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 [...]

P3 infrastructure criminal charges in Canada against a politically exposed person

The RCMP has charged a former head of a Crown corporation, Michel Fournier, and his wife, Judith Fournier, both resident in Victoria, with money laundering in connection with alleged corruption from kickbacks they allegedly received tied to a $127 million contract to renovate the Jacques Cartier Bridge. Fournier had a secret bank account in Switzerland [...]

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 [...]

The FIFA scandal and why banks may be facing regulatory issues over KYC failures

FIFA Indictment against PEPs The 47-count Indictment against 14 persons employed or engaged by FIFA by the US District Court for the Eastern District of New York (“EDNY“), and their arrest may do more than shake up international soccer – it also has the potential to result in significant fines against many global banks who processed [...]

Two banks allegedly banked Chinese politically exposed persons with alleged proceeds of crime

PEPs from China According to this article in the Vancouver Sun, two Canadian banks opened and maintained a bank account for politically exposed persons from China who are now alleged to have laundered $900,000 in proceeds of crime from China to Canada and the US. The two politically exposed persons are Shilan Zhao (趙世蘭) and her [...]

Ming Pao Newspaper covers diamond smuggling trade from Hong Kong to Vancouver

Diamond smuggling into Vancouver The Ming Pao Saturday Magazine has an interesting story on the arrest of two men from Hong Kong who attempted to smuggle $120 million worth of diamonds into Canada. The diamonds were strapped to their legs and are believed to be proceeds of crime. The story discusses the issue of money [...]

FedEx charged with money laundering over alleged drug shipments

Additional Charges By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime FedEx Corp. has been indicted over allegations of money laundering in connection with five shipments it made of alleged illegal prescription drugs from online pharmacies in which several persons are alleged to have died. According to ABC News, FedEx faces [...]

Financier Worldwide Magazine – Infrastructure funding and corruption in Canada

Our article in Financier Worldwide, linked below, discusses the approval in Canada of the last tranche of $100 billion in infrastructure funding authorized on the unusual basis that it be used for corruption-free projects. The approval comes as Canada grapples with the fallout from the largest corruption case in the world and the first money [...]

Executive of Canadian renewable company pleads guilty in US to money laundering over renewable energy fraud in first Canadian-related renewable energy fraud case

By Christine Duhaime, BA, JD, Certified Financial Crime & Anti-Money Laundering Compliance Specialist Canadian Company Executives Pleads Guilty to Renewable Energy Money Laundering Conspiracy & Fraud Nathan Stoliar, a prominent Australian executive, has pleaded guilty in the US to several criminal charges including money laundering conspiracy, for selling fraudulent renewable energy credits, similar in some [...]

Inquiry in Canada hears that P3 infrastructure hospital project is “biggest corruption fraud” in Canadian history

by Christine Duhaime, B.A, J.D., Certified Financial Crime and Anti-Money Laundering Law Specialist Follow @cduhaime “On m’a toujours dit que les PPP c’était anti-collusion” –  Infrastructure Québec According to law enforcement testimony at Canada’s Charbonneau Commission heard last week, the $2 billion public-private partnership (“P3“) infrastructure project in Canada to build the McGill University Hospital [...]