US amends anti-money laundering law for beneficial ownership after Panama Papers, including to detect purchases of expensive real estate with illicit money

Panama Papers Driven Changes The US Treasury has announced several amendments, and proposed legislative amendments, to its anti-money laundering (“AML“) legislation in the wake of the Panama Papers scandal to tackle the disclosure of what is called “beneficial ownership.” Beneficial ownership means the beneficial, as opposed to the legal, owner of shares of a private [...]

How Canadian billionaire Michael DeGroot’s US$111 million loan for casinos in the Dominican Republic turned into “an ugly battle with a shady cast of characters” including the Mafia

How Billionaire Michael DeGroot lost $111 million in loans to people connected to the mob to run casinos in the Dominican Republic and never saw a penny of it back.

Woman arrested in Toronto with 10,000 uncut diamonds inside her

Toronto woman arrested with 10,000 diamonds stored in a body part by Christine Duhaime, BA, JD, Certified Financial Crime and Anti-Money Laundering Law Specialist Follow @cduhaime A woman arriving from Trinidad & Tobago was arrested at Toronto’s International Airport last month attempting to import 10,000 uncut diamonds in one of her body cavities. She has [...]

Primer on correspondent banking relationships and offshore tax havens

How correspondent banking relationships are used to launder funds My favorite resource for correspond banking is the US Senate Report on Correspondent Banking published several years ago. Despite its age, it remains timely because it deals specifically with how the US financial system is used by correspondent banks in, mainly offshore tax havens to, inter [...]

Canadian asset manager and Canadian tax lawyer whose firm gave anti-money laundering advice indicted in US for money laundering

International tax lawyer and former fund manager from Québec indicted in US after IRS sting The arrest of two Canadians from Québec, Eric St-Cyr, an investment fund manager, and Patrick Poulin, a lawyer, in the US over money laundering charges hit the news today when their cases were transferred to Florida for prosecution. Mr. St-Cyr [...]