Saturday, October 24, 2009
MONEY LAUNDERING
According to a research report Anti-Money Laundering: A Brave New World for Financial Institutions, money laundering is typically a three-stage process:
Stage One: Placement. Moving illicit funds into the financial system by, for example, depositing cash in banks, buying valuables (gold, diamonds, artwork), etc.
Stage Two: Layering. Moving the funds around in the financial system to cover the audit trail to the origination point of the funds. Examples are multiple cross-border wire transfers, investments in securities, deposits in overseas “shell” banks or secret bank accounts (e.g., numbered accounts).
Stage Three: Integration. Finally, the disguised funds are reintroduced into the legitimate economy. This may be accomplished by investing the money in real estate or business ventures, or to acquire luxury assets or other goods, sometimes through the use of credit cards. “Front” businesses are sometimes established for this purpose. A front business engages in legitimate business operations, but at the same time generates false invoices or uses other techniques to absorb the laundered funds.
Money laundering schemes can range from simple to sophisticated. Here are a few examples:
Generation and payment of false invoices. This technique involves a front business which creates invoices for goods and services not actually delivered, or delivered at inflated prices, allowing money launderers to collect and bank cash that is effectively disguised as sales for a business operation.
Loan defaulting. In this scheme, the launderer takes out a bank loan, using the illicit funds as collateral. The launderer then deliberately defaults on the loan, causing the bank to lay claim to the collateral. The launderer has thus effectively traded illicit funds (which the bank now holds) for clean money — the loan money originally extended by the bank.
Manipulation of insurance policies. The malefactor purchases a large insurance policy, pays one or more premiums, and then cancels the policy, obtaining a refund of the premiums (usually minus some penalties). An audit trail would show the refunded monies as originating from the insurance company.
According to a research report Anti-Money Laundering: A Brave New World for Financial Institutions, money laundering is typically a three-stage process:
Stage One: Placement. Moving illicit funds into the financial system by, for example, depositing cash in banks, buying valuables (gold, diamonds, artwork), etc.
Stage Two: Layering. Moving the funds around in the financial system to cover the audit trail to the origination point of the funds. Examples are multiple cross-border wire transfers, investments in securities, deposits in overseas “shell” banks or secret bank accounts (e.g., numbered accounts).
Stage Three: Integration. Finally, the disguised funds are reintroduced into the legitimate economy. This may be accomplished by investing the money in real estate or business ventures, or to acquire luxury assets or other goods, sometimes through the use of credit cards. “Front” businesses are sometimes established for this purpose. A front business engages in legitimate business operations, but at the same time generates false invoices or uses other techniques to absorb the laundered funds.
Money laundering schemes can range from simple to sophisticated. Here are a few examples:
Generation and payment of false invoices. This technique involves a front business which creates invoices for goods and services not actually delivered, or delivered at inflated prices, allowing money launderers to collect and bank cash that is effectively disguised as sales for a business operation.
Loan defaulting. In this scheme, the launderer takes out a bank loan, using the illicit funds as collateral. The launderer then deliberately defaults on the loan, causing the bank to lay claim to the collateral. The launderer has thus effectively traded illicit funds (which the bank now holds) for clean money — the loan money originally extended by the bank.
Manipulation of insurance policies. The malefactor purchases a large insurance policy, pays one or more premiums, and then cancels the policy, obtaining a refund of the premiums (usually minus some penalties). An audit trail would show the refunded monies as originating from the insurance company.
Wednesday, October 14, 2009
911 Attack Still Claiming Lives
Years later the attack on the WTC is stil claiming lives of Police Officers. Three more NYPD MOS have had their names added to a memorial for those who lost their lives working the rescue /recovery efforts. Those three officers, Robert B. Helmke of Hauppauge, Det. William J. Holfester of Mastic Beach, and Sgt. Michael W. Ryan of Hauppauge, died of illnesses that may have been related to their efforts at the World Trade Center disaster site following the Sept. 11 attacks, officials said.
Years later the attack on the WTC is stil claiming lives of Police Officers. Three more NYPD MOS have had their names added to a memorial for those who lost their lives working the rescue /recovery efforts. Those three officers, Robert B. Helmke of Hauppauge, Det. William J. Holfester of Mastic Beach, and Sgt. Michael W. Ryan of Hauppauge, died of illnesses that may have been related to their efforts at the World Trade Center disaster site following the Sept. 11 attacks, officials said.
Cop Arrested On Train: I Was Defending Myself
An off-duty NYPD officer arrested after allegedly pointing his gun at Long Island Rail Road passengers has said he was defending himself against unruly hockey fans, but authorities said Tuesday the now-suspended cop broke the law when he brandished his weapon.
“The allegation is that he was not acting in any legal law enforcement capacity, and he allegedly used his weapon to menace the passengers, so it doesn’t matter that he’s licensed or a trained professional,” said Eric Phillips, a spokesman for the Nassau district attorney’s office.
At his Brentwood home, Officer David Hendrick, 38, declined to comment Tuesday.
In an earlier interview on News 12 Long Island, he said he was “letting them know who’s boss” when he pulled his gun on what he described as several drunk and aggressive Rangers fans coming home from a game Sunday night. He said in the interview that he identified himself as a police officer on the 9:17 p.m. Ronkonkoma-bound train and warned them to stop harassing passengers. “It started out with cursing, disrespecting people, drinking,” he said.
