SOUTH AFRICAN BANKS FACE UNIQUE TERRORIST FINANCING THREATS

If you happen to be a compliance professional in South Africa, responsible for AML/CFT, you should be aware that your country's banks, as well as nonbank financial institutions (NBFI) face terrorist financing threats on a level higher than those that exist elsewhere. The fact is, a number of specially designated global terrorist entities, as well as entities that feed funding to those internationally-sanctioned organizations, are not sanctioned or prohibited there. In truth and in fact, some are tolerated or even welcomed for political or social reasons.

Given that financial institutions function on a global scale, when they even unwittingly conduct transactions which facilitate terrorist organizations, even indirectly, they risk consequences from those Western countries that maintain sanctions against them. These include taking action against local branches or subsidiaries located abroad, regulatory action imposing civil fines and penalties upon such entities abroad, up to and including the complete blocking of access to critical financial centers or currencies in the most serious cases. This could occur, even though there are no existing legal obstacles to processing such financial transactions within South Africa.

It is incumbent upon compliance officers working in South Africa to be aware of the specific entities which could damage their bank or their clients, in the event that regulatory agencies abroad determine that terrorist financing impacting their national interest, occurred or originated within the South African financial community. As this information is obviously of a sensitive nature, and not generally suitable for publication, it will be detailed at the upcoming TITC seminar "UNMASKING AFRICA'S FINANCIAL UNDERWORLD," on February 19 and 20. You are urged to attend this important event, as an important component of your responsibilities to counter the financing of terrorism, and to reduce your level of risk.

For further information:

https://titc.io/kenneth-rijock-webinar-africa-special

PLANNING ON MOVING TO YOUR NEW ECONOMIC PASSPORT COUNTRY IN THE FUTURE? YOU HAD BETTER HIRE ARMED SECURITY TO PREVENT YOUR POSSIBLE MURDER IN THE STREET WHILE SHOPPING

One of the primary reasons offered up by the "Investment Migration" or economic passport consultancies is the availability of your new country as a potential place for you to reside, especially if increased taxes, political instability, war, or even natural disasters, occur in your home country. Consider this a blunt warning, if you are considering moving your family to any of the five East Caribbean states that offer CBI/CIP programs, because in many cases, it's just plain dangerous to live there, due to increased crime, especially homicides, taking place there.

The current homicide rate in the United States, per 100,000 people is 6.3; in the UK it is 9.7. If you choose to relocate to SAINT KITTS, or to SAINT LUCIA, the two most popular CBI choices pushed lately by the largest passport vendors in Dubai, the rate is ten times those figures. Additionally, homicide rates in those two island nations has spiked even more in the last year and a half. If you thought Haiti was dangerous, look at the statistics for the East Caribbean states. Read the local newspapers of St. Kitts & St. Lucia online if you don't believe me.

You and your family might be in the local market, when a pair of the local chronically unemployed youth involved in drug trafficking choose to resolve their territorial disputes in the street, and you become collateral damage. In other countries, you might have survived due to prompt and effective medical attention, but here in the East Caribbean there's no ambulance speeding to your rescue, and you die on the scene. What will your family do now? They are far from home, without your guidance and support.

Please, ignore that drivel coming from the passport sales consultancies,a and DO NOT consider relocating to that sunny Caribbean isle. There is an undercurrent of danger there which your passport salesman will not tell you about, and I can tell you from personal experience that wearing a bulletproof vest in the tropics is not something you want to do by choice.

CAREER CHINESE MONEY LAUNDERER CONVICTED IN BILLION DOLLAR SINGAPORE SCANDAL ARRESTED ON NEW CHARGES UPON ARRIVAL IN EUROPE

WANG SHUIMING, one of the major Chinese organized crime players in Singapore's largest money laundering scandal, and who served a thirteen month sentence and was thereafter deported in Japan, has been arrested in Montenegro, when he arrived there on a private plane. Details have not been released, but it is known that he had passports from three different countries other than China in his possession. It was reported that he was coming from the Maldives, and that he was arrested due to an INTERPOL Red Notice; What jurisdiction issued the arrest warrant is not known.

I find it interesting that he chose to enter Europe outside the EU; it looks just another career money launderer, plying his dark trade in another part of the world, caught in the act. He is the Poster Child for all that is wrong with Singapore's extremely lenient money laundering sentencing policies. Sentencing is supposed to represent not only a deterrent for others, but to incapacitate the offender for a sufficient period of time, out of circulation. Singapore sinly want to deport these offenders forthwith, but in doing so they unleash them on the rest of the financial system.

