Global Financial Integrity

 

Tagged ‘Money Laundering’

Kenya’s Removal from FATF’s Gray List Doesn’t Mean Much

FATF removed Kenya off the grey watch list.

Don’t get too excited about Kenya’s removal from the Financial Action Task Force’s (FATF) gray list.

The FATF list of “high risk and non-cooperative jurisdictions” is a list of countries that the organization believes to be doing very little in the global fight against money laundering and terrorist financing. The list is based off a series of 40 recommendations that it expects countries to abide by to reduce money laundering and terrorist financing. These recommendations include, among other things, the regulation of banks and other financial institutions. Countries that do not adequately address these expectations are placed on the black or gray list based on varying degrees of compliance.

In 2010, FATF placed Kenya on a list of high risk countries for delays in enacting laws to tackle criminal financial activity as well as a failure to track money laundering.

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Why Pele’s Son, Sentenced for Money Laundering, is the Tip of the Iceberg for Brazil

Pele's son sentenced to 33 years in jail for money laundering.

Pele’s son, Edinho, has been sentenced to 33 years in jail on money laundering charges.

Edinho, a former professional soccer player, was accused of using his father’s name to run businesses that conducted money laundering. Edinho was linked to drug cartel boss Ronaldo Duarte Barsotti, known as Naldinho, who allegedly controlled a large drug operation in Brazil’s southeast region.

Prosecutors say that Edinho connected the armed and the financial parts of the cartel and operated from the city of Santos, where he worked as a goalkeeping coach. According to a Santos-based newspaper, Naldinho and Edinho were tapped discussing the illicit money transactions by starting a new business.

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