Taiwan busts US$462M underground bank, money laundering and gambling operation that allegedly influenced elections

The police in Chiayi, Taiwan, shut down an underground banking operation and international gambling syndicate allegedly used to influence municipal and federal election results. The underground bank moved US$462 million from China to Taiwan in ways that are designed to circumvent the laws in China that control currency conversions and exports. Arrested were Hsiao (蕭) […]

TD Bank sued over $7 million in diamonds stolen during a bank heist from a safety deposit box

While not a new case, this litigation is interesting for the fact that it discusses the practice of safety deposit box swaps to transfer assets anonymously, and the holding that there is no requirement that safety deposit boxes contain lawfully obtained property. IOW, under the common law, a safety deposit box can contain stolen items […]

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 […]