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EA’s unholy nexus: Diamonds, guns and money-laundering
February 08 - In line with a number of East African countries, Uganda’s parliament has started formulating a law against money laundering.
The intention is to bring all the money laundering laws in the EAC and SADC regions in line with one each another other and thus stem the flow of funds from the illegal economy into the legal economy.
The proposed law was cleared after the Bill was published in the government gazette in August 2009. Nevertheless, Uganda taken made no significant steps to fight money laundering.
It appears that the whole anti-money laundering initiative in the EAC zone is driven by international pressure based on concerns regarding terrorism funding and drug trafficking. |
PayPal Suspends Personal Payments to India
February 08 - PayPal, an eBay company, has suspended personal payments to and from India and transfers to local banks in the country.
Customers can still make commercial payments to India, but merchants cannot withdraw funds in rupees at local Indian banks, it added.
The services have been suspended while the company works with its "business partners and other stakeholders to address questions they have about the service," according to PayPal's blog. PayPal did not say what questions have been raised. |
Investigators seize $1.1M in profits from marijuana money-laundering ring in Little Italy flat
February 08 - Investigators have seized $1.1 million in cash from a Little Italy flat - profits from a huge marijuana money-laundering ring with possible ties to organized crime, the Daily News has learned.
It is "by far" the biggest stash ever seized in the city linked to a marijuana ring, city special narcotics prosecutor Bridget Brennan said. |
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