By Guillermo Contreras Updated 9:16 am CST, Tuesday, February 5, 2019 Jose Luis Magallon, DOB 04 29 1990, was arrested Thursday, Jan. 30, 2019. He is charged with conspiracy to commit money laundering. Jose Luis Magallon, DOB 04 29 1990, was arrested Thursday, Jan. 30, 2019. He is charged with conspiracy to commit money laundering. Photo: Courtesy / Bexar County Photo: Courtesy / Bexar County Image 1 of / 5 Caption Close Image 1 of 5 Jose Luis Magallon, DOB 04 29 1990, was arrested Thursday, Jan. 30, 2019. He is charged with conspiracy to commit money laundering. Jose Luis Magallon, DOB 04 29 1990, was arrested Thursday, Jan. 30, 2019. He is charged with conspiracy to commit money laundering. Photo: … [Read more...] about San Antonio man due in court Tuesday in money laundering case involving luxury cars
Money laundering control act
Could Trump’s Relationship With Deutsche Bank Lead To Money Laundering Charges? Congress May Conduct Parallel Probe To Mueller Investigation
Feb 02, 9:38 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury National By Bobby Ilich 12/23/18 AT 6:02 PM Rep. Adam Schiff of California, the presumed incoming chair of the House Intelligence Committee, is looking into investigating President Donald Trump's business records with Deutsche Bank, recently telling Jeffrey Toobin of the New Yorker that there might be potential money laundering charges.“We are going to be looking at the issue of possible money laundering by the Trump Organization, and Deutsche Bank is one obvious place to start,” Schiff told Toobin.The German multinational bank has been the subject of much controversy over the years. Deutsche Bank's headquarters on Nov. 29 were raided by prosecutors in a money laundering investigation in connection with the Panama Papers. The raid came after the bank was fined in January 2017 for $630 million by U.S. and U.K. regulators in connection with a $10 billion … [Read more...] about Could Trump’s Relationship With Deutsche Bank Lead To Money Laundering Charges? Congress May Conduct Parallel Probe To Mueller Investigation
EU takes step to boost monitoring of money laundering at banks
By Francesco GuarascioBRUSSELS (Reuters) - European Union governments have reached a preliminary deal to clamp down on money laundering by strengthening bank supervision through the European Banking Authority (EBA), the EU said on Wednesday.gi The EU has been beset by money-laundering scandals this year, including probes into 200 billion euros (180.88 billion pounds) of payments made through Danske Bank's <DANSKE.CO> Estonian branch, the collapse of Latvia's ABLV Bank and the closure of Malta's Pilatus Bank.The reform was rolled out by the EU Commission in September after cases of alleged money laundering at some EU banks that "raised concerns that anti-money laundering rules are not always supervised and enforced effectively across the EU," an EU statement said.Under the agreed text, the EBA would be able to directly force individual banks to take measures against money laundering "as a last resort" if national authorities do not act. The text, backed by diplomats from the 28 EU … [Read more...] about EU takes step to boost monitoring of money laundering at banks
Exclusive: Kuwait asks Dubai to release funds frozen in money laundering probe
By Davide Barbuscia DUBAI (Reuters) - Kuwait's prosecutors have asked Dubai to release $500 million (£385.2 million) in funds belonging to a Kuwaiti private equity fund that were frozen as part of a money laundering investigation, according to a letter seen by Reuters. The funds, held at a Dubai-based bank, were frozen at the behest of the United Arab Emirates (UAE) central bank in November 2017, according to a source with direct knowledge of the matter and legal documents and correspondence between parties involved in the case reviewed by Reuters. According to a senior UAE official, the probe, which has not been previously reported, was undertaken by Dubai authorities to determine if funds sent from a bank in the Philippines to the Kuwaiti private equity fund's account in Dubai constituted money laundering. The probe comes as the UAE tightens financial regulations to fight a perception among some foreign investors that it is a hot spot for illicit money flows owing to its … [Read more...] about Exclusive: Kuwait asks Dubai to release funds frozen in money laundering probe
ING penalty puts Europe’s money laundering controls on the spot
By Toby Sterling and John O'Donnell AMSTERDAM/FRANKFURT (Reuters) - When Dutch prosecutors trawled through ING's books they found a "women's underwear trader" had been able to launder 150 million euros (135.02 million pounds)through the bank's accounts without ringing alarm bells. "It should have been clear to the bank that the monetary flows had little to do with the lingerie trade," the prosecutors said on Tuesday after imposing a 775 million euro (697.60 million pounds)penalty on the Dutch bank for its failings. In fact, ING <INGA.AS> was warned as early as a decade ago that its money laundering controls were lax, the Dutch prosecutor said, in the latest case highlighting failures in European Union money laundering controls from Latvia to Denmark. "I fear that countries in Europe are oblivious to fighting financial crime," Ana Gomes, a Portuguese member of the European Parliament, said following news of the settlement by the largest financial services provider in the … [Read more...] about ING penalty puts Europe’s money laundering controls on the spot