Tweet Jetting money around for cartels According to a seasoned former agent with HSI, who gave an interview to the Courier Journal, private jets are being used to move drugs and bulk proceeds of crime in cash for the Sinaloa cartel in Mexico, without much in the way of processes to give law enforcement visibility. […]
Tweet Canada still on the Majors List Canada made it on the “Majors List” in the annual US State Department’s International Narcotics Control Strategy Report (“INCSR“) again this year. The Majors List is three lists and it designates countries that are (1) “Major Illicit Drug Producing and Drug Transit Countries”; (2) “Major Precursor Chemical Source […]
Tweet Canada once again a “Major Money Laundering†country The 2018 “International Narcotics Control Strategy Report†(INCSR) published in March 2018 by the U.S. Department of State identifies Canada once again as a “major money laundering country†along with a host of risky countries for financial crime, and is generally doing a lot worse combatting money […]
Tweet Complicated Growing Use of Fake Syrian Passports According to several recent news reports, many refugees and migrants entering, or who have entered, the EU are doing so with false Syrian passports, creating what may be the biggest mass fraud of our time by sheer volume. There are terrorism risks that threaten international security because […]
Tweet Consensus on Supranational Risk Assessment As part of the 4th Anti-Money Laundering Directive approval process in the European Union (the “4th AMLD“), the Council of the European Union’s President yesterday issued declarations and proposals for the regulation of anonymous financial transactions that are transacted on new fintech products. The communication from the President included […]
Tweet Terrorist groups are not a financial island This article has been updated and replaced with the White Paper on ISIS’ Terrorist Financing available here.
Tweet Banks and financial institutions around the world are closely watching the Linde v. Arab Bank case unfold in New York City. It’s the first civil trial against a bank for alleged violations of the AntiTerrorism Act of 1990 (“ATA“), 18 USC 2331. The litigation seeks to hold the Arab Bank, a third party, liable for injuries resulting from acts […]
Tweet How correspondent banking relationships are used to launder funds My favorite resource for correspond banking is the US Senate Report on Correspondent Banking published several years ago. Despite its age, it remains timely because it deals specifically with how the US financial system is used by correspondent banks in, mainly offshore tax havens to, […]
Tweet Canada a Major Money Laundering Country but A Lot Less So The 2014 International Narcotics Control Strategy Report (INCSR) published this month by the U.S. Department of State identifies Canada as a major money laundering country along with, among others, Afghanistan, Brazil, Cambodia, Cyprus, Dominican Republic, Guernsey, Jersey, Hong Kong, Libya, Mexico, Macau and […]
Tweet Carson Yeung, the Hong Kong tycoon who is on trial in Hong Kong for alleged money laundering admitted in Court that he accepted 12 wire transfers totalling approximately $2 million in funds from a Macau casino that were sent by an alleged Triad boss – Cheung Chi Tai. Mr. Cheung is also alleged to […]