Monthly Archives: September 2010
Legislation currently pending in the Mexican legislature would ban a vast array of large cash transactions, but the truth is that Mexico is far from alone in trying to restrict cash. All over the world, governments are either placing stringent reporting requirements on large cash transactions or they are banning them altogether.
We are being told that such measures are…
A New York man was arrested Wednesday on charges that he unwittingly funded a Connecticut man’s attempt to bomb Times Square on May 1 by providing unlicensed banking services, an arrest that continues an effort by federal authorities to reduce the illegal flow of money that can finance terrorism.
Mohammad Younis, 44, was accused in an indictment in U.S. District Court in Manhattan of engaging in hawala activities, an informal banking system which relies on wire transfers, couriers and overnight mail. He was arrested at his Long Island home and brought to the courthouse, where he was expected to make an initial appearance. It was not immediately clear who would represent him in court.
When Jason Grodensky bought his modest Fort Lauderdale home last December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage.
Grodensky knew nothing about the foreclosure until July, when he learned that the title to his home had been transferred to a government-backed lender. “I feel like I’m hanging in the wind and I’m scared to death,” said Grodensky. “How did some attorney put through a foreclosure illegally?”