FedEx charged with money laundering over alleged drug shipments

Tweet FedEx Corp. has been indicted over allegations of money laundering in connection with five shipments it made of alleged illegal prescription drugs from online pharmacies in which several persons are alleged to have died. According to ABC News, FedEx faces a $1.6 billion fine if found guilty. According to the indictment, online pharmacies sent […]

Canadian tax lawyer indicted in US for money laundering

Tweet International tax lawyer and former fund manager from Quebec indicted after IRS sting The arrest of two Canadians from Quebec, 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. St-Cyr and Poulin […]

HSBC closes bank accounts of consulates over risks that include exposure to money laundering

Tweet HSBC Cancels Bank Accounts of Consulates HSBC has given notice to several consulates and the Vatican that it is closing their accounts within 60 days. No reason has been officially cited for the cancellation of the client bank agreements but it is likely as a result of the exposure such accounts hold for financial […]

Junket operators in Macau branching out in effort to improve reputation and diversify business but financial crime concerns remain

Tweet Junkets branching out According to this article by Reuters, traditional junket operators (also known as VIP gaming promoters) in Macau are branching out to diversify their businesses and improve their reputation. The largest junket operator, Suncity Group, is planning to open its own casino and has expanded into mining and iron ore operations in […]

Another foreign bank in US settles economic sanctions violations

Tweet Another foreign bank doing business in the US has agreed to settle with the New York State Department of Financial Services (“NYDFS“) over allegations that it violated federal economic sanctions.  The Bank of Tokyo-Mitsubishi UFJ, Ltd., Japan’s largest bank, has agreed to pay US$250 million to the NYDFS to settle allegations that it provided […]

Canada apparently a worse terrorist financing and money laundering risk than Chile, Cyprus, Romania, Hungary, Israel and Egypt

Tweet The Basel Institute on Governance has published an interesting compilation of its view of how countries rank as money laundering and terrorist financing jurisdictions of risk. To the extent the ranking may be accurate, it may be obviously helpful to businesses engaged in international trade and commerce and to agencies that are required to […]