G7 to focus on transnational criminal organizations, aviation infrastructure security, terrorist financing

The G7 released a special statement on financial crime, promising to re-double its efforts from the last 12 months on ending financial crime, in particular terrorist financing and international money laundering involving transnational criminal organizations. Every year there is a commitment to these goals but this time, the G7 has promised to turn their statements “into [...]

Canada’s New Cannabis Act – Harsh New Offences; Money Laundering; Why Cannabis Stores Can’t Get Bank Accounts; Role of Organized Crime

Canada introduced a new Cannabis law, Bill C-45, the Cannabis Act, expected to come into force in July 2018. Skip to Part 2, below, if you just want to review the new law. Part 1 – Background on Current Law, Illegal Dispensing; Denial of Bank Accounts Illegality of Cannabis Sales Except for Medical Purposes Until [...]

Accountant explains the benefits of tax havens

If you ever wondered how it is that lawyers learn about tax havens, it is from texts such as the series called “Tax Havens of the World”, written by Walter Diamond, who was an accountant at Deloitte and KPMG, and a prolific teacher of the benefits of tax havens. “Tax Havens of the World” was [...]

Issues in Financial Crime, Technology, RegTech, Artificial Intelligence & 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, RegTech and Financial Crime” and will cover the nexus between technology solutions to address regulation (RegTech), law, money laundering, terrorist financing, compliance, fraud, identity management, corruption, real [...]

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 [...]