Vancouver man who tried to smuggle HK$13 million worth of cannabis buds into Hong Kong, sentenced to 52 months jail

A Vancouver man, Sinara Nou, was sentenced last week to 52 months in jail following a conviction in Hong Kong for attempting to smuggle in HK$13 million worth of cannabis through the Hong Kong International Airport in two suitcases. In February 2019, Nou was arrested while attempting to smuggle cannabis buds into Hong Kong – […]

Canadian money launderer from Vancouver loses another appeal in Hong Kong; ordered deported to India to face drug trafficking charges

A Canadian man, originally from China, who is a convicted money launderer, lost a second appeal in the Hong Kong Court of Appeal two weeks ago, to prevent his deportation to India to face trial for drug trafficking. Xie Jing Feng, whom we wrote about here, appealed decisions for his removal on the ground of […]

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 […]

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“). […]

UN Chief charged in money laundering bribery scheme for allegedly accepting millions in cash from Chinese casino billionaire

Former UN President Charged The former United Nations (“UN”) President of the UN General Assembly, John Ashe, the UN Deputy Ambassador, Francis Lorenzo, a Chinese foreign national billionaire, Ng Lap Seng (also known as David Ng) and two of his associates were charged in New York with various offenses over an alleged bribery scheme. Two defendants […]

Another Australian Bank De-Risks and Exits Remittance Business Over Terrorist Financing Regulatory Risks; Financial Inclusion and Shadow Banking Seen As Repercussion

Fourth banks closes remittances businesses Another bank in Australia, the Westpac Bank, has announced it will close its remittance business division next week over the difficulty of complying with counter-terrorism laws. By de-risking and closing its remittance division, the Bank is terminating the bank accounts of all of its business customers who operate money services […]

Asian newspaper says money mules from Asia are smuggling suitcases full of US cash to Vancouver to avoid FATCA and IRS

Suitcases full of cash muled to Vancouver by cash couriers According to this article in South China Morning Post, the Foreign Account Tax Compliance Act (“FATCA“), will result in the growth of Asia’s underground or shadow banking system, including an increase in the use of cash mules who transport suitcases full of US cash from Asia […]

China takes steps to enforce anti-money laundering laws in Macau

According to this report, the People’s Bank of China has signed a Memorandum with the Monetary Authority of Macau to start to take steps to address money laundering in Macau’s casinos. The share price of casino companies operating in Macau fell on the news of the Memorandum. According to a recent survey of business people who operate and […]

How Canadian and US immigrants from China & Hong Kong move billions of dollars overseas

Bloomberg News has a follow-up article here on last week’s story of how wealthy immigrants from China and Hong Kong use alleged money-laundering services offered by the Bank of China Ltd. to transfer funds to Canada and the US. Last week, China Central Television broadcast a story alleging that the Bank of China offered a money laundering […]