Issues in Financial Crime, Technology, Artificial Intelligence and Machine Learning

3rd Annual Vancouver FinTech Conference The 3rd Annual Financial Technology Conference in Vancouver takes place on May 3, 2017, which we co-sponsor. This year’s Conference focuses on “FinTech and Financial Crime” and will cover the nexus between technology solutions to address regulation (RegTech), law, money laundering, terrorist financing, compliance, fraud, identity management, transnational criminal organizations, [...]

US rates Canada once again as a “major money laundering country” in annual drug report

1. Canada once again a “Major Money Laundering” country The 2017 “International Narcotics Control Strategy Report” (INCSR) published in March 2017 by the U.S. Department of State identifies Canada once again as a “major money laundering country” along with a host of mostly risky countries for financial crime such as Afghanistan, Argentina, Brazil, BVI, Cayman Islands, [...]

Casino executives alleged to have been collecting debts when arrested in China

According to this article, the 18 executives of Crown casinos that were arrested in China in October 2016, were in China to collect the debts of what are called “VIP customers” who go on gambling trips through junket schemes. One of the people arrested was Jason O’Connor, who was the VIP executive for Crown Casinos, [...]

Politically exposed Chinese foreign national pleads guilty to immigration fraud

Shilan Zhao (趙世蘭), the ex-wife of a Chinese official and a politically exposed person, has pleaded guilty to immigration fraud related to the EB5 investor visa program in the US and will serve a term of incarceration of five years. Zhao conspired with her husband, Jianjun Qiao (喬建軍), aka Feng Li, to immigrate to the [...]

Mafia dad and his 3 children sentenced to long jail terms for illegal gambling

According to several news reports in Italy (here, here and here), a whole family of the ‘Ndrangheta, an international criminal organization that originated in Italy, was convicted Wednesday of illegally operating online gambling websites after a three year trial called “Black Monkey”. Nicola Femia, his daughter and two sons were sentenced to 56 years incarceration collectively [...]

The waitress, the casino, the money laundering scam

The CEO of Mohegan Tribal Gaming Authority has resigned following a review by the Pennsylvania Gaming Control Board that indicates the possibility of financial irregularities at the Mohegan Sun Pocono Casino. The irregularities stem from charges laid against three people, Robert Pellegrini, Mark Hetitzel and Rochelle Poszeluznyj, who conspired to scam the Casino out of [...]

US President signs Financial Crime Executive Order to, among other things, bring foreigners to “Face Justice in the US”

Come Face US Justice On Thursday, the US President signed an executive order to protect the US from transnational criminal organizations and, inter alia, to tackle financial crimes. The executive order is entitled “Enforcing Federal Law with Respect to Transnational Criminal Organizations and Preventing International Trafficking.” Its purpose is to dismantle international organized crime. Thwarting [...]

World Check being sued over database of personal information

A number of persons and organizations are allegedly preparing to sue Thomson Reuters, the organization that runs World Check for wrongly listing them in a database as a financial crime risk. World Check created (apparently without informed consent at least under Canadian law), an online global database that purports to provide anti-money laundering, sanctions and [...]

The smuggling of rhinoceros horns to China

The prosecution of wildlife smuggling is rare and especially if it involves a Canadian. But last year, Xiao Ju Gian, was sentenced in New York for 30 months incarceration for smuggling rhinoceros horns, elephant ivory and coral from the US into Vancouver, from which he abused the Canadian financial system. Xiao Guan lived in Richmond, [...]

Bail denied for “little known lawyer” charged with money laundering who had $19 million in cash parked at his firm and home because he poses a serious threat to the financial health of India

Rohit Tandon, the Delhi lawyer charged with money laundering just before Christmas after approximately $19.9 million was found in cash at his law firm office and home, was denied bail on Saturday and remains incarcerated. In denying bail, the Court said that the money laundering offenses “pose a serious threat to the financial health of the [...]