He said he told the group, “You have two choices: Stop the drinking, stop the cursing, stop the smoking, the disrespect by everybody, or I escort you off the train.”
He continued: “A rumble ensued. I had my gun on me. They were coming at me. We were fighting, throwing blows. . . . I pulled out my gun, pointed it at the subjects. It was two against one.”
Later Tuesday, he was no longer talking. He returned home just after 5 p.m. When he saw reporters, he sprinted to his front door.
MTA and Nassau police had arrested Hendrick on Sunday at the Mineola station.
Hendrick pleaded not guilty Monday in Nassau District Court in Hempstead to second-degree criminal possession of a loaded weapon, a felony, and second-degree menacing, a misdemeanor. A judge set bond at $2,000 and cash bail at $1,000. If convicted, Hendrick faces a maximum of 15 years in prison.
Reprinted from PoliceLink
An off-duty NYPD officer arrested after allegedly pointing his gun at Long Island Rail Road passengers has said he was defending himself against unruly hockey fans, but authorities said Tuesday the now-suspended cop broke the law when he brandished his weapon.
“The allegation is that he was not acting in any legal law enforcement capacity, and he allegedly used his weapon to menace the passengers, so it doesn’t matter that he’s licensed or a trained professional,” said Eric Phillips, a spokesman for the Nassau district attorney’s office.
At his Brentwood home, Officer David Hendrick, 38, declined to comment Tuesday.
In an earlier interview on News 12 Long Island, he said he was “letting them know who’s boss” when he pulled his gun on what he described as several drunk and aggressive Rangers fans coming home from a game Sunday night. He said in the interview that he identified himself as a police officer on the 9:17 p.m. Ronkonkoma-bound train and warned them to stop harassing passengers. “It started out with cursing, disrespecting people, drinking,” he said.
He said he told the group, “You have two choices: Stop the drinking, stop the cursing, stop the smoking, the disrespect by everybody, or I escort you off the train.”
He continued: “A rumble ensued. I had my gun on me. They were coming at me. We were fighting, throwing blows. . . . I pulled out my gun, pointed it at the subjects. It was two against one.”
Later Tuesday, he was no longer talking. He returned home just after 5 p.m. When he saw reporters, he sprinted to his front door.
MTA and Nassau police had arrested Hendrick on Sunday at the Mineola station.
Hendrick pleaded not guilty Monday in Nassau District Court in Hempstead to second-degree criminal possession of a loaded weapon, a felony, and second-degree menacing, a misdemeanor. A judge set bond at $2,000 and cash bail at $1,000. If convicted, Hendrick faces a maximum of 15 years in prison.
Reprinted from PoliceLink
Saturday, October 03, 2009
Why Don’t We Get It…?
Here we go again, Officers in a jam over postings on Facebook. This time a few buddies got together and video taped themselves burning a dummy wearing the agency’s uniform while leaning up against a cross. Then, the coupe de gras…show it to the world! Resignations and demotions followed. Whether it will stick is another thing.
The act itself and the posting of the video was said to have been a “stress reliever” with the names of other Officers’ and the head of the agency pinned to the dummy. Now one Officer will have a lot less stress having been relieved of supervisory duties in the Investigative Division of their department and another can relax at home…
Look, there is no one that is more of a prankster and joker than yours truly. It’s fun to have a good time and “act up”. It’s also easy to understand some of the things we all do that we call “stress relievers”. We are different when it comes to the things we see and deal with. This job calls for a certain type of humor in order to survive that most of the civilized world just doesn’t get. It is getting old though watching people get jammed and ruin their careers for posting idiotic rants and videos on social networking sites. I also do not always agree with the decisions to discipline people over exercising their right to free speech (or what we believe is free…but that’s another post altogether!). We are obviously held to a higher standard and are expected to set ourselves apart from the masses. That has been upheld over and over again. All I can say is….”C’mon Man! Why don’t we get it”?
Here we go again, Officers in a jam over postings on Facebook. This time a few buddies got together and video taped themselves burning a dummy wearing the agency’s uniform while leaning up against a cross. Then, the coupe de gras…show it to the world! Resignations and demotions followed. Whether it will stick is another thing.
The act itself and the posting of the video was said to have been a “stress reliever” with the names of other Officers’ and the head of the agency pinned to the dummy. Now one Officer will have a lot less stress having been relieved of supervisory duties in the Investigative Division of their department and another can relax at home…
Look, there is no one that is more of a prankster and joker than yours truly. It’s fun to have a good time and “act up”. It’s also easy to understand some of the things we all do that we call “stress relievers”. We are different when it comes to the things we see and deal with. This job calls for a certain type of humor in order to survive that most of the civilized world just doesn’t get. It is getting old though watching people get jammed and ruin their careers for posting idiotic rants and videos on social networking sites. I also do not always agree with the decisions to discipline people over exercising their right to free speech (or what we believe is free…but that’s another post altogether!). We are obviously held to a higher standard and are expected to set ourselves apart from the masses. That has been upheld over and over again. All I can say is….”C’mon Man! Why don’t we get it”?
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