Brazil’s former President, his wife and son charged with money laundering

Brazil’s former president, Luiz Inacio Lula da Silva, and his wife and son were charged with money laundering and identity fraud in connection with real estate purchases. According to Brazil’s prosecutor, the former president used proceeds of crime to acquire real estate in Guaruja for he and his family that was destined for regular families in […]

French government concerned over potential money laundering with vineyard purchases

Tracfin report highlights money laundering In its annual money laundering report, France’s Traitement du Renseignement et Action Contre les Circuits Financiers Clandestins (“Tracfin“) expressed concern over money laundering risks associated with the sale of  France’s most renowned wineries to investors from China, Hong Kong and Russia. The concern stems from the increase in suspicious transaction reports filed with […]

Spanish lawyer convicted of money laundering in one of Europe’s biggest money laundering rings

Spanish lawyer Fernando del Valle, whom we wrote about here, was convicted of money laundering and sentenced to six years in prison and ordered to pay €3.4 million in fines. Authorities believe del Valle laundered up to €250 million through his law firm in Spain’s exclusive Marbella region. The case was one of the largest […]

Suspicious activity reports show increase in mortgage fraud in U.S.

Money laundering suspicious activity reports (SARs) filed with FinCEN, the U.S. financial intelligence unit, show a slight increase in mortgage fraud in the U.S. According to FinCEN’s third quarter 2010 mortgage report, “Mortgage Loan Fraud SAR Filings“, 9% of all SARs filed in the 2010 third quarter indicated mortgage loan fraud as a suspected activity, an […]

Quebec construction industry alleged to be laundering money

Organized crime has infiltrated every level of the construction industry in Québec, according to Yves Mercure, the head of the construction wing of the Fédération des travailleurs et travailleuses du Québec. During an interview with Radio-Canada in Montréal, Mr. Mercure said that organized crime  has infiltrated most major construction companies in Québec and the construction […]

Are realtors who merely post listings on MLS required to report to FINTRAC?

On September 30, 2010 one of the landmark abuse of dominance cases in Canada was settled after approximately four years of investigation by the federal Competition Bureau and negotiations with The Canadian Real Estate Association (“CREA”), one of the largest single industry trade associations in Canada. The Consent Agreement entered into between the Competition Bureau (the […]

Noriega extradited to France to face money laundering charges

Former Panamanian President Manuel Noriega was extradited to France from the U.S. on an extradition warrant to face charges that he laundered US$3.15 million in drug profits through transactions that included buying luxurious apartments in Paris. Noriega was in jail serving a sentence for multiple charges, including drug trafficking in the U.S. from 1990 to […]

3 arrested in US$9 million real estate fraud in San Francisco

Three men were arrested and charged in connection with real estate fraud and money laundering in San Francisco for allegedly forging real estate deeds to three luxury condominium at One Rincon Hill worth about US$7.5 million to gain legal control of the condominiums and borrowing US$2.2 million against the properties. Melvin Emerich, Kaushal Niroula and Jay Shah allegedly pretended to […]

Real estate broker fined in Ontario

Homelife Effect Realty Inc., a real estate broker based in Hamilton, Ontario, was fined a monetary administrative penalty of $27,000 for: failing to have written AML compliance policies and procedures that are up-to-date and were approved by a senior officer; failing to conduct an AML risk assessment and amending the compliance policies and procedures to […]

Senate report says dirty money still entering U.S. – and there’s a Canadian connection

Dirty money entering the U.S. from foreign nationals The U.S. Senate Committee on Homeland Security & Governmental Affairs released a special money laundering report today that describes four case studies of foreign politically exposed persons (“PEP“) who laundered money in the U.S. without detection. Two of the case histories have a Canadian connection. The 330-page report, […]