According to this article in the Vancouver Sun, the Vancouver airport tops the country with the most seizures of unreported currency by travellers, with over $15 million intercepted in one year. Most of the persons entering or departing the country with undeclared currency originate or are travelling to, China. Under the Proceeds of Crime (Money [...]
Global Financial Integrity has released an interesting study detailing the illicit flow of funds from Russia to other countries. The highlights of the study entitled “Russia: Illicit Financial Flows and the Role of the Underground Economy”, available here, are that: From 1994 – 2011, Russia lost US$211 billion in illicit cash outflow; Most of the [...]
The government is introducing measures that would allow Canada Border Services Agency officers to question people arriving in or departing from Canada with respect to their responsibilities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”) and would require FINTRAC to disclose to CBSA, information relevant not only for immigration purposes, but [...]
The Canadian government announced that it is undertaking a potentially significant revision to its anti-money laundering (AML) and counter terrorist financing (CTF) regime. The proposed changes are in addition to those proposed by the government in November 2011. In its Consultation Paper entitled “Strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime”, the government is proposing [...]
An Ontario resident, Joseph Butler, pleaded guilty in a Calgary court today to money laundering and failing to report the importation of over $10,000 into Canada. Butler attempted to enter Canada from the U.S. without disclosing that he was carrying US$477,050 in cash. The cash was concealed in at compartment in a horse trailer when [...]
Marc-André Cusson, a resident of Sutton, Québec, was sentenced to 14 years in prison in Vermont for his role in a drug trafficking and money laundering operation in Canada and the U.S. Cusson was accused of being the ringleader in the operation that imported tons of marijuana to the U.S. and smuggled millions of U.S. [...]
Officials from Canada’s Border Services Agency (CBSA), U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection have signed an agreement that requires the countries to notify one another when more than $10,000 in currency is seized at the border. The Memorandum of Understanding for the Sharing of Currency Seizure Information is based on [...]
Agents with the U.S. Customs and Border Protection at the U.S. – Canada border in Detroit seized US$19,901 in gambling winnings from two Detroit men who attempted to cross the border without reporting that they were bringing the funds into the U.S. In both Canada and the U.S., a person who brings an amount equal [...]
The U.S. Financial Crimes Enforcement Network (FinCEN), has published proposed regulations that would require banks and money services businesses to report cross-border electronic transfers of funds (called CBETFs). Banks would have to report all CBETFs of any amount to FinCEN within five days. Money services businesses would be required to report amounts of US$1,000 or [...]
Oksana Yang, a Vancouver resident, was convicted this week of attempting to leave Canada with more than $10,000 cash and not reporting it. The Proceeds of Crime (Money Laundering) and Terrorist Financing Act requires that every person report when they import to Canada or export from Canada cash (or other monetary instrument) equal to or [...]