Canada still a “major money laundering country” in 2013 International Narcotics Control Strategy Report on AML

The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and [...]

U.S. Attorney files complaint against Lebanese Canadian Bank in trade-based money laundering case

The U.S. Attorney has filed a money laundering complaint commencing an in rem forfeiture action against the Lebanese Canadian Bank and others, seeking penalties of US$446 million in connection with what it says was a money laundering scheme operated by the Bank. The action is one of the first trade-based money laundering cases. As part of the alleged [...]

Teddy bears sales used for money laundering

The third executive of a Los Angeles toy company, Meichun Cheng Huang, pleaded guilty to conspiracy today as part of a black market peso exchange scheme that laundered almost US$9 million for drug cartels in Mexico and Columbia using teddy bears and Topo Gigio mouse dolls. Huang was a co-owner of the toy company, Angel [...]

13 arrested for alleged black market peso laundering

Thirteen individuals were arrested in Puerto Rico by the U.S. Immigration and Customs Enforcement Office of Homeland Security for allegedly attempting to launder US$8 million in drug trafficking proceeds. The defendants are accused of laundering the funds using a money laundering method known as “black market peso exchange.” A black market peso exchange system involves [...]