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 [...]

The definitive guide to anti-money laundering compliance at casinos and regulated online gambling sites for casinos, investors, regulators, banks and players

Duhaime Law and the Gaming Security Professionals of Canada jointly published a Q&A on money laundering for casinos and online regulated poker websites, written by Christine Duhaime, BA, JD, CAMS. The Q&A is reproduced below. 1. Executive Summary Money laundering is a process in which so-called ‘dirty money’ from the proceeds of crime is transformed [...]

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 [...]

Royal Prerogative throws a wrench in Brexit

The UK High Court has ruled that the process for the UK to leave the EU, including when, must be made by Parliament and not the government. The government was pursuing the exit from the EU pursuant to what is called the “Royal Prerogative”. The High Court ruled that the government does not have power [...]

Beneficial ownership and money laundering issues in real estate

The 4th Annual ACAMS Conference in Toronto on October 25-26, 2016 will cover a session on the hot topic of real estate and money laundering, including the role of beneficial ownership with an explanation from a legal perspective on what beneficial ownership is and how transactions are structured to avoid the reporting requirement under the Proceeds [...]

Money laundering charge a sufficient ground for refusing refugee protection in Canada

In a not-often cited decision from 2011, the Federal Court of Canada upheld a decision of the Immigration and Refugee Board of Canada denying a foreign national refugee protection in Canada for serious criminality based on money laundering charges even though the foreign national was never convicted of money laundering. The facts of the case [...]

Canada a major money laundering country with concern from China and Pakistan noted, according to US Annual Narcotics Control Strategy Report

1. Canada a Major Money Laundering Country The 2016 International Narcotics Control Strategy Report (“INCSR“) published in March 2016 by the U.S. Department of State identifies Canada as a “major money laundering country” along with, among others, Afghanistan, Brazil, BVI, Cayman Islands, Cambodia, Cyprus, Dominican Republic, Guernsey, Jersey, Hong Kong, Iran, Iraq, Libya, Mexico, Macau and [...]

FBI – “No safe haven anywhere for money launderers” – The fascinating $1B 1MDB civil asset forfeiture case

Largest civil asset recovery case in US of this kind On July 20, 2016, the US Department of Justice filed a civil forfeiture case in California to recover assets of more than $1 billion in alleged proceeds of crime resulting from fraud allegedly committed by individuals associated with the Malaysian government’s 1Malaysia Development Berhad (“1MDB“). [...]

US expands review of money laundering in real estate market

More scrutiny in US for real estate The Financial Crimes Enforcement Network (FinCEN) announced that it is expanding its program to identify persons who may be hiding assets in residential properties in the US. The expansion adds additional cities to what are called the area for Geographic Targeting Orders (GTO). Title insurance agents in GTO cities [...]

Financial transparency in Iran – more advanced than you think

Blacklist in place Last week, the FATF voted to keep Iran on a blacklist, which means that banks are being advised that they may want to treat financial transactions from Iran with heightened scrutiny. It’s an interesting decision because Iran is, in many ways, more transparent that many other countries that appear to have no FATF [...]