Primer on correspondent banking relationships and offshore tax havens

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, inter […]

Canadian asset manager and Canadian tax lawyer whose firm gave anti-money laundering advice indicted in US for money laundering

International tax lawyer and former fund manager from Québec indicted in US after IRS sting The arrest of two Canadians from Québec, Eric St-Cyr, an investment fund manager, and Patrick Poulin, a lawyer, in the US over money laundering charges hit the news today when their cases were transferred to Florida for prosecution. Mr. St-Cyr […]

EU Parliament approves 1st reading of bill to address secrecy of beneficial ownership and require disclosure of trusts, private companies, joint venturers

Disclosure of Beneficial Ownership in EU In a sweeping set of proposals, today the European Union Parliament voted to approve, at first reading, amendments to the proposed 4th Anti-Money Laundering Directive to require the disclosure of beneficial ownership. Beneficial ownership refers to the owners or beneficiaries, or both, of private companies and/or trusts as the context […]

Canadian arrested for money laundering after allegedly transporting hundreds of millions by private jet to US & tax havens through lawyer

Private jets of cash According to an article in La Presse, Martin Grenier, a Canadian from Repentigny, Québec, was arrested in Detroit and charged on February 13, 2014, with money laundering along with two Americans, including a lawyer.  Grenier is alleged to have facilitated the laundering of so much cash, that private jets were used to transport […]

Financial services firms and institutions expect 40% increase in regulatory compliance for FATCA and anti-money laundering

According to a 2013 Financial Crime survey, 2014 is expected to be an expensive one for regulatory compliance , with more than 20% more being spent for each of anti-money laundering compliance and compliance  with the U.S. Foreign Account Tax Compliance Act (“FATCA“), for a total of a 40% increase. Cybersecurity The financial crime risk […]

France passes tax evasion and financial crime law

The French National Assembly has adopted its long-anticipated anti-tax evasion and financial crime bill today, aimed at strengthening France’s tax and customs administrative regulatory agencies and broadening powers given to police and the judiciary to combat financial crimes. The legislation is projected to result in a whopping $2.6 billion in tax revenues to the tax […]

International Consortium of Investigative Journalists investigates role of professionals over offshore leaks advice

ICIJ focusing on professional advice given At the recent Anti-Money Laundering and Financial Crime Conference held by the Association of Certified Anti-Money Laundering Specialists in Las Vegas, Michael Hudson, senior editor of the International Consortium of Investigative Journalists (“ICIJ“), gave an interesting presentation on the ICIJ’s work in exposing the use of offshore tax havens […]

“The party is over” – Columbia takes action on tax evasion and imposes 33% surtax on “hit list” countries

Party is over says Columbia Minister of Finance The government of Columbia is imposing a 33% surtax on assets moved out of the country by its nationals to known tax havens. The surtax will be assessed against individuals and corporations to curb the exodus of funds out of Columbia. The government estimates that the value […]

U.S. lawyer pleads guilty to conspiracy to evade taxes in connection with Swiss bank accounts held by U.S. clients

Tax Evasion Plea Edgar Paltzer, a lawyer called to the bar in Switzerland and the U.S. with the Zurich firm of Niederer, Kraft and Frey, pleaded guilty today in New York to conspiracy to evade taxes and faces up to five years in prison. According to Mr. Paltzer’s indictment, the bank with whom he was […]

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 […]