The operators of a global currency exchange ran a $6 billion money-laundering operation online, a central hub for criminals trafficking in everything from stolen identities to child pornography, federal prosecutors in New York said on Tuesday.
The currency exchange, Liberty Reserve, operated beyond the traditional confines of United States and international banking regulations in what prosecutors called a shadowy netherworld of cyberfinance. It traded in virtual currency and provided the kind of anonymous and easily accessible banking infrastructure increasingly sought by criminal networks, law enforcement officials said.
In it the following observation:
The exchangers, the indictment said, “tended to be unlicensed money-transmitting businesses without significant government oversight or regulation, concentrated in Malaysia, Russia, Nigeria and Vietnam.”
It is really a shame that Malaysia is named in the same sentence as a country like Nigeria with its rather infamous repuation.
The first hit that I get when I google "Liberty Reserve Malaysia" is this website.
In the top it says:
"Urgent News: Due to the closure of LibertyReserve.com, we now can no longer provide exchange service for Liberty Reserve."
In the bottom however it seems to contradict itself:
"Disclaimer: LibertyReserveMalaysia.com is in no way affiliated nor endorsed by LibertyReserve.com."
I can't seem to find Liberty Reserve on Bank Negara's website of fraude alerts.
But this blog entry seems to indicate that they were included on the list of illegal investment companies.
Malaysia really should step up hugely its efforts in enforcement.
Three articles from the "Baker Institute Blog", dealing with the issue of corruption:
What’s the problem, Malaysia?
Malaysia: At election time, corruption remains a central issue
Malaysia: Looking forward
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