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 […]

Nigeria says US$150 billion stolen from state coffers in 10 years by politically exposed persons

Whopping $150 Billion Stolen from Nigeria in 10 Years Nigeria’s new President, Muhammadu Buhari, today said that the government believes that its officials have stolen approximately US$150 billion from the state in the past ten years.  In anti-money laundering law, high ranking government officials with access to state property and assets are politically exposed persons (“PEP“). […]

Aligning FATCA with the AML compliance regime

Inter-Governmental Agreements require Institutions use AML procedures for FATCA By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime It has been noted by US officials that the Foreign Account Tax Compliance Act (“FATCA“), 26 USC Ch. 4, is not only one of the most significant pieces of US legislation for financial institutions, asset managers […]

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 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 the use of cash mules who transport suitcases full of US cash from Asia […]

Construction firms execs, employees & accountant jailed collectively for 90 years over under-the-table payments

The founders, executives and several employees of a UK construction firm have collectively been jailed for 90 years for money laundering and fraud  for under-the-table construction payments made to subcontractors. The company hired contractors and paid them under-the-table, without paying the requisite payroll or sales taxes or making other employment-related contributions, totalling £8 billion. To […]

Wealthy immigration programs like EB-5 from China to US just got a lot less attractive with FATCA

According to this article in the Wall Street Journal, the IRS and the government of China are negotiating an agreement whereby the US would provide financial information to the government of China on Chinese foreign nationals living in the US. The information provided to China will likely include asset, financial, corporate and personal information in […]

Canadian court dismisses charges against 3 jobless people over $24 million in unexplained cash

Funnelling $24 million cash in unexplained income through currency exchanges Here’s an interesting story about how a Court dismissed a $24 million money laundering case because, in the Court’s view, the evidence did not prove that three unemployed siblings who funneled millions of dollars in cash through a money services business in Vancouver were laundering […]

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 […]