France & Spain go after Syrian PEP, the Butcher of Hama’s $1 billion in unexplained wealth

Rifaat al-Assad, the uncle of Syria’s President Bashar al-Assad, is facing permanent asset forfeiture in France in connection with unexplained wealth and asset accumulation in France. He was charged in France last month with corruption, money laundering and embezzlement of state assets from Syria. He was ordered to remain in France. He is a politically exposed [...]

US identifies Canada as major money laundering country, and notes concern over its low prosecution rate

Canada once again a “Major Money Laundering” country The 2019 “International Narcotics Control Strategy Report” (INCSR) published on Friday by the U.S. Department of State identifies Canada once again as a “major money laundering country” along with a host of risky countries for financial crime. A “major money laundering country” is one whose banks and financial [...]

In Canada, people associated with the Mafia and drug dealers are issued cannabis licences according to CBC News Report

According to a news story in French on CBC News, the government of Canada has issued licences to a cannabis company that has ties to the Mafia, and to major drug traffickers and Canada has also issued another licence to a cannabis company whose shareholders include major drug traffickers. The journalist in the story notes [...]

Politically exposed Chinese foreign national pleads guilty to immigration fraud

Shilan Zhao (趙世蘭), the ex-wife of a Chinese official and a politically exposed person, has pleaded guilty to immigration fraud related to the EB5 investor visa program in the US and will serve a term of incarceration of five years. Zhao conspired with her husband, Jianjun Qiao (喬建軍), aka Feng Li, to immigrate to the [...]

Co-founder of infrastructure fund allegedly under investigation for money laundering

Kola Aluko, a Nigerian energy mogul, is allegedly under investigation for money laundering in Nigeria. Among other things, Aluko is one of the founders of Made in Africa (MiAF), a foundation for infrastructure projects across Africa which, in 2013, joined the African Development to launch the Africa50 Fund on NASDAQ, Africa’s largest infrastructure investment vehicle. It seems [...]

$2,000,000,000,000 in Proceeds of Corruption Removed from China and Taken to US, Australia, Canada and Netherlands

The questions and answers I’ve been asked the most in 2016 about China: Q: How much money has been removed from China in proceeds of corruption? A: According to the Bank of China, way over US$120 Billion or CAD$160 Billion between the years 1995-2008. China appears to have quit sharing data officially after 2011 because [...]

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 [...]

The law on privilege in the context of money laundering and financial crime

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. [...]

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 [...]

G20 adopts a “zero tolerance” against corruption and agree to close all loopholes and join forces for asset recovery of proceeds of crime on an urgent basis

The G20 agrees to cooperate over asset recovery and tracking down wanted foreign nationals implicated in financial crimes The G20 released its statement on September 5, 2016, and a large part of it indicates that the leaders of the world are becoming concerned with financial crime, including money laundering, terrorist financing and tax evasion. The [...]