Pope lays out his plan to take down the Mafia and deal with corruption globally

  The Vatican’s justice branch has released its statement emanating from its recent anti-Mafia meeting with global law enforcement agencies to take-down the Mafia around the world through excommunication, if necessary. The Pope believes that he can make a difference in eradicating the Mafia and transactional criminal organizations through the reach of the Catholic Church. The [...]

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 [...]

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 [...]

Nigeria gets ex parte asset recovery order for $153,000,000 in proceeds of corruption from PEP parked in banks

The government of Nigeria will be able to recover $153 million in proceeds of corruption from Diezani Allison-Madueke, its former Minister of Petroleum, who was and remains a politically exposed person under anti-money laundering law. The funds were alleged to have been stolen from the Nigerian National Oil Company when it was under her control as [...]

Trial of PEP from Equatorial Guinea for money laundering in France; are Canada’s PEPs from Gabon next?

Equatorial Guinea trial Teodorin Obiang, the son of the President of Equatorial Guinea, is being prosecuted in France for allegedly laundering the proceeds of corruption in France. Mr. Obiang is also the Vice-President of Equatorial Guinea and is a politically exposed person. His trial is scheduled for June 2017. He is accused of bringing $105 [...]

$2,000,000,000,000 in Proceeds of Corruption Removed from China and Taken to US, Australia, Canada and Netherlands

The questions and answers I’ve been asked the most in 2016 about China: Q: How much money has been removed from China in proceeds of corruption? A: According to the Bank of China, way over US$120 Billion or CAD$160 Billion between the years 1995-2008. China appears to have quit sharing data officially after 2011 because [...]

FBI – “No safe haven anywhere for money launderers” – The fascinating $1B 1MDB civil asset forfeiture case

Largest civil asset recovery case in US of this kind On July 20, 2016, the US Department of Justice filed a civil forfeiture case in California to recover assets of more than $1 billion in alleged proceeds of crime resulting from fraud allegedly committed by individuals associated with the Malaysian government’s 1Malaysia Development Berhad (“1MDB“). [...]

US expands review of money laundering in real estate market

More scrutiny in US for real estate The Financial Crimes Enforcement Network (FinCEN) announced that it is expanding its program to identify persons who may be hiding assets in residential properties in the US. The expansion adds additional cities to what are called the area for Geographic Targeting Orders (GTO). Title insurance agents in GTO cities [...]

A banker’s update on terrorist financing and money laundering from the US Committee on Homeland Security

Summary of the Updates The US House Committee on Homeland Security released a number of updates and received testimony on the status of terrorist financing, terrorism and money laundering in the last few weeks with some interesting developments relevant to banks in terms of changes in terrorist financing typologies that should be added to anti-money [...]