Printable Page Headline News   Return to Menu - Page 1 2 3 5 6 7 8 13
 
 
US Probes Banking of Manafort          03/23 06:12

   U.S. Treasury Department agents have recently obtained information about 
offshore financial transactions involving President Donald Trump's former 
campaign chairman, Paul Manafort, as part of a federal anti-corruption probe 
into his work in Eastern Europe, The Associated Press has learned.

   WASHINGTON (AP) -- U.S. Treasury Department agents have recently obtained 
information about offshore financial transactions involving President Donald 
Trump's former campaign chairman, Paul Manafort, as part of a federal 
anti-corruption probe into his work in Eastern Europe, The Associated Press has 
learned.

   Information about Manafort's transactions was turned over earlier this year 
to U.S. agents working in the Treasury Department's Financial Crimes 
Enforcement Network by investigators in Cyprus at the U.S. agency's request, a 
person familiar with the case said, speaking on condition of anonymity because 
the person was not authorized to publicly discuss a criminal investigation.

   The Cyprus attorney general, one of the country's top law enforcement 
officers, was made aware of the American request.

   A spokesman for Manafort did not immediately respond to questions from the 
AP.

   Manafort, who was Trump's unpaid campaign chairman from March until August 
last year, has been a leading focus of the U.S. government's investigation into 
whether Trump associates coordinated with Moscow to meddle in the 2016 
campaign. This week, the AP revealed his secret work for a Russian billionaire 
to advance the interests of Russian President Vladimir Putin a decade ago.

   Federal prosecutors became interested in Manafort's activities years ago as 
part of a broad investigation to recover stolen Ukrainian assets after the 
ouster of pro-Russian President Viktor Yanukovych there in early 2014. No U.S. 
criminal charges have ever been filed in the case.

   It was not immediately clear what time period was covered under the 
government request for information about Manafort's financial transactions in 
Cyprus. Manafort was known to route financial transactions through Cyprus, 
according to records of international wire transfers obtained by the AP and 
public court documents filed in a 2014 legal dispute in the Cayman Islands.

   In the 2014 case, Manafort used Cypriot shell companies as part of a nearly 
$19 million deal with Russian billionaire Oleg Deripaska to purchase Ukrainian 
cable television provider Black Sea Cable. Deripaska said that after taking the 
money, Manafort and his associates stopped responding to Deripaska's queries 
about how the funds had been used.

   As part of their investigation, U.S. officials were expected to look into 
millions of dollars' worth of wire transfers to Manafort. In one case, the AP 
found that a Manafort-linked company received a $1 million payment in October 
2009 from a mysterious firm through the Bank of Cyprus. The $1 million payment 
left the account the same day --- split in two, roughly $500,000 disbursements 
to accounts with no obvious owner.

   There is nothing inherently illicit about using multiple companies as 
Manafort was doing. But it was unclear why he would have been involved with 
companies in Cyprus, known for its history of money laundering before joining 
the European Union, with unclear sources of the money flowing in to them and 
with such secrecy surrounding the firms' connections to Manafort.

   A Treasury Department spokesman, Stephen Hudak, declined to answer the AP's 
questions about Manafort's records. "We often get press inquiries concerning 
individuals and our policy is to never confirm, nor deny the existence, or 
non-existence, of any potential investigation," Hudak said.

   Cypriot officials said further information would have to come to the agency 
through a formal request to the Cypriot Ministry of Justice and Public Order 
--- under a mutual legal assistance treaty --- although no request has been 
made, according to two officials who spoke on condition of anonymity because 
they were not authorized to publicly discuss the case.

   Democrats on Capitol Hill who are part of two congressional investigations 
of Trump associates said the new disclosures about Manafort's work for the 
Russian billionaire guarantee that Manafort will be sought as a key witness in 
upcoming hearings. Sen. Martin Heinrich, D-N.M., who is a member of the Senate 
intelligence committee, said revelations about Manafort's work were "serious 
and disturbing."

   The AP's reporting about Manafort's activities "undermines the groundless 
assertions that the administration has been making that there are no ties 
between President Trump and Russia. This is not a drip, drip, drip," said 
Democratic Rep. Jackie Speier of California, a member of the House intelligence 
committee. "This is now dam-breaking with water flushing out with all kinds of 
entanglements."

   The White House said Trump had not been aware of Manafort's work on behalf 
of Deripaska, a close Putin ally with whom Manafort eventually signed a $10 
million annual contract beginning in 2006. "To suggest that the president knew 
who his clients were from 10 years ago is a bit insane," Press Secretary Sean 
Spicer said. "I don't know what he got paid to do," Spicer said, adding, 
"There's no suggestion he did anything improper."

   The Financial Crimes Enforcement Network, known as FinCEN, was established 
in 1990 and became a Treasury Department bureau soon after the Sept. 11, 2001, 
terror attacks. It collects a vast repository of records that financial 
institutions are required to report under the Bank Secrecy Act, such as 
suspicious activity reports and currency transaction reports, and assists law 
enforcement agencies in helping analyze complex data.

   The agency is a part of an international network of so-called financial 
intelligence units that share information with each other in money laundering 
and terrorism financing investigations. It's work has been critical in helping 
officials piece money trails together and identify leads for criminal 
investigators.


(KA)

 
 
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN