by John Darer® CLU ChFC CSSC RSP CLTC
"Since the returns are often far in excess of what is available in the traditional investment sector, many European banks, as well as American billionaires, have flocked to life settlements. So have money launderers for narcotics traffickers, making AML/CFT compliance at life settlement
firms a necessary component of their operation". So says Kenneth Rijock, a decorated Vietnam veteran, high flying lawyer and apparently one of the world's biggest money launderers. In 1980s, Rijock was the middle man between the Colombians and the domestic cartels flooding America's streets with cocaine. His operation was responsible for cleaning over $200 million of
dirty cash. And, says the book jacket to "The Laundry Man", he was in love with a cop.
The under regulated structured settlement secondary market makes it a potential honey pot for money launderers. Is there Anti Money Laundering Compliance? Should controls be put in place now to bring the secondary market for structured settlements in line with other financial sectors , or does the industry wait for something bad to happen ?
Read my January 9, 2013 blog post
Kenneth Rijock's Financial Crime Blog. His March 1 post discusses the conviction of a principal of a Ft. Lauderdale Florida life settlements firm.