Laundering fish – new report points to China and US$23 billion IUU proceeds of crime problem

China overfishing in distant waters A new report from Future Directions International (the “Report“), based in Australia, is highlighting concerns about illicit proceeds and the fishing industry, particularly with China. The Report, available here, says that China has the largest distant water fishing fleet in the world, estimated to be over 3,000 vessels, accounting for […]

York Regional Police bust illegal casino in Ontario operating from luxury mansion by Chinese PEPs and seize $11 million in assets and cash, illegal guns and arrest 29

Project Endgame York Regional Police in Ontario announced the arrest of 29 people following the raid of an illegal underground casino at a 20,000 square-foot mansion in Markham, Ontario, during the summer. The operation dubbed “Project Endgame”, resulted in several raids of illegal underground casinos operating in York region. The first bust was on July […]

Over $3.2 billion missing in digital currency fraud in China; several Bitcoin exchanges shut down and many CEOs disappear with funds

A few weeks ago in China, several digital currency exchanges announced that they were suspending trading or shutting down operations altogether, leaving the recovery of potentially hundreds of millions of dollars of funds with those exchanges up in the air, and this after approximately US$3 billion went missing from two initial coin offerings (“ICOs“) in […]

Study in China identifies areas in China where most money launderers originate and finds that the number of suspicious activity reports filed does not improve regulatory effectiveness

According to money laundering law empirical research from China, a person from Fujian (Triad land) is most likely to be a money launderer, and the study also found that the filing of voluminous numbers of suspicious activity reports (“SAR”), does not lead to improved anti-money laundering results across any sector or in the economy. Filing […]

Q & A on White House sanctions over technology from foreign adversaries

Last Wednesday, the White House issued an executive order (the “Order“) under the International Emergency Economic Powers Act, 50 U.S.C. 1701, the National Emergencies Act, 50 U.S.C. 1601, and §301 of Title 3 of the United States Code, prohibiting transactions of hardware, software or other products or services that enable information processing, data processing, data storage, data retrieval or electronic communications […]

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 […]

Vancouver ICO firm co-founders alleged to have defrauded investors

RCMP Investigation According to court filings in Canada, Kevin Hobbs and Lisa Chang, the two co-founders of an ICO called EtherParty FUEL and an associated company, Vanbex, based in Vancouver, are allegedly under investigation by the Federal and Serious Organized Crime Division of the RCMP for, inter alia, fraud and are also allegedly under investigation by […]