Nigeria gets ex parte asset recovery order for $153,000,000 in proceeds of corruption from PEP parked in banks

The government of Nigeria will be able to recover $153 million in proceeds of corruption from Diezani Allison-Madueke, its former Minister of Petroleum, who was and remains a politically exposed person under anti-money laundering law. The funds were alleged to have been stolen from the Nigerian National Oil Company when it was under her control as [...]

Trial of PEP from Equatorial Guinea for money laundering in France; are Canada’s PEPs from Gabon next?

Equatorial Guinea trial Teodorin Obiang, the son of the President of Equatorial Guinea, is being prosecuted in France for allegedly laundering the proceeds of corruption in France. Mr. Obiang is also the Vice-President of Equatorial Guinea and is a politically exposed person. His trial is scheduled for June 2017. He is accused of bringing $105 [...]

$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 [...]

P3 infrastructure criminal charges in Canada against a politically exposed person

The RCMP has charged a former head of a Crown corporation, Michel Fournier, and his wife, Judith Fournier, both resident in Victoria, with money laundering in connection with alleged corruption from kickbacks they allegedly received tied to a $127 million contract to renovate the Jacques Cartier Bridge. Fournier had a secret bank account in Switzerland [...]

Developer sued for taking proceeds of crime from foreign nationals

New York real estate developer being sued for $18 billion for accepting alleged proceeds of corruption from foreigners who were known PEPs According to an article yesterday in the Wall Street Journal, real estate developers in New York are being sued for accepting proceeds of corruption from politically exposed persons (PEP). The plaintiffs are the [...]

Nigeria says US$150 billion stolen from state coffers in 10 years by politically exposed persons

Whopping $150 Billion Stolen from Nigeria in 10 Years Nigeria’s new President, Muhammadu Buhari, today said that the government believes that its officials have stolen approximately US$150 billion from the state in the past ten years.  In anti-money laundering law, high ranking government officials with access to state property and assets are politically exposed persons (“PEP“). [...]

The FIFA scandal and why banks may be facing regulatory issues over KYC failures

FIFA Indictment against PEPs The 47-count Indictment against 14 persons employed or engaged by FIFA by the US District Court for the Eastern District of New York (“EDNY“), and their arrest may do more than shake up international soccer – it also has the potential to result in significant fines against many global banks who processed [...]

China and US agree to cooperate to help China track down & repatriate “economic fugitives”

Late last week, at a meeting in Beijing, the US and China agreed to continue cooperating in the removal of Chinese foreign nationals from the US who are suspected of having immigrated with proceeds of corruption. The meeting took place between Meng Jianzhu, Secretary of the Central Politics and Law Commission, and national police chief Guo Shengkun, [...]

Financier Worldwide Magazine – Infrastructure funding and corruption in Canada

Our article in Financier Worldwide, linked below, discusses the approval in Canada of the last tranche of $100 billion in infrastructure funding authorized on the unusual basis that it be used for corruption-free projects. The approval comes as Canada grapples with the fallout from the largest corruption case in the world and the first money [...]

Vietnam improves its government anti-corruption and anti-money laundering supervision

By Christine Duhaime Follow @cduhaime Slowing Addressing Money Laundering Issues The Government of Vietnam, through its State Bank, announced late last week that it was improving its anti-money laundering and anti-corruption supervisory regime by implementing changes to the functions, responsibilities and structure of the Banking Supervision Agency (“BSA“). Effective August 1, 2014, a separate higher [...]