Posts Tagged ‘diamonds’

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This Valentine’s Day, give her diamonds. (Money is easier to launder that way.)

February 14, 2014

International financial watchdog FATF has issued a report that raises concerns about the use of diamonds to launder money in five countries that voluntarily disclosed information for the report.

India cited cases of overvaluation of diamonds sold abroad as a means of transferring illicit money back to India.  Trade-based money laundering is one of, if not the largest mechanism worldwide for transferring value without being detected.

As John Cassara and Avi Jorisch have noted in their book, On the Trail of Terror Finance, “diamonds are the most condensed form of physical wealth in the world. As a result, they are widely used in global laundering and value transfer schemes.”

Cassara and Jorisch also noted that Dubai, which maintains significant business relationships with diamond dealers in Mumbai, India, “are adept at invoice manipulation,” which Dubai traders can use to transfer significant amounts of value without transferring physical money.

Thanks to Sal Imburgia for first notifying Money Jihad about the report.

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Following the money trail in Mumbai

November 21, 2009

Indian newspapers are abuzz these days about progress in the investigation of the Nov. 26, 2008, (“26/11”) attacks on Mumbai, which led to the deaths of more than 160 at the Taj Mahal & Oberoi hotels, a Jewish center, and hospital.

The bloody dividends of the money jihad (Mumbai, November 2008)

We know that the Pakistan and Kashmir based jihadist group Lashkar-e-Taiba was involved.  More recently, the role of two North American Muslims, David Headley (aka Daood Gilani) and Tahawwur Rana (who were arrested in Illinois last month on separate charges for their plot against the Danish newspaper that printed the Muhammad cartoons) has also been exposed.  Today, Money Jihad blog zeroes in on where Lashkar-e-Taiba, Headley, and Rana got their money in the first place.

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