Over 20% of lawyers in UK not complying with anti-money laundering law

According to this article in the Financial Times, 20% of lawyers in the UK are not complying with federal anti-money laundering laws. Unlike the US and Canada, in the UK, lawyers are reporting entities and must conduct bank-level AML to onboard and report suspicious and other threshold financial transactions externally. The findings come amid concerns […]

8 questions you may have had about the movie “The Laundromat” and yes, there are British Columbia connections

Part 1 – Background Skip this Part 1 if you know about Mossack Fonseca and shell and shelf companies. The movie “The Laundromat” is about lawyers and big law firms and the system that fuels offshore money movements, often involving the proceeds of crime. The movie is about a big law firm called Mossack Fonseca that was based […]

Law firms flipping shelf and shell companies – is it the practice of law? Can it go through a bank trust account?

Shell games US law enforcement agencies recently signalled that they were stepping up enforcement, inter alia, in two ways: (a) as against professional money launderers; and (b) as against shell and shelf companies that law firms flip to clients. Professional money launderers under scrutiny the FBI explained recently, are accountants, hawalas, lawyers and individuals, as […]

American ICO lawyer with ties to Canadian Blockchain entities, arrested by FBI for alleged extortion

The FBI arrested Steven Nerayoff, a US lawyer known for his work on advising ICOs, including the Canadian ICO Ethereum, yesterday and he was charged  with extortion by the DoJ in the Eastern District of New York. According to a complaint unsealed yesterday, Nerayoff is alleged to have threatened to destroy a company launching an […]

Four indicted in US cannabis tech pump & dump scheme that allegedly scammed investors and used Canadian promoters

Four people connected with a company called BioCube Inc., with connections to Canada were indicted on Friday for securities fraud and two for money laundering. They are alleged to have defrauded the public securities market by making untrue statements, omitting to make material statements and intentionally deceiving investors  – in essence, for engaging in a […]

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 […]

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 […]

UK’s sweeping new law targeting bankers, lawyers, advisors, offshore professional directors, nominees with fines; and “public shaming” for enabling offshore tax evasion

Wide, Wide Net for Enablers Starting today, parts of the UK’s Finance Bill 2016 came into effect which allows the HMRC to go after so-called “enablers” who help UK tax payers avoid taxes using offshore schemes, services or arrangements, such as bank accounts, investment or broker accounts, trusts, companies, directors / officers or nominees. The amendments introduce […]

The law on privilege in the context of money laundering and financial crime

In Canada and the US, lawyers are not subject to anti-money laundering reporting obligations like they are in most other countries. One of the most frequent reasons given for this by lawyers is that to require us to report certain financial transactions to a financial intelligence unit is inconsistent with, and would undermine, legal privilege. […]