UK’s sweeping new law targeting bankers, lawyers, advisors, offshore professional directors, nominees with fines

Tweet Wide, Wide Net for Enablers Starting today, parts of the UK’s Finance Bill 2016 came into effect which allows the HMRC to go after so-called “enablers” who help UK tax payers avoid taxes using offshore schemes, services or arrangements, such as bank accounts, investment or broker accounts, trusts, companies, directors / officers or nominees. The amendments […]

The law on privilege in the context of money laundering and financial crime

Tweet In Canada and the US, lawyers are not subject to anti-money laundering reporting obligations like they are in most other countries. One of the most frequent reasons given for this by lawyers is that to require us to report certain financial transactions to a financial intelligence unit is inconsistent with, and would undermine, legal […]

The definitive guide to anti-money laundering compliance at casinos and regulated online gambling sites for casinos, investors, regulators, banks and players

Tweet A Q&A on money laundering for casinos and online regulated poker websites 1. Executive Summary Money laundering is a process in which so-called ‘dirty money’ from the proceeds of crime is transformed into ‘clean money’ or legitimate money or other assets, such as cars, art, homes or investments. Money laundering typically occurs in three […]

US indicts foreign national for laundering money from Iran through Canada, US, Korea and parking it in expensive real estate

Tweet The US federal government has filed an indictment against a foreign national, Kenneth Zong, who resided in the US for allegedly laundering over $1 billion from Iran through Canada, the US and a number of other countries in violation of international sanctions law that prohibit providing financial services to Iranian foreign nationals in Iran […]

Canada a major money laundering country with concern from China and Pakistan noted, according to US Annual Narcotics Control Strategy Report

Tweet 1. Canada a Major Money Laundering Country The 2016 International Narcotics Control Strategy Report (“INCSR“) published in March 2016 by the U.S. Department of State identifies Canada as a “major money laundering country” along with, among others, Afghanistan, Brazil, BVI, Cayman Islands, Cambodia, Cyprus, Dominican Republic, Guernsey, Jersey, Hong Kong, Iran, Iraq, Libya, Mexico, Macau […]

US expands review of money laundering in real estate market

Tweet More scrutiny in US for real estate The Financial Crimes Enforcement Network (FinCEN) announced that it is expanding its program to identify persons who may be hiding assets in residential properties in the US. The expansion adds additional cities to what are called the area for Geographic Targeting Orders (GTO). Title insurance agents in GTO […]

The CIA on terrorism and tech

Tweet 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 […]

FinTechs are being derisked out of bank accounts over terrorist financing and money laundering risks says UK study

Tweet The Financial Conduct Authority released an interesting soft study on the incidents of derisking affecting companies in the UK and pursuant to the study, MSB, charities and FinTechs are the three business client groups whose bank accounts are most frequently closed because they are too risky for the bank (a practice known as derisking). […]

“Responsible Innovation” – What the coming regulation of FinTech will look like

Tweet Financial regulators balance innovation and protection Financial regulators serve two important functions for the financial system. 1. They support growth and innovation where it could improve access to finance, or the delivery of financial services or grow the economy. 2. At the same time,  they  protect consumers and society at large by supervising the financial […]

US amends anti-money laundering law for beneficial ownership after Panama Papers, including to detect purchases of expensive real estate with illicit money

Tweet Panama Papers Driven Changes The US Treasury has announced several amendments, and proposed legislative amendments, to its anti-money laundering (“AML“) legislation in the wake of the Panama Papers scandal to tackle the disclosure of what is called “beneficial ownership.” Beneficial ownership means the beneficial, as opposed to the legal, owner of shares of a […]