Response to FATF blacklisting Following years of pressure, the Socialist Republic of Vietnam has implemented anti-money laundering legislation which took effect on Friday. The move was in response to the blacklisting of Vietnam  in June by the Financial Action Task Force (“FATF“) for  lax anti-money laundering (“AML“) and counter terrorist financing (“CTF“) controls. 14 countries […]
Alleged Ponzi scheme involving bitcoin