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

Martinez: Results don’t tell story

first_img He added: “You look at the performances they have had since January, when they renewed the squad, and it’s not a squad that deserves to be where it is in the table. “I saw them against Fulham, and although they made big mistakes at the back that cost them goals, they created plenty of chances and are an extremely dangerous side. “I feel they were very unfortunate not to get anything out of the last two games against Fulham and Aston Villa because, on balance, they were the better side. We’re not going to become confused by their last two results. We know they are capable of winning games and we’ll be well aware of what can happen.” Wigan head back on the road with an enviable record of having won six and drawn two of their last nine away games in all competitions. Speaking to the Wigan Evening Post, Martinez added: “We can’t afford to be worrying about QPR – all we can do is worry about ourselves. “We don’t have enough points on the board and we are in a relegation battle ourselves. “We have played most of our best football away from home this season and we need to make sure we continue at that level.” The Latics head to Loftus Road on Sunday for a true relegation six-pointer at the foot of the Barclays Premier League. Whilst Wigan are only out of the bottom three on goal difference to Aston Villa, Harry Redknapp’s Rangers are currently staring the drop in the face as they are seven points adrift of safety. But after back-to-back 3-2 defeats at Villa and Fulham for QPR, Martinez is refusing to be lulled into a false sense of security, and he said: “People are talking about the results QPR have had and the points they have and I don’t feel it gives a true representation.” Press Associationcenter_img Wigan manager Roberto Martinez has urged his players not to become “confused” by the plight of relegation rivals QPR.last_img read more

Mikko Koivu injury update: Wild captain out for season with torn ACL, meniscus

first_img Flyers’ Jori Lehtera clears waivers, loaned to AHL as he faces drug charges in Finland Related News NHL trade news: Predators acquire Brian Boyle from Devils for draft pick NEWS: Mikko Koivu will miss the remainder of the season after suffering a tear of the anterior cruciate ligament & meniscus in his right knee. He is expected to have surgery to repair his knee on Friday.📰 → #mnwild— Minnesota Wild (@mnwild) February 6, 2019The injury occurred in the Wild’s 5-4 loss to the Sabres on Tuesday.Koivu, 35, has recorded 29 points in 48 games this season. He leads all scorers in Minnesota and is ranked 14th in the NHL in faceoff wins (488) and is tied for second on the Wild in power-play points (12) and fifth in assists.center_img The Wild have been dealt a huge blow.The team announced Wednesday that center Mikko Koivu would miss the rest of the season after tearing his ACL and meniscus. He has a surgery scheduled later this week to repair the injury to his right knee. The veteran recorded his 200th career NHL goal on Jan. 21 in Las Vegas, becoming just the second player in franchise history to reach that point.Koivu has spent his entire 14-year NHL career in Minnesota.last_img read more