As reported in The Province today, anti-money laundering (“AML“) expert and former RCMP officer, Garry Clement was in Vancouver to help launch a Vancouver chapter of the Association of Certified Anti-Money Laundering Specialists (“ACAMS“). ACAMS is the largest international membership organization dedicated to enhancing the knowledge and expertise of AML and counter terrorist-financing (“CTF“) financial crime [...]
Canada is failing miserably in its anti-money laundering and counter-terrorist financing efforts according to a report published by the country’s Senate Standing Committee on Banking, Trade and Commerce. The report, entitled “Follow the Money: Is Canada Making Progress in Combatting Money Laundering and Terrorist Financing? Not Really” (the “Report“) makes several findings and recommendations, the chief [...]
The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and [...]
The European Commission formally proposed today that amendments to anti-money laundering and counter-terrorist financing laws include measures to capture online gambling activities. Up until now, AML legislation has only included land-based casinos. The proposals would be implemented if approved by all 27 member states. Online gambling sites are unregulated for money laundering and terrorist financing [...]
Nelson Burtnick, the Canadian executive who was indicted for money laundering in April 2011 in connection with his role operating the Full Tilt Poker gambling website, pleaded guilty to money laundering today. He was indicted, along with several others, for money laundering, bank fraud, and illegal gambling for disguising payments from U.S. gamblers as payments [...]
Today, the Paris-based Financial Action Task Force (FATF) released its long anticipated revised set of standards for anti-money laundering (AML) and counter terrorist financing (CTF) which replace the 40 Recommendations + 9 Special Recommendations compiled in 2003. The revised FATF Recommendations integrate AML and CTF controls into one document and are quite expansive in that they [...]
The Canadian government announced that it is undertaking a potentially significant revision to its anti-money laundering (AML) and counter terrorist financing (CTF) regime. The proposed changes are in addition to those proposed by the government in November 2011. In its Consultation Paper entitled “Strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime”, the government is proposing [...]
On November 7, 2011, the Department of Finance released a consultation paper on proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the “Regulations”). The proposed amendments are significant because they expand the circumstances in which client identification is required and expand the reporting requirements for reporting entities. Most reporting entities in [...]
The news on Friday that the U.S. had indicted 11 individuals associated with the operation of the Internet gambling sites PokerStars, Full Tilt Poker and Absolute Poker for violations of U.S. gambling and anti-money laundering laws and bank fraud, has raised questions about the future of the funds held by those entities on behalf of [...]
The indictment in the U.S. against eleven people associated with PokerStars, Full Tilt Poker and Absolute Poker, including Canadians Isai Scheinberg, Nelson Burtnick and Ryan Lang, has been made public.