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 […]

Iran using ghost supertankers to avoid sanctions law

According to this article in the Financial Times, Iran has sent a supertanker, called Happiness I, en route to Asia, carrying 2 million barrels of oil that is off-the-radar literally, in order to obfuscate that it is transporting Iranian oil to another country. When ships are off-radar, they turn off their transponders and are no […]