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 US Financial Crimes Enforcement Network (“FinCEN“) has issued its interpretive guidance on the applicability of virtual currencies (the most popular of which is bitcoin) to the Bank Secrecy Act (“BSA“). Pursuant to the Guidance, a person or entity that: (1) exchanges; or (2) administers virtual currency or bitcoin, is a money services business (“MSB“) [...]
According to this article in the Vancouver Sun, the Vancouver airport tops the country with the most seizures of unreported currency by travellers, with over $15 million intercepted in one year. Most of the persons entering or departing the country with undeclared currency originate or are travelling to, China. Under the Proceeds of Crime (Money [...]
Global Financial Integrity has released an interesting study detailing the illicit flow of funds from Russia to other countries. The highlights of the study entitled “Russia: Illicit Financial Flows and the Role of the Underground Economy”, available here, are that: From 1994 – 2011, Russia lost US$211 billion in illicit cash outflow; Most of the [...]
The European Commission today implemented new directives (the “Directive“) to combat money laundering and terrorist financing activities in Europe in response to the revised FATF Recommendations issued a year ago that require a more risk-based approach.
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 [...]
Police in Columbia have arrested two men arriving in that country after discovering that they were each smuggling $40,000 cash in $100 bills, hidden in their stomachs. The cash was wrapped in plastic, similarly to the way in which drug smugglers wrap up heroin and cocaine for internal body smuggling. The men were taken to [...]
Lawrence Davidson, a once prominent lawyer in Las Vegas, was sentenced today to 8 years in prison for money laundering and mail fraud. Davidson was indicted in 2005 on charges that he negotiated 17 settlements totaling USD$936,300 over 14 months for clients without their permission. His case spun off a corruption case in Las Vegas involving [...]