The CIA on terrorism and tech

On June 16, 2016, the Director of the CIA testified before the Senate Select Committee on Intelligence in respect of the Islamic State (ISIS), terrorism and technology generally. Here is an executive summary: The CIA said there there has never been a time when there is such a “dizzying” array of national security issues and [...]

Summary of the 2016 US Threat Assessment

The Worldwide Threat Assessment of the US Intelligence Community (the “Report“) prepared by the Director of National Intelligence on February 9, 2016, is a very interesting read from a counter-terrorism perspective, and essential reading for any bank in respect of assessing client and regional risks. Generally, the Report is dead on in respect of the [...]

‘Twitter terrorist’ a danger, says panel at ACAMS Conference

The Lawyers Weekly has a good story covering the ACAMS Conference in Toronto’s panel on terrorist financing in which we participated with FINTRAC, Standard Chartered and the OPP to discuss the risks and issues of terrorism threats in Canada. The article, available here, discusses Ontario and security concerns, as well as how FINTRAC deals with [...]

UN Security Council calls on ban of oil trades from listed terrorist groups

Listed terrorist group takes over energy infrastructure By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime The Security Council of the United Nations today called on its members not to engage in financial or commercial transactions with listed terrorist groups, in particular involving the sale of oil from Syria or Iraq [...]

Moneyval calls for greater corporate transparency

The Council of Europe’s anti-money laundering group, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“Moneyval“) issued its annual report this week and called on governments to end corporate beneficial ownership. The Report noted that organized crime uses corporate structures set up on jurisdictions in which there [...]

Billionaire banker executed in $2.6B money laundering case and two co-defendants likely in Canada

Billionaire money launderer executed Updated on September 29, 2014 and March 4, 2015 According to the Washington Post, billionaire banker Mahafarid Amir Khosravi was executed today in Tehran for bank fraud and money laundering. He is alleged to have forged letters of credit with the assistance of bank managers from the Melli Bank to start a private [...]

Canada makes its first corporate prosecution for economic sanctions violations

Although Canadian economic sanctions have been in place for years, until now Canada has never prosecuted any company for sanctions violations. That changed earlier this month when Lee Specialities Ltd., a Calgary based company, was charged with violating Canadian (and UN) economic sanctions by exporting goods to Iran that could be used for nuclear devices. The [...]

OFAC sanctions in a nutshell

Summary of OFAC sanctions Until FACTA comes in force, the Office of Foreign Assets Control (“OFAC“) remains the singularly most important agency in the U.S. in respect of financial crime for multinational and foreign companies and yet surprisingly, the OFAC regime appears to be relatively ignored from a compliance perspective. OFAC yields enormous power and [...]