CARIBBEAN ISLAND OF ST KITTS CITIZEN BY INVESTMENT (CBI) PASSPORT HOLDER CHARGED IN MASSIVE BILLION DOLLAR SCAM & FRAUD IN NEW YORK STATE

CARIBBEAN ISLAND OF ST KITTS CITIZEN BY INVESTMENT (CBI) PASSPORT HOLDER CHARGED IN MASSIVE BILLION DOLLAR SCAM & FRAUD IN NEW YORK STATE

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Jho Low, the Malaysia financial advisor, who is the most-wanted fugitive from justice in his native country, and a regular feature on these pages, has now been charged in Federal Court in New York, in the billion dollar 1MDB scandal. There are other defendants also charged.

The counts against Jho:
(1) Conspiracy to Violate the FCPA - Bribery.
(2) Conspiracy to violate the FCPA - Circumvention of Internal Accounting Controls.
(3) Conspiracy to Commit Money Laundering.
  
Readers who wish to review the indictment may access it here.

The fact that he was granted a St Kitts & Nevis CBI passport, while engaged in suspicious conduct involving repeated demonstrations of excessive and unexplained wealth far exceeding his known assets and income, is one more demonstration that CIU due diligence performed in the East Caribbean CBI states, if it occurs at all, is so far below Banking Best Practices as to constitute professional negligence or compliance malpractice. Using the Jho case as a yardstick of effectiveness, we must, unfortunately, give St Kitts CIU a failing grade.

Chronicles of Monte Friesner - Financial Crime Analyst  

Contributed by Kenneth Rijock - Financial Crime Consultant