

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...

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...

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...

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) -...

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...

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...

Motorcyclists Arrested Carrying US$350,000 Dollars Cash

QCOSTARICA - Travelling around the country with lots of cash has never been a good idea, but it seems more are doing so these days. Last week, in Jaco on Costa Rica's Pacific coast, a man was arrested for carrying US$40.000 in cash. This morning...

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...

In Panama Tax Evasion is NOT Money Laundering

TODAY PANAMA - Despite being a FATF recommendation, reforms to the law on prevention of money laundering being prepared by the government will not include the definition of tax evasion as a criminal offense. The latest update to the standard recommendations of the Financial Action...

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...

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