Canada still a “major money laundering country” in 2013 International Narcotics Control Strategy Report on AML

The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and […]

Bitcoin and other digital currency transactions subject to Bank Secrecy Act in U.S.

The US Financial Crimes Enforcement Network (“FinCEN“) has issued its interpretive guidance on the applicability of digital (or virtual) currencies, the most popular of which is Bitcoin, to the Bank Secrecy Act (“BSA“). Pursuant to the Guidance, a person or entity that: (1) exchanges; or (2) administers digital currency or Bitcoin, is a money services […]

How cell phones, tweets & Internet banking are used by cyber criminals to steal your money

The cyber crime problem As more consumers use the Internet to complete financial transactions, the threat of various forms of cyber crime is  likewise increasing. Those forms include  identity theft,  bank account hijacks, ATM skimming, POS data thefts, and credit/debit card account theft. Victims of financial cyber crime are often financially wiped out and in […]

Omnibus crime bill receives Royal Assent and impacts anti-terrorism laws

The Safe Streets and Communities Act, (Bill C-10), also known as the omnibus crime bill received Royal Assent today in Parliament and is significant from an anti-terrorism perspective. Justice for Victims of Terrorism Bill C-10 enacts the Justice for Victims of Terrorism Act (the “Act”) which creates a cause of action that allows victims of terrorism to […]

Bodog indicted in U.S. for money laundering

The U.S. Attorney for the District of Maryland, Rod J. Rosenstein, today announced that Bodog Entertainment Group S.A. has been indicted for money laundering conspiracy and operating an illegal gambling business that provided services to U.S. customers in the U.S. Also indicted were Calvin Ayre, James Philip, David Ferguson and Derrick Maloney, all apparently from […]

Uncertainty over recovery of seized funds from PokerStars, Absolute Poker and Full Tilt Poker

The news on Friday that the U.S. had indicted 11 individuals associated with the operation of the Internet gambling sites PokerStars, Full Tilt Poker and Absolute Poker for violations of U.S. gambling and anti-money laundering laws and bank fraud, has raised questions about the future of the funds held by those entities on behalf of […]

Romanian pleads guilty to eBay cyberlaundering scam

A Romanian man has pleaded guilty for his role in a cyberlaundering scam that took in about US$2.7 million from users of online marketplaces such as eBay, Craigslist and AutoTrader. Adrian Ghighina, 33, of Bucharest, pleaded guilty  to conspiracy, bank fraud and money laundering in U.S. District Court for the District of Illinois. Ghighina was […]

FBI’s “most wanted” list includes 5 alleged money launderers with a Canadian connection

The FBI’s “Most Wanted” list of fugitives has been in publication for 60 years and has expanded into other specialized lists, including the most wanted terrorists and the most wanted list for white collar crimes. Interestingly, the current list includes several fugitives wanted for money laundering and many of them have a Canadian connection. Duhaime’s […]

Online games may be new vehicle for money launderers

According to this article in PoliceOne.com, online virtual games are fast becoming a preferred method of money laundering proceeds of crime for criminals. Online games such as “Second Life”, “World of Warcraft” and “Dungeons and Dragons”, allow players to purchase goods and services using real credit or charge cards (i.e., American Express), electronic payment methods […]