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 [...]
Global Financial Integrity has released an interesting study detailing the illicit flow of funds from Russia to other countries. The highlights of the study entitled “Russia: Illicit Financial Flows and the Role of the Underground Economy”, available here, are that: From 1994 – 2011, Russia lost US$211 billion in illicit cash outflow; Most of the [...]
According to a new report by Global Financial Integrity, approximately US$872 billion flowed illicitly from Mexico during 1970 to 2010 from money laundering, tax evasion and corruption. The flow of funds represents about 5% of Mexico’s GDP. The report noted that trade-based money laundering was the most common method used to remove money from Mexico [...]
The U.S. Attorney has filed a money laundering complaint commencing an in rem forfeiture action against the Lebanese Canadian Bank and others, seeking penalties of US$446 million in connection with what it says was a money laundering scheme operated by the Bank. The action is one of the first trade-based money laundering cases. As part of the alleged [...]