BTW Wang's alias is VANG SHUIMING; his CBI passports were from TURKEY, VANUATU and CAMBODIA, when arrested in Singapore. He still had the Vanuatu passport when taken into custody in Montenegro.

CREATING A GOVERNMENT AGENCY TO REVIEW ALL ACCOUNT CLOSURES BY SOUTH AFRICA'S BANKS COULD INTERFERE WITH COMPLIANCE OFFICERS' AML/CFT EFFECTIVENESS; CAN IT BE DONE?

The ongoing discussion over whether the closing of customer accounts by financial institutions in South Africa, including the concept of legislation in Parliament creating a government agency to pass on such decisions, would take away an important compliance function: the ability to immediately shut down accounts when Transaction Monitoring determines suspicious or illegal activity. While we understand that there may be political reasons why politicians are speaking out about in support of such an action, prudence demands that a hard look at the potential adverse effect having such an entity will have on the suppression of money laundering and the financing of terrorism.

Such an entity might unnecessarily delay the closure of accounts, meaning that criminal activity could continue unabated, while a tedious review is conducted. It would have to (1) be staffed with individuals experienced in the compliance function, and (2) Be swift in making its decisions on whether account closures were appropriate, and South African government agencies are not known for their speed. Someone will, of course, now being up some sort of administrative appeal process, which could also delay action that is judged by ban to be of immediate resolution.

We call upon the Banking Association of South Africa (BASA) to assist Parliament in reaching a fair and equitable, and above all, effective, solution. Please don't tie the hands of compliance officers in the exercise of their duties. if there must be a government agency passing on their decisions, make sure it works quickly and correctly.

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For more information on South Africa Financial Crime:

https://titc.io/kenneth-rijock-webinar-africa-special

HERE ARE THE TOP FINANCIERS OF HAMAS - UP TO TEN MILLION DOLLAR REWARD FOR INFORMATION FROM U.S. DEPARTMENT OF STATE DIPLOMATIC SECURITY SERVICE Activate to view larger image,

 

BUYING MORE THAN ONE ECONOMIC CITIZENSHIP? LET THE BUYER BEWARE; YOU MAY NOT LIKE THE CONSEQUENCES

We noticed recently an opinion, rendered by a Citizenship by Investment (CBI or CIP) consultancy, advising prospective purchasers of a second passport that circumstances within the country whose passport you spend a large amount of money on may change in the future, perhaps decreasing its attractiveness, or the number of visa-free jurisdictions it allows you to enter. It then tacitly suggested that, to hedge your bets, you secure more than one citizenship, complete with passport, to reduce the risk that untoward events in the near future may lessen the worth and value of the sole passport you acquired.

The article cautioned buyers to be aware that a number of the countries that are advertised as your best choice, because of the large number of visa-free or visa-upon-arrival jurisdictions you may access, may not be such a great deal, because a substantial number that allow trouble-free visits do NOT allow permanent residency and /or the right to work or be employed, or to make certain investments. Therefore, some may not be such a great deal after all.

My own personal reservations regarding the possession of multiple second citizenships is that many of the world's most notorious transnational white collar criminals, and spies, are often arrested with several of these valuable identity documents on their person, generally with different names, date & places of birth cleverly inscribed by corrupt CIU officials. Do you really want to be targeted by some foreign law enforcement agency as a potential career criminal or worse?

Additionally, the more second citizenships you acquire, the greater the chances that one or more of those countries is a former (or current) offshore tax haven, where dirty money is accepted, making you even more of a possible target.

Therefore, kindly resist the consulting firm's advise that you load up on a couple Caribbean, European or Pacific passports, to minimize risk, for you may end up buying a problam from which you cannot easily or quickly escape or evade in your global travels.

TEN MILLION IMAGES SEIZED FROM SOUTH AFRICAN WEB DESIGNER AND REALTOR CHARGED WITH 24 COUNTS OF MONEY LAUNDERING IN MAJOR INTERNATIONAL CHILD PORNOGRAPHY CASE

A Randburg, South Africa web designer and her partner, a former real estate agent, are facing a potential 360 years of prison time, after their arrest in an international investigation, where millions of sexually explicit images and videos involving minors were seized by the authorities from the defendants. The National Prosecuting Authority (NPA) announced that an undisclosed amount of cash was also seized, and that it has opposed bail. South Africa reportedly has a fifteen year minimum sentence for money laundering.

