Part 2 – Macau casinos with junket operators face regulatory balancing act amid international money laundering concerns

Increased pressure on Macau’s casinos Macau is facing a delicate balancing act – how to satisfy mounting international demands to crack down on money laundering and other criminal activities in its $38 billion gambling industry, without killing the goose that lays the golden egg. Finding a way of regulating the junket operators, which bring in […]

Vietnam implements anti-money laundering decree

Response to FATF blacklisting Following years of pressure, the Socialist Republic of Vietnam has implemented anti-money laundering legislation which took effect on Friday. The move was in response to the blacklisting of Vietnam  in June by the Financial Action Task Force (“FATF“) for  lax anti-money laundering (“AML“) and counter terrorist financing (“CTF“) controls. 14 countries […]

FATF and G20 anti-corruption group work towards aligning efforts

Delegates from the Financial Action Task Force (“FATF“) and the G20 Working Group on Anti-Corruption (“G20 ACWG“) met in Paris today to discuss ways in which both groups could liaise to further initiatives to enforce anti-money laundering (“AML“) and anti-corruption legislation worldwide. Pursuant to the meeting, the delegates determined that the following areas in the […]

Review of high risk countries for money laundering

The Financial Action Task Force (“FATF“) has released its list of high risk jurisdictions for money laundering and counter terrorist financing. Reporting entities are generally required to apply enhanced due diligence when dealing with funds from jurisdictions that are high risk. The high risk countries are: Vietnam Syria Iran Kenya Ecuador Korea Ethiopia Indonesia Myanmar […]

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 […]

US annual report on terrorism identifies terrorist safe havens

US Terrorism Report Released The U.S. Department of State released its annual Country Reports on Terrorism today (the “Report“), and interestingly, identified 10 key terrorist safe havens worldwide, namely Somalia, Mali, Iraq, Lebanon, Libya, Yemen, Afghanistan, Pakistan, Columbia and Venezuela. On the specific country reports, the Report identified positive steps taken by Canadian courts in […]

Canada imposes additional sanctions on Iran essentially prohibiting all transactions

New Sanctions Against Iran The government of Canada today announced the imposition of new sanctions against Iran as a result of the lack of progress with the reduction of Iran’s nuclear program. Effective today, Canada banned all exports from and imports to Iran, and added more entities and individuals to the list of designated persons […]

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 […]

European Commission adopts proposals for 4th anti-money laundering directive

The European Commission today adopted two new anti-money laundering directives; the first, a proposal for a Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the “4th AML Directive”), and the second, a proposal for a […]

FATF Releases New Recommendations and Standards for Anti-Money Laundering and Counter Terrorist Financing

Today, the Paris-based Financial Action Task Force (FATF) released its long anticipated revised set of standards for anti-money laundering (AML) and counter terrorist financing (CTF) which replace the 40 Recommendations + 9 Special Recommendations compiled in 2003. The revised FATF Recommendations integrate AML and CTF controls into one document and are quite expansive in that they […]