Thar’s gold in them thar hills!

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr A recent report by the Financial Action Task Force identified gold as an increasingly common method of money laundering and terrorist financing. Why? Because it is anonymous and easily exchangeable. The process often involves very large amounts of gold being illegally bought and sold in countries all over the world. However, one of the most common and popular ways of laundering money using gold is on a smaller scale, through cash-for-gold businesses. So, now this is probably starting to sound familiar. We’ve all seen the cash-for-gold ads on TV. We might even have a business member in this kind of business. But, how does this work?A criminal who has cash, from drugs for example, will buy gold from a dealer that consumers have turned in for cash. By buying that gold, the criminal has laundered the illicit cash and then often takes it one step further and re-sells the gold to another cash-for-gold dealer or to an illegal business that deals in illicit gold. It’s anonymous, provides reliable returns, and the gold itself is easily smuggled from place to place.So, what should your credit union do about this new method of money laundering? First, as part of your AML processes, you should identify any jewelers and precious metal dealers you have as members. Then, you will want to do some level of monitoring of their activity and be on the lookout for unusual cash transactions. A legitimate jeweler who offers cash-for-gold may have some need for cash from the teller line, but it shouldn’t be the majority of their business activity. If it is, this could be a red flag the business is working with criminals to buy gold that has been previously purchased using laundered cash.  Conversely, a jeweler shouldn’t have consistently large cash deposits. (When was the last time you bought a diamond ring with cash?) This could be a red flag that a jeweler is buying larger than normal amounts of gold, and potentially participating in money laundering activities.  The old adage that criminals will only choose the large financial institutions to launder money has been proven untrue time and time again.  So, don’t think this can’t happen to YOUR credit union. continue reading »last_img read more

AFC nominates former MP to replace Jones at GECOM

first_imgAlliance For Change (AFC) Chairman Khemraj Ramjattan has confirmed reports that the party has nominated one of its members, former Member of Parliament, Trevor Williams for the post of Commissioner at the Guyana Elections Commission (GECOM).Former AFC spokesperson Beverly AlertRamjattan said following the death of Sandra Jones, President David Granger had requested that the party present a name to fill this vacant post. He said Williams was suggested and the party agreed on having his name submitted which it did.He noted that the AFC, as a third party, has always pressed to have one of its members sit on the body. He said this was mainly on account of the fact that the party had representation in Parliament where at one time it held five seats and another time it had seven seats.Williams has been active in politics since 2006 and at one time headed the youth arm of the AFC. He was suggested to be Director of Youth, but was never appointed to that position.Former AFC MP Trevor WilliamsRamjattan said should the President for some reason not find favour with Williams, there is Beverley Alert, a former spokesperson for the party, who will be the alternative nominee.Alert was appointed the head of the then Government Information Agency (GINA) now the Department of Public Information (DPI). However, following certain alleged financial irregularities she was seconded to another role at the National Communications Network (NCN).The GECOM post would be a key one for the party. The Commission comprises three members from the Opposition and three from the Government. The Chairman is the seventh person.last_img read more

Exclusive – Crystal Palace ace holding out for England chance

first_imgCrystal Palace defender Scott Dann has told talkSPORT he has not given up hope of winning an England call-up.The centre-back has been in impressive from for the Eagles ever since his arrival at Selhurst Park from Blackburn in January 2014.International recognition has so far eluded the 27-year-old, but he believes he could still earn a chance under Roy Hodgson if he continues to star for Palace.“I’m like anyone else, I would love to play for my country,” he said, speaking to Adrian Durham and Darren Gough on Drivetime.“The only way you get to play for your country is if you are playing well week in, week out for your team and that is what I’ll continue to do. And I will try to keep on improving.“If the honours come in the future, then I will obviously be very happy.“There are a lot of great players in the Premier League but you can only just keep on playing well and it’s down to the England manager who he chooses. You can’t do any more than try your best.”last_img read more