KPMG-CURACAO LAUNDERING MONEY?

KPMG-CURACAO LAUNDERING MONEY?

By: JJosepha News

Twitter.com/JJosephaNews

 

Willemstad, Curacao. KPMG agreed to a fine with the Curacao OM in connection with KPMG's involvement in a money laundering case that revolved around the Caribbean Distributors Group N.V. (CDG).

KPMG is the acronym Klynveld Peat Marwick Goerdeler is an accounting firm headquartered in Amstelveen; Netherlands that offers ‎actuarial‎; ‎assurance and financial/‎legal services, and employs more than 200,000 people globally.

A review of the KPMG’s website, illustrates a sharp contradiction in the company’s operating purpose because of their act of being involved in money laundering:

“KPMG Forensic award winning Global Anti-Money Laundering & Trade Sanctions team is uniquely placed to assist member firm clients in protecting themselves against criminals and the increasingly aggressive actions of regulators. Whether designing and implementing new operating models, remediating problems of the past, designing and testing controls or transforming the culture and capability of the organization, our team operates globally with the largest financial institutions.”
KPMG website also states the following: “As well as Advisory services, the Global Anti-Money Laundering & Trade Sanctions team has some unique assets that can be applied to improve compliance and reduce costs. Our Customer Remediation Center Workflow technology and Astrus monitoring tools are all unique in the market and being used by several major financial institutions to create robust processes without breaking the bank.”
In addition; KPMG websites states that; “KPMG Forensic teams have provided Anti-Money Laundering (AML) assessments worldwide, and contributed to some of the largest AML investigations and program rehabilitation in recent history. Whether assisting a financial institution proactively seeking to improve its program or reactively responding to a regulatory order, our professionals provide assistance to address many areas of AML program improvement sought by the financial community in today’s marketplace.”

DOES CURACAO PUBLIC PROSECUTION'S SETTLEMENT MAKE ANY SENSE?

KPMG company played an important role in the Cymbal and Troja cases, where various individuals were suspects being prosecuted for money laundering through dollar waving/dollar tourism.

In 2004 to 2009, KPMG Curacao prepared the annual accounts of CDG N.V., an accountant from KPMG Curacao was also blamed by the disciplinary court in Zwolle; Netherlands for his involvement at the end of January.

The OM set a small settlement of around 38,000 euros, that KPMG recently struck for involvement in money laundering of more than 320 million dollars. Curacao’s Public Prosecutor's Office (OM), latest scandal was last year in December, where its Spokesman, Mr. Norman Serphos broke the law by lying to the public and filing a false complaint with the Curacao police department.

One individual from a gated community in Curacao said; “The signs of corruption in Curacao's Public Prosecution (OM) seems to exist at the highest level and it seems to be getting worst. Let it be that a regular Afro-Curacao Citizen robbed a Chinese store to get food, that Afro-Curacao citizen would get at least 2 years in jail immediately, what about those who are supposed to have integrity, shouldn’t the law be equal, regardless of your economical status”?

On December 8th 2018, a group of four Venezuelans and one Dominican were accused of importing 350 kilos of cocaine to Curacao. The captain of the boat said that, they came through a navigation error near Curacao, but the destination was Caracas, Venezuela.

The Curacao Public Prosecution Office (OM) demanded a prison sentence of 6 years against the perpetrators and the Judge will make a ruling on April 3rd 2019.

Many Curasalenos are asking; “How can you get only 6 years for importing 350 kilograms of cocaine?”

The street value of the 350 kilos of Cocaine was estimated to have a worth of $5 to $11 million USD. The Curacao’s Public Prosecution Office settled the case with KPMG for a settlement of $0.0001 for every USD that KPMG helped CDG N.V. to laundered money, in that case.

Many Curasalenos are asking; “How is that suppose to be a deterrent for money laundering by big corporations or for “Curacao’s Corporate Community”?

Others further went on to express that; “The  truth is such a ratio is in the favor of these huge corporation like KPMG, what a shame Elizabeth Warren couldn’t have been running for Prime Minister of Curacao; to cut corruption to zero in Curacao!”

Last year in December, KPMG International announced record aggregated network revenues of US$29 billion for the fiscal year ending 30 September 2018 (FY18), representing a 7.1% increase in local currency terms on the previous fiscal year; (FY17).

QUESTIONS FOR THE NETHERLANDS MINISTER OF JUSTICE

The Netherlands Member of Parliament; Ronald van Raak; requested that The Netherlands  Minister of Security and Justice; Ferdinand Bernhard Joseph Grapperhaus; to explain;

1. "Why KPMG Accountancy Services B.V. got away in Curacao with a fine of around 38,000 euros, for being involved in money laundering; of more than 320 million dollars"?
2. “Why they didn't wait for the investigations "Cymbal" and "Troja", in which KPMG is also involved, to finish, before the fine or settlement was made”?

Minister of Security and Justice; Ferdinand Grapperhaus; said, "In this case it is up to the OM Curacao to decide whether to prosecute the suspect in an individual criminal case and which settlement method is appropriate.

As the Minister of Justice and Security of the Netherlands, it is not appropriate for me to participate in the assessment of the OM Curacao, which falls under the responsibility of my colleague from Curacao.

In general, I think that a criminal law approach should be provided where there is a (facilitating) money laundering. But in this specific case it is up to the OM Curacao to decide on this".

The Netherlands Minister of Security and Justice; Ferdinand Grapperhaus, did not express an opinion on the minisculous settlement that the OM Curacao levied against KPMG for helping to launder more than $320 million USD but, he expressed that he is in favor of a criminal law approach to (facilitating) money laundering, but in this specific case he think that it is up to the Public Prosecution in Curacao to decide on this.

 

THE Curacao PUBLIC PROSECUTION'S CONCLUSION

The Dutch Minister of Security and Justice Ferdinand Bernhard Joseph Grapperhaus deduced that the OM Curacao did established that KPMG did facilitate suspects in the investigations Troja and Cymbal in the criminal activities for which those suspects are now being prosecuted from a press release emitted by the OM. It was stated that "Financial service providers and accountants such as KPMG AAS acted as gatekeepers to the financial sector and played an important role in the detection of money laundering, the financing of terrorism and other socially inappropriate behavior. However, these are organizations that fall under the supervision of the authorities in Curacao and it is therefore up to them to determine whether KPMG has helped AAS criminal activities".

CURACAO’S OPINION CORNER

In late 2018 Curacao’s Police quarters had about 600 kilograms of cocaine stolen from police property.

The case of the Venezuelan-Dominican trafficking 350 kilograms of cocaine, allegedly heading for Caracas Venezuela.

Where were the Venezuelan-Dominican cocaine traffickers coming from; with 350 kilograms of cocaine?

Were the two quantities part of a 1 Megagram (1Mg = 1000 Kg); composite?

Are the 2 quantities of drug of the same chemical composition or that they both have a very similar Spectrographic fingerprint?

Double Jeopardy means you can’t be prosecuted for the same crime twice, so why did the OM office quickly settled the case with KPMG, when they are allegedly involved in another ongoing investigation.

Banks and Insurance businesses are tightly co-joined in Curacao, so is the former Curacao minister of economic connected in the KPMG, CDG N.V., and or Cymbal and Troja investigation?

What is the status of Norman Serphos and has criminal charges being pressed against him?

Is there an ongoing open investigation in election fraud?

Has the OM investigated the claims and allegations by KdNT Leader Amparo Dos Santos about Suzy Camelia-Romer; Minister of Health?

How far, how wide does the money laundering case involving KPMG go to include any and or all of the aforementioned individuals?

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