G20 adopts a “zero tolerance” against corruption and agree to close all loopholes and join forces for asset recovery of proceeds of crime on an urgent basis

The G20 agrees to cooperate over asset recovery and tracking down wanted foreign nationals implicated in financial crimes The G20 released its statement on September 5, 2016, and a large part of it indicates that the leaders of the world are becoming concerned with financial crime, including money laundering, terrorist financing and tax evasion. The [...]

A banker’s update on terrorist financing and money laundering from the US Committee on Homeland Security

Summary of the Updates The US House Committee on Homeland Security released a number of updates and received testimony on the status of terrorist financing, terrorism and money laundering in the last few weeks with some interesting developments relevant to banks in terms of changes in terrorist financing typologies that should be added to anti-money [...]

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 [...]

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 [...]

Asian newspaper says money mules from Asia are smuggling suitcases full of US cash to Vancouver to avoid FATCA and IRS

Suitcases full of cash muled to Vancouver by cash couriers By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime According to this article in South China Morning Post, the Foreign Account Tax Compliance Act (“FATCA“), will result in the growth of Asia’s underground or shadow banking system, including an increase in [...]

As nations use money laundering laws to tackle tax fraud, cross-border cooperation is key, says attorney Christine Duhaime

        Our interview (podcast) with the Association of Certified Crime Specialists regarding the criminal investigation into  Brazilian soccer coach Luiz Scolari by Portuguese authorities for money laundering arising from tax fraud. “The head coach of Brazil’s national soccer team has one more thing to worry about before the World Cup held in [...]