World Check being sued over database of personal information

A number of persons and organizations are allegedly preparing to sue Thomson Reuters, the organization that runs World Check for wrongly listing them in a database as a financial crime risk. World Check created (apparently without informed consent at least under Canadian law), an online global database that purports to provide anti-money laundering, sanctions and [...]

2016 in Review

Every year, we like to give a summary of the most popular stories on our website measured by analytics of visits because it gives a sense of what issues are of interest to the anti-money laundering and counter-terrorist financing community globally and future trends. Here are some of our statistics for 2016: Most popular story –> [...]

UK’s sweeping new law targeting bankers, lawyers, advisors, offshore professional directors, nominees with fines; and “public shaming” for enabling offshore tax evasion

Wide, Wide Net for Enablers Starting today, parts of the UK’s Finance Bill 2016 came into effect which allows the HMRC to go after so-called “enablers” who help UK tax payers avoid taxes using offshore schemes, services or arrangements, such as bank accounts, investment or broker accounts, trusts, companies, directors / officers or nominees. The amendments introduce [...]

Does privilege really prevent lawyers from reporting money laundering?

In Canada and the US, lawyers are not subject to anti-money laundering reporting obligations like they are in most other countries. One of the most frequent reasons given for this by lawyers is that to require us to report certain financial transactions to a financial intelligence unit is inconsistent with, and would undermine, legal privilege. [...]

The definitive guide to anti-money laundering compliance at casinos and regulated online gambling sites for casinos, investors, regulators, banks and players

Duhaime Law and the Gaming Security Professionals of Canada jointly published a Q&A on money laundering for casinos and online regulated poker websites, written by Christine Duhaime, BA, JD, CAMS. The Q&A is reproduced below. 1. Executive Summary Money laundering is a process in which so-called ‘dirty money’ from the proceeds of crime is transformed [...]

US indicts foreign national for laundering money from Iran through Canada, US, Korea and parking it in expensive real estate

The US federal government has filed an indictment against a foreign national, Kenneth Zong, who resided in the US for allegedly laundering over $1 billion from Iran through Canada, the US and a number of other countries in violation of international sanctions law that prohibit providing financial services to Iranian foreign nationals in Iran and [...]

Canada a major money laundering country with concern from China and Pakistan noted, according to US Annual Narcotics Control Strategy Report

1. Canada a Major Money Laundering Country The 2016 International Narcotics Control Strategy Report (“INCSR“) published in March 2016 by the U.S. Department of State identifies Canada as a “major money laundering country” along with, among others, Afghanistan, Brazil, BVI, Cayman Islands, Cambodia, Cyprus, Dominican Republic, Guernsey, Jersey, Hong Kong, Iran, Iraq, Libya, Mexico, Macau and [...]

FBI – “No safe haven anywhere for money launderers” – The fascinating $1B 1MDB civil asset forfeiture case

Largest civil asset recovery case in US of this kind On July 20, 2016, the US Department of Justice filed a civil forfeiture case in California to recover assets of more than $1 billion in alleged proceeds of crime resulting from fraud allegedly committed by individuals associated with the Malaysian government’s 1Malaysia Development Berhad (“1MDB“). [...]

US expands review of money laundering in real estate market

More scrutiny in US for real estate The Financial Crimes Enforcement Network (FinCEN) announced that it is expanding its program to identify persons who may be hiding assets in residential properties in the US. The expansion adds additional cities to what are called the area for Geographic Targeting Orders (GTO). Title insurance agents in GTO cities [...]

Financial transparency in Iran – more advanced than you think

Blacklist in place Last week, the FATF voted to keep Iran on a blacklist, which means that banks are being advised that they may want to treat financial transactions from Iran with heightened scrutiny. It’s an interesting decision because Iran is, in many ways, more transparent that many other countries that appear to have no FATF [...]