Bank of China accused of offering a money laundering service to prospective emigrants to places like Canada and US

According to a report in the South China Morning Post here, the state television news organization of China, CCTV, has accused the Bank of China of offering a money laundering service to wealthy people in China to facilitate the removal of funds from China for immigration purposes in violation of the country’s currency restriction laws. […]

World record in money laundering sentencing

A Malaysian Court has set a world record in money laundering law by sentencing a business executive to a term of imprisonment of 1,942 years for laundering proceeds of crime. Lim Long Yew, the CEO of Asia Ceramic Marketing Sdn Bhd, was convicted of accepting and holding proceeds of crime in the corporate bank account over […]

Two Hong Kong billionaires convicted of money laundering over Macau government procurement case

Surprising criminal conviction of two Hong Kong tycoons In a surprising decision, the Macau Court of First Instance has convicted two high-profile Hong Kong businessmen of money laundering. Joseph Lau Luen-hung, 劉鑾雄, and Stephen Lo Kit-sing, 羅傑承, each received a sentence of five years and three months in prison and were sentenced in absentia.  Mr. Lau is the […]

10th Annual National Money Laundering Symposium at Osgoode Hall Law School

The agenda is out for the upcoming 10th Annual National Symposium on Money Laundering in Toronto on April 4, 2014. The Symposium includes sessions on the following: Report from Gérald Cossette, Director of FINTRAC on Current Money Laundering and Terrorist Financing Trends in Canada. Financial Institution Lessons Learned from US and Canada on Money Laundering […]

Canada major money laundering country in 2014 International Narcotics Control Strategy Report on Financial Crime and Money Laundering

Canada a Major Money Laundering Country but A Lot Less So The 2014 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State identifies Canada as a “major money laundering country” along with, among others, Afghanistan, Brazil, Cambodia, Cyprus, Dominican Republic, Guernsey, Jersey, Hong Kong, Libya, Mexico, Macau and Somalia. A […]

Carson Yeung – The life of a money launderer in Hong Kong and Macau

Money laundering For junket operators Bloomberg has a great story on the rise and fall of Carson Yeung Ka-shing, the Hong Kong businessman and owner of the Birmingham City football club, convicted earlier this week of  laundering $93 million through, inter alia, junket operators and casinos in Macau. Mr. Yeung was arrested in June 2011, […]

Money laundering is “huge” in Hong Kong and Macau; Mixed judicial response to money laundering

Money laundering is more prevalent than elsewhere According to a recent survey of business people who operate and do business in Hong Kong and Macau, money laundering is a huge problem and in fact, is more prevalent there than anywhere else in the world. The results of the survey which were reported in South China Morning […]

Canada’s diamond trade being used for money laundering and terrorist financing, report finds

Canada is among a handful of countries where the diamond industry is being used for money laundering and terrorist financing, according to a report by a global financial crime body. The report by the Financial Action Task Force, a Paris-based global body that sets standards to combat money laundering and terrorist financing, says that Canada […]

Marijuana brownies & the “smell of money laundering” – email evidence leads to arrest of bitcoin guru over money laundering charges

One of bitcoin’s earliest enthusiasts, Charlie Shrem who ran BitInstant, a New York based bitcoin exchange, was arrested today and charged with money laundering conspiracy, operating an unlicensed money transmitting business and failure to file suspicious activity reports to FinCEN. The Criminal Complaint was filed by U.S. Attorney for the Southern District of New York, […]

PetroTiger executives charged with money laundering and bribery from Columbian transaction; general counsel pleads guilty

Two executives of PetroTiger, Ltd., a British Virgin Islands oil and gas company (“PetroTiger“), were charged with money laundering, wire fraud and bribery under the U.S. Foreign Corrupt Practices Act (the “FCPA“) for allegedly bribing foreign public officials to obtain a $39 million contract from Ecopetrol S.A., a state-owned petroleum company in Columbia (“Ecopetrol“), Latin America’s second […]