Both of the accused, DARRYN WILKEN and TIONA MOODLEY, are expected to be charged with possession, creation and distribution of child pornography, contravention of the country's Drug Trafficking Act, multiple counts of money laundering, the acquisition and possession of proceeds from unlawful activities, possession of stolen property and fraud.

Their bond hearing has been postponed at the request of defence counsel. Local media reports that the NPA announced that millions were wired into Wilken's account from abroad in one year. it is not known whether his bank reported them as suspicious transactions, but if they were claimed to be incoming funds for real estate purchases, which are often passed in without further inquiry in South Africa, they may have come in unnoticed.  Moodley is also accused of attempting to destroy evidence before her arrest.

Upcoming Africa Financial Crime Seminar:

https://titc.io/kenneth-rijock-webinar-africa-special

SCANDAL-RIDDEN CHINESE CBI CONSULTANCY HANG SHENG RELOCATES TO DUBAI, FORMS VIRTUAL COMPANY UNDER ANOTHER NAME TO DECEIVE PURCHASERS AND REGULATORS

If you were wondering why you haven't heard much about HANG SHENG, the Chinese-owned passport sales consultancy accused of selling thousands of illegally-discounted Citizenship by Investment (CBI/CIP) passports from the Caribbean, it has resurfaced virtually as TISORO GLOBAL, complete with AI-generated fake testimonials, a non-existent prestigious address in DUBAI, and a bogus CEO (ADNAN SHAUKAT) who formerly worked for RIF TRUST. This definitely is not, as advertised, a company with 200 offices, operating in 66 countries, notwithstanding its glossy website; We cannot find any brick-and-mortar physical offices.

Its Youtube channel appears to have only nine or ten viewers, all of them courtesy of Artificial intelligence creation; It has NOT appeared in Forbes, the NY Times ,CNN, or any of the other logos splashed upon its website. Our Middle East sources advise that, in the pictures of the CEO announcement, you can see clearly that the company is Hang Sheng.

It boldly states that it partners with financing entities for CBI purchases in Grenada, which deserves further inquiry, and may violate that country's CBI regulations. And are they selling CBI for cash in Pakistan? We hope that Dubai's financial regulators take a close look at the company, as well as the CIUs in the five East Caribbean states with CBI programs. 

UNIQUE MONEY LAUNDERING ISSUES FACING SOUTH AFRICA WILL BE INCLUDED IN UPCOMING SEMINAR "UNMASKING AFRICA'S FINANCIAL UNDERWORLD"

For those readers who wondered about the content in my upcoming seminar " Unmasking Africa's Financial Underworld," we will be publishing a syllabus shortly. A major segment in the two-hour presentation will cover the unique money laundering issues facing South African compliance officers, auditors, accountants and attorneys, together with solutions I have learned from my decades of experience on both sides of the law, advising law enforcement, regulatory agencies, and the private sector. Having served a five-year tour with a South Africa-based international database of high-risk individuals and entities, I am familiar with the country's financial crime problems, and will be offering solutions that I have learned are highly effective; join me on February 19th and 20th at 3-4 PM SAST.

For further information: https://titc.io/kenneth-rijock-webinar-africa-special

HAS THE COLOMBIAN MONEY LAUNDERER ALEX SAAB MORAN RETURNED T0 A LIFE OF CRIME, VOIDING HIS PARDON?

I am seeing a whole lot of compliance officers accessing my article that displays ALEX SAAB MORAN's bogus diplomatic passport, issued by the regime in Venezuela, when it attempted to evade his pending extradition to face the music in the United States.Saab was exchanged for a number of American oil executives held on political charges, effectively as hostages, by Venezuela. The money laundering evidence against Saab was overwhelming, and he should be serving a life sentence in an American prison.

Has he returned to his criminal career as the. money launderer of choice for Venezuela's reigning dictator, NICOLAS MADURO, and his inner circle? if so, and since he is known to prefer US Dollars as a laundryman, he he now voided the terms of his pardon? We are curious to know why all of a sudden everyone is looking at the expired "diplomatic passport;" is Saab moving dirty greenbacks again? We will be watching.