MR B, works as CEO of a rubber manufacture and Dealer Company in Malaysia.
He used an accountant service to receive cash from his drug dealings and convert it into various purchase of land over a number of years. Mr B used two of his employees to collect and take cash from drug sales to the accountant’s office. The accountant had 14 accounts held at different banks in which he would deposit the cash. The accounts were maintained for his accountancy practice, a gift shop he and his wife owned, his personal accounts and a company account he was nominee director and shareholder of on behalf of MR B. The accountant went to different branches across the Malaysia region and banked the cash into the various accounts. He declared to bank that the source of cash was from his client who owned a bar and also from a stall he operated at a market. The deposited cash would then be electronically transferred to his accountancy practice to be held on behalf of MR B. With his accumulated wealth.
Mr B purchase land in the name of his family trust. The trustee of his trust was corporate trustee company that the accountant was the director and shareholder. This trust management enabled MR B to hide the fact that he owned the land. It was estimated that, over 10 years, MR B had accumulated RM4.8 million from his drug offending.Suspicious Indicators are large cash deposits, use of third parties account, co-mingling of criminal proceeds with legitimate business, use of nominee directors/shareholders to hide the ownership of business and purchase of real estate and the last on is use of trust to hide the ownership of real estate.