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 […]

Former Head of Financial Crime Regulator and Director of Danske Bank Charged with Money Laundering Failures

According to the Danish press, Henrik Ramlau-Hansen, the former head of the Danish Financial Supervisory Authority, Denmark’s bank regulator, who was a director of Danske Bank, has been criminally charged and his house raided in connection with a €200 billion money laundering scandal involving Danske Bank. The charges are pursuant to Denmark’s anti-money laundering legislation and are […]

Owner of bank in the Dominican Republic sentenced to 3 years in jail for money laundering

The owner of a bank in the Dominican Republic, called Banco Peravia, was sentenced to a term of incarceration of 3 years, after pleading guilty in the US to money laundering using the bank, in the US. Gabriel Arturo Jimenez Aray, a Venezuelan citizen who lived in Chicago, acquired Banco Peravia in the Dominican Republic in […]

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 […]

Backpage.com CEO & shareholders criminally charged with money laundering

CEO & Shareholders Charged The Attorney General of California announced today that her office has filed new criminal charges against the CEO of Backpage.com and two of its controlling shareholders, charging them with 26 counts of money laundering and 13 counts of pimping children out for prostitution in connection with the website Backpage.com. According to […]

US indicts foreign national for laundering money from Iran through Canada, US, Korea and parking it in expensive real estate

The US federal government has filed an indictment against a foreign national, Kenneth Zong, who resided in the US for allegedly laundering over $1 billion from Iran through Canada, the US and a number of other countries in violation of international sanctions law that prohibit providing financial services to Iranian foreign nationals in Iran and […]

Canada a major money laundering country with concern from China and Pakistan noted, according to US Annual Narcotics Control Strategy Report

1. Canada a Major Money Laundering Country The 2016 International Narcotics Control Strategy Report (“INCSR“) published in March 2016 by the U.S. Department of State identifies Canada as a “major money laundering country” along with, among others, Afghanistan, Brazil, BVI, Cayman Islands, Cambodia, Cyprus, Dominican Republic, Guernsey, Jersey, Hong Kong, Iran, Iraq, Libya, Mexico, Macau and […]