money laundering

A trillion here, a trillion there

If you have tried to create any new business with a financial organisation recently you will know that it is now extraordinarily difficult.

You need your first cousin, twice removed’s blood type, the day of the week that your cat was born on, the results from your first spelling test in primary school and all manner of other stuff to ‘prove’ you are who you say you are. Once that is established to their satisfaction you need to be able to prove where you got the dosh from in the first place.

It is all part of K.Y.C. and A.M.L procedures that all banks and financial institutions, lawyers and real estate agents are getting lumbered with.

Know Your Customer (K.Y.C.) and Anti Money Laundering (A.M.L.) is being forced upon us for the usual reason; terrorism.? But it is really just another branch of state control and the move towards the cashless society so that everything we buy and sell can be tracked more easily.

Obviously, this money laundering stuff must be pretty big beans if governments all around the world are throwing this much effort into ensuring that it does not happen, right?? There must be hugely significant sums of ‘black economy’, under-the-table cash floating around that need to be mopped up. Read more »

Proceeds of crime funding War on Drugs

I don’t have a problem with this.

Prime Minister John Key announced on Monday that $15 million seized from criminals will be invested in anti-drug initiatives.

The initiative will include more funding for police and Customs, and an increased focus on treatment for drug abusers.

This year’s funding is the highest ever to be allocated under the Criminal Proceeds (Recovery) Act, and it will be used to clamp down on illegal activity and to combat “the scourge of methamphetamine and other drugs”.

Mr Key says a total of $8.7 million would be invested to help hardcore users to kick drug habits, by investing in health-related initiatives including treatment facilities and funding “more innovative ways for police to work with health services to reduce demand”. ? Read more »

Photo Of The Day

Mobster Bugsy Siegel's mistress Virginia Hill. She was conveniently not at her home in Beverly Hills when Siegel was shot dead on June 20, 1947.

Mobster Bugsy Siegel’s mistress Virginia Hill. She was conveniently not at her home in Beverly Hills when Siegel was shot dead on June 20, 1947.

Bugsy & His Flamingo

The Testimony of Virginia Hill

?QUEEN OF THE MOB? WAS NO ONE?S PUSHOVER

 

SENATOR TOBEY: “But why would Joe Epstein give you all that money, Miss Hill?”

 

WITNESS: “You really want to know?”

 

SENATOR TOBEY: “Yes, I really want to know.”

 

WITNESS: “Then I?ll tell you why. Because I?m the best {expletive} sucker in town!”

 

SENATOR KEFAUVER: “Order! I demand order!”

–Excerpt from Virginia Hill?s testimony in front of the Senate Special Committee to Investigate Organized Crime in Interstate Gambling.

In the beginning of the 50’s, United States seeked to expose and bring into public attention the growing issue of organized crime at that time.

It started on April 1950, when a dead body of a gambling kingpin from Kansas City was found in a Democratic clubhouse. That assassination raised concerns about the growth of organized crime and its involvement with politics. The need for an investigation committee concerning this issue was discovered, and on May 3, 1950, the Senate created an investigation committee of 5 members, lead by a Democratic Senator from Tennessee, Estes Kefauver.

In its 15 months of hearings, the committee, investigating corruption, crime syndicates and illegal activities, visited several large cities, in which TV broadcasts were interrupted to bring the work of the committee to the attention of the public. The most notable hearing was when the committee reached Broadway, New York, to interview Frank Costello. An estimated number of 30 million watched or listened to the hearings.

In Illinois, the Committee helped to expose a Chicago Police scandal, which later brought down the Senate career of Scott Lucas, a Democratic Majority Leader.

The completion of the hearings signaled the Senate to implement some suggestions about how to better tighten the laws concerning the prevention of corruption and organized crime. It caused the FBI to stop denying the existence of the underworld.

Read more »

Rodney Hide on Panama Papers

Rodney Hide discusses the Panama Papers at NBR:

I must admit to bitter disappointment.? I wouldn?t have had such high hopes if it was just Nicky Hager but the big reveal was to be different: top journalists at TVNZ and RNZ had spent a week-and-a-half trolling though the data ahead of its public release.

They were promising the ?biggest new development? in the ?Panama Papers scandal.?

I had some qualms.?The information was private and personal.?It was stolen. Innocent people?s private affairs were to be made public.

There was also the promise of political carnage.

But against that, Mr Hager declared, ?What the Panama Papers show without any doubt at all, absolutely conclusively, is that New Zealand is functioning as a tax haven.?

And it was not just Mr Hager: TVNZ?s Andrea Vance said New Zealand ?ticked all the boxes.?

Fantastic. ? Read more »

Nasty Tamati calls McClay corrupt

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Tamati Coffey, bar owner, former weatherman and Labour Party windbag for Rotorua, has gone full retard on Rotorua MP Todd McClay.

You know those Panama Papers that tell people Aotearoa is a great place to launder money?

The NZ Herald has highlighted in the link below how Todd McClay put the IRD’s last review of foreign trusts and their taxes on ice, coincidently around the time John Key?s personal lawyer lobbied for him to do so.

