Eritean refugees get green light to sue Vancouver mining company for slavery and crimes against humanity

Late last week, the Supreme Court of British Columbia approved a representative lawsuit for damages for slavery and crimes against humanity filed by three refugees from Eritea against Nevsun Resources Ltd., a BC incorporated mining company (“Nevsun”). The Reasons for Judgment are not the most clear, in part because the litigation involved an attempt to [...]

FedEx charged with money laundering over alleged drug shipments

Additional Charges By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime FedEx Corp. has been indicted over allegations of money laundering in connection with five shipments it made of alleged illegal prescription drugs from online pharmacies in which several persons are alleged to have died. According to ABC News, FedEx faces [...]

Canadian asset manager and Canadian tax lawyer whose firm gave anti-money laundering advice indicted in US for money laundering

International tax lawyer and former fund manager from Québec indicted in US after IRS sting The arrest of two Canadians from Québec, Eric St-Cyr, an investment fund manager, and Patrick Poulin, a lawyer, in the US over money laundering charges hit the news today when their cases were transferred to Florida for prosecution. Mr. St-Cyr [...]

Germany state-owned bank and several corporate offices raided over wind energy investigation into alleged mafia money laundering

The EU investigation into the use of wind farms to launder proceeds of crime widened today with several police raids in Austria and Germany, including a raid on the offices of the state-owned bank, HSH Nordbank. The Nordbank financed several wind farms, including one in Calabria, Italy, alleged to have been erected and operated as a [...]

HSBC closes bank accounts of consulates over risks that include exposure to money laundering

HSBC Cancels Bank Accounts of Consulates HSBC has given notice to several consulates and the Vatican that it is closing their accounts within 60 days. No reason has been officially cited for the cancellation of the client bank agreements but it is likely as a result of the exposure such accounts hold for financial institutions [...]

Junket operators in Macau branching out in effort to improve reputation and diversify business but financial crime concerns remain

Junkets branching out According to this article by Reuters, traditional junket operators (also known as VIP gaming promoters) in Macau are branching out to diversify their businesses and improve their reputation. The largest junket operator, Suncity Group, is planning to open its own casino and has expanded into mining and iron ore operations in Indonesia. [...]

Another foreign bank in US settles economic sanctions violations

Another foreign bank doing business in the US has agreed to settle with the New York State Department of Financial Services (“NYDFS“) over allegations that it violated federal economic sanctions.  The Bank of Tokyo-Mitsubishi UFJ, Ltd., Japan’s largest bank, has agreed to pay US$250 million to the NYDFS to settle allegations that it provided US$100 [...]

Tax evasion, beneficial ownership and money laundering – what are the issues facing Canada at the G8 Summit next week?

A recent article in the Vancouver Sun on the attendance by Stephen Harper at the G8 summit in Ireland and the proposed measures to combat tax evasion contained an interesting statement buried at the end of the article as follows: “international organizations say… Canada has balked at a measure that would identify the true owners of [...]

Canada apparently a worse terrorist financing and money laundering risk than Chile, Cyprus, Romania, Hungary, Israel and Egypt

The Basel Institute on Governance has published an interesting compilation of its view of how countries rank as money laundering and terrorist financing jurisdictions of risk. To the extent the ranking may be accurate, it may be obviously helpful to businesses engaged in international trade and commerce and to agencies that are required to report [...]

Soho China faces money laundering allegations

The shares of Beijing-based Soho China, a premier commercial development company, fell 11% this week after allegations surfaced in China that the company may be involved in money laundering associated with the sale of 41 Soho China properties to Shanxi banking official Gong Aiai for approximately HK$1 billion. Ms. Gong was arrested in China for [...]