China and US agree to cooperate to help China track down & repatriate “economic fugitives”

Late last week, at a meeting in Beijing, the US and China agreed to continue cooperating in the removal of Chinese foreign nationals from the US who are suspected of having immigrated with proceeds of corruption. The meeting took place between Meng Jianzhu, Secretary of the Central Politics and Law Commission, and national police chief Guo Shengkun, […]

Two banks allegedly banked Chinese politically exposed persons with alleged proceeds of crime

PEPs from China According to this article in the Vancouver Sun, two Canadian banks opened and maintained a bank account for politically exposed persons from China who are now alleged to have laundered $900,000 in proceeds of crime from China to Canada and the US. The two politically exposed persons are Shilan Zhao (趙世蘭) and her […]

Bank of China accused of offering a money laundering service to prospective emigrants to places like Canada and US

According to a report in the South China Morning Post here, the state television news organization of China, CCTV, has accused the Bank of China of offering a money laundering service to wealthy people in China to facilitate the removal of funds from China for immigration purposes in violation of the country’s currency restriction laws. […]

Wealthy immigration programs like EB-5 from China to US just got a lot less attractive with FATCA

According to this article in the Wall Street Journal, the IRS and the government of China are negotiating an agreement whereby the US would provide financial information to the government of China on Chinese foreign nationals living in the US. The information provided to China will likely include asset, financial, corporate and personal information in […]

DYK on high rollers at Macau casinos

Here are some interesting facts on high roller gamblers who frequent Macau casinos: 90% of the gamblers in Macau are from China. 1% of players in Macau, the high rollers, account for 30% of annual gross gaming revenue. The economy of Macau is entirely dependent upon gambling, players from China and specifically, the high rollers […]

2nd Annual ACAMS Conference in Toronto on Anti-Money Laundering

The ACAMS 2nd Annual AML & Financial Crime Conference Canada in Toronto on June 9-10, 2014 has an interesting and exciting list of speakers and topics. Highlights of this year’s program include: Corruption Presentation – Interpol’s Michel Girodo. Critical Guidance on Anti-Money Laundering Laws – Jamal El-Hindi, Associate Director, Policy Division, FinCEN.  Anti-Bribery Update – […]

Inquiry in Canada hears that P3 infrastructure hospital project is “biggest corruption fraud” in Canadian history

“On m’a toujours dit que les PPP c’était anti-collusion” –  Infrastructure Québec According to law enforcement testimony at Canada’s Charbonneau Commission heard last week, the $2 billion public-private partnership (“P3“) infrastructure project in Canada to build the McGill University Hospital Centre (“MUHC“) is the largest corruption fraud case in the history of Canada. It’s also […]

Billionaire banker executed in $2.6B money laundering case and two co-defendants in Canada

Billionaire money launderer executed According to the Washington Post, billionaire banker Mahafarid Amir Khosravi was executed today in Tehran for bank fraud and money laundering. He is alleged to have forged letters of credit with the assistance of bank managers from the Melli Bank to start a private bank called Aria Bank. Iranian courts found that US$2.6 […]

Equatorial Guinea Vice President charged with money laundering

The Vice-President of Equatorial Guinea, Teodorin Obiang, has been charged with money laundering in a multinational corruption case in which it is alleged that he illegally moved state assets to other countries, including France. His lawyer in France, Olivier Metzner, was found dead last year floating in the sea near Boëdic island in Gulf of Morbihan. […]

Two Hong Kong billionaires convicted of money laundering over Macau government procurement case

Surprising criminal conviction of two Hong Kong tycoons In a surprising decision, the Macau Court of First Instance has convicted two high-profile Hong Kong businessmen of money laundering. Joseph Lau Luen-hung, 劉鑾雄, and Stephen Lo Kit-sing, 羅傑承, each received a sentence of five years and three months in prison and were sentenced in absentia.  Mr. Lau is the […]