A review that would’ve stopped our global embarrassment in the Panama Papers should it have been allowed to continue.

Mr McClay says the idea he was influenced by his boss?s lawyer ?is insulting?, however when you read the corruption trail below, you’ll think being told it?s insulting is the insulting part.

Read more »

Some perspective that the Media party and Labour seem to have missed on the Panama Papers

The Media party and Labour are making much of New Zealand’s status in the Panama Papers.

Our media, with the exception of that little rat-faced dick Nicky Hager, don’t seem to have any specific knowledge or indeed access to the documents. Other overseas organisation do, like The Atlantic.

Here is a chart from their site showing the top ten most popular tax havens named in the Panama Papers.

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As you can see New Zealand isn’t even listed in the top ten and, frankly, with the numbers shown by the UK and Hong Kong there is actually nothing to worry about. Who in their right mind would describe the UK as a tax haven, and for that matter Hong Kong? Read more »

Fatty German Sausage export halted until at least October

Kim Dotcom

Kim Dotcom

Kim Dotcom continues to waste court time with pointless appeals.

His appeal for the extradition decision will now be heard in August this year.

The appeal against the decision to extradite Kim Dotcom and his fellow Megaupload co-accused Mathias Ortmann, Bram van der Kolk and Finn Batato will be heard in August.

In December, Judge Nevin Dawson ruled there was a case to answer in the copyright violation, money laundering and racketeering charges brought by the US government against the Megaupload founders. ? Read more »

He should have settled instead of concocting crazy conspiracy theories

I don’t feel at all sorry for Kim Dotcom. The man is a fool and a fantasist…I mean anyone who thought paying Martyn Bradbury as a political consultant has to be insane.

The ones I feel sorry for are the three others who have been taken for a ride with Kim Dotcom. He’s promised them repeatedly that he’d get them off, then left them all in the lurch with his insane stunts, new political parties, slagging of the US Government and regulators and judges, and Police and everyone else.

They are the ones who are going to pay the price for his shenanigans.

Judge Nevin Dawson’s decision to extradite Kim Dotcom and his co-accused Mathias Ortmann, Bram van der Kolk and Finn Batato?includes a summary of the maximum prison sentences facing the four on each charge if they are ultimately convicted in the US.

A quick summary of the list:

  • Count One: Conspiracy to commit racketeering: 20 years
  • Count Two: Conspiracy to commit copyright infringement: 5 years
  • Count Three: Conspiracy to launder monetary instruments: 20 years
  • Count Four: Criminal copyright infringement: 5 years
  • Counts Five through Eight: Criminal copyright infringement by electronic means: 5 years each (20 years)
  • Counts Nine through Thirteen: Fraud by wire, and aiding and abetting fraud by wire: 20 years

If served consecutively, that means the big man would face up to 90 years behind bars?? a strong motivation to appeal his extradition (as he has already said he will) and then apply for a Supreme Court review if he loses that appeal.

Read more »

Why Dotcom’s appeal is forlorn

Yeah Kim, those cuffs are for you

Yeah Kim, those cuffs are for you

Kim Dotcom and his lawyers were full of bravado yesterday, claiming they will appeal. They can and have.

But I think if they, and it would be helpful if the media did as well, read the judgment there is one damning paragraph from Judge Nevin Dawson that they should take heed of.

[698] This eligibility Court has received an extraordinarily large volume of material to consider, and the hearing took over 9 weeks before completion. The parties were informed by this Court that all matters relevant to this eligibility hearing would be heard at the hearing and decisions would issue accordingly. At the end of the hearing, all parties confirmed to this Court that none of them had any further issues they wished to raise.

[699] Given the very large volume of material presented during the hearing it is not possible to issue decisions that would be less than encyclopaedic in length in order to cover every minor point alluded to in the hearing. There is no need to do this. Much of the material presented to this Court has not been relevant to an eligibility hearing and a number of the submissions were unsupported by appropriately sworn evidence. They do not come near to undermining the applicant?s case or point to a breach of the duty of candour and good faith. If some aspects of the parties submissions or evidence has not been referred to in this judgment that is because it was not relevant to the decision given.

That is legal speak for saying that screeds of what the defence produced to support their application was irrelevant and unsupported by facts. Horse-shit in other words. ? Read more »

Good things come to those who are prepared to stick to the job for the long haul

fatty

Do I look good in Orange?

Tick tock, we are now all waiting with bated breath.

The wheels of the justice system grind slowly, and occasionally slip a cog, but on the whole those who are willing to submit to the complete process get what they deserve.

A judge is set to deliver his decision on whether Kim Dotcom and his associates are eligible for extradition to face charges in the United States.

The German-born internet mogul and his former business associates – Mathias Ortmann, Finn Batato and Bram van der Kolk – are accused of making US$175 million (NZ$257 million) from what US authorities say is a criminal conspiracy based around file-sharing website Megaupload. ? Read more »

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