China to issue guidance for light online payment solutions to preserve emerging FinTech

The Government of China has announced that it is issuing legal guidance to lightly regulate online payment systems, what it terms as “internet finance.” The guidance will be prepared by the People’s Bank of Canada and will contemplate a regulatory framework for governance. The impetus for developing guidance is driven by the explosive growth in [...]

Canada’s government-issued Bitcoin, the MintChip

Update: The MintChip was cancelled on the day in which its AML consultant and I were scheduled to talk about it at a Bitcoin Conference in New York City and on the local news in New York. My speech was as below, that it was inconsistent for Canada to launch a MintChip when the Minister of Finance [...]

Thoughts on foreign corruption rankings

2013 Corruption Index According to Transparency International‘s newly published 2013 Corruption Perceptions Index, the new top ten corrupt nations are Somalia, North Korea, Afghanistan, Sudan, South Sudan, Libya, Iraq, Uzbekistan, Turkmenistan, and Syria.  The ten least corrupt are Denmark, New Zealand, Finland, Sweden, Norway, Singapore, Netherlands, Australia, Canada and Luxembourg. The results are based on [...]

Canada still a “major money laundering country” in 2013 International Narcotics Control Strategy Report on AML

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 [...]

How cell phones, tweets & Internet banking are used by cyber criminals to steal your money

The cyber crime problem As more consumers use the Internet to complete financial transactions, the threat of various forms of cyber crime is  likewise increasing. Those forms include  identity theft,  bank account hijacks, ATM skimming, POS data thefts, and credit/debit card account theft. Victims of financial cyber crime are often financially wiped out and in [...]

Details of indictment against principals of PokerStars, Full Tilt Poker and Absolute Poker

The indictment in the U.S. against eleven people associated with PokerStars, Full Tilt Poker and Absolute Poker, including Canadians Isai Scheinberg, Nelson Burtnick and Ryan Lang, has been made public.

Prepaid access and stored value cards used for money laundering

  According to the most recent information available, stored value cards (or prepaid access) are often used for money laundering and terrorist financing activities. Stored value cards can be used like currency except that they have certain characteristics that make them attractive to criminals – they are: accepted worldwide; reusable and re-loadable; essentially anonymous; untraceable; [...]