MANAMA, Bahrain, March 8, 2011 /PRNewswire/ -- Ahmad Hamad Algosaibi & Brothers (AHAB) today applauded, Nawaf Hamza, the Bahraini Public Prosecutor for announcing criminal hearings into Maan Al Sanea's illegal activities involving The International Banking Corporation (TIBC) and Awal Bank. We greatly respect the government of Bahrain in their efforts to criminally charge those who orchestrated this massive fraud against our family and the hundreds of financial institutions that are involved," said the Algosaibi family. "This fraud took place around the world and we continue to work with the many government authorities seeking answers as to how much money moved through so many financial systems without detection.
Tenth Survey of White Collar Crime Congress has enacted broad criminal legislation that has greatly expanded prosecutorial power, opening the way for abuses of that power. Prosecutors have applied laws intended for other purposes to white collar crimes, especially the Racketeer Influenced and Corrupt Organizations Act, money laundering statutes, asset forfeiture laws, and the criminal financial crimes enterprise statute. The power of prosecutors has also been increased by the Sentencing Guidelines and the availability of harsh civil sanctions.
A Senate subcommittee outlined on Thursday "glaring gaps" in federal money-laundering laws that allow foreign governments to channel millions of dollars in illicit cash into the United States, again raising questions in the nation's capital of influence peddling by powerful lawyers and lobbyists. The flouting of laws against money laundering was a top concern during a hearing of the Homeland Security and Governmental Affairs permanent subcommittee on investigations, during which panel members were told that U.S.-based lobbyists, lawyers and others had helped route millions of dollars for their foreign-based clients and also heard two lawyers and a lobbyist invoke the Fifth Amendment when asked about their roles, if any, in the process.
The lesson to be learned from the demise of Riggs Bank is that financial institutions that fail to comply with money laundering and terrorist-financing laws, or that fail to implement and adhere to effective systems of governance, internal control and audit in these areas, expose themselves to significant regulatory, legal and reputational risks. There are a variety of adverse consequences that may result from a breach of existing anti-money laundering laws or regulatory requirements: formal enforcement actions/monetary penalties and effect on regulatory approvals. Legal risk is not only the result of litigation, but can also stem from agreements previously reached by the organization being rendered unenforceable. Reputational risk can be defined as the risk of operational disruption or...
WASHINGTON - The U.S. Justice Department said that marijuana dispensaries and licensed growers in states with medical marijuana laws could face prosecution for violating federal drug and money- laundering laws. In a policy memo to federal prosecutors obtained Thursday by The Associated Press, U.S. Deputy Attorney General James Cole said a 2009 memo by then-Deputy Attorney General David Ogden did not give states cover from prosecution.
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