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 [...]

UK keeps its promise to jail officers for non-compliance with money laundering laws – likely world’s first incarceration over AML/CTF regulatory compliance failures

In what may be a world first, a UK Court has jailed the officer and owner of a money services business essentially for failing to comply with regulatory requirements for anti-money laundering and counter-terrorist financing. Paramjit Singh Sangha, who operated a money services business called PS Gold Exchange in England, failed to comply with the [...]

Construction firms execs, employees & accountant jailed collectively for 90 years over under-the-table payments

The founders, executives and several employees of a UK construction firm have collectively been jailed for 90 years for money laundering and fraud  for under-the-table construction payments made to subcontractors. The company hired contractors and paid them under-the-table, without paying the requisite payroll or sales taxes or making other employment-related contributions, totalling £8 billion. To [...]

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 [...]

Two Hong Kong billionaires convicted of money laundering over Macau government procurement case

Surprising criminal conviction of two Hong Kong tycoons In a surprising decision, the Macau Court of First Instance has convicted two high-profile Hong Kong businessmen of money laundering. Joseph Lau Luen-hung, 劉鑾雄, and Stephen Lo Kit-sing, 羅傑承, each received a sentence of five years and three months in prison and were sentenced in absentia.  Mr. Lau is the [...]

10th Annual National Money Laundering Symposium at Osgoode Hall Law School

The agenda is out for the upcoming 10th Annual National Symposium on Money Laundering in Toronto on April 4, 2014. The Symposium includes sessions on the following: Report from Gérald Cossette, Director of FINTRAC on Current Money Laundering and Terrorist Financing Trends in Canada. Financial Institution Lessons Learned from US and Canada on Money Laundering [...]

“If I had been a better lawyer…” Scott Rothstein’s wife and her lawyer sentenced in Ponzi scheme money laundering case

Kim Rothstein, the so-called “free-spending” wife of Scott Rothstein, was sentenced to 18 months in jail yesterday for plotting to hide over $1 million worth of jewelry to avoid it being seized as proceeds of crime. Mr. Rothstein is a former lawyer incarcerated for running a $1.4 billion Ponzi scheme through the trust accounts of [...]

Liberty Reserve co-founder pleads guilty to money laundering

Money laundering conviction One of the co-founders of Liberty Reserve, Vladimir Kats, pleaded guilty to money laundering and operating an unlicensed money transmitting business yesterday. Liberty Reserve was one of the world’s most popular virtual currency services. It’s co-founders were indicted in the U.S. in May 2013, for allegedly laundering $6 billion in proceeds of crime [...]

New York’s so-called “Lady Pimp” sentenced

Money laundering sentence The so-called “Lady Pimp” of New York City, Jay King, has been sentenced to three years in prison for running a prostitution operation in three states using escorts. Ms. King pleaded guilty to enterprise corruption and money laundering in connection with the operation. Several men who were clients  were also either indicted [...]

Hong Kong woman sentenced for being a money mule for laundered Canadian funds

Canadian funds carried by money mule to China The Court of Appeal for Hong Kong has upheld the money laundering conviction of a woman who acted as a money mule to China, and increased her sentence to two years. The decision, HKSAR v. Ngai Fund Sin Apple (律政司司長 訴 倪鳳仙), CAAR 1.2013, is one of a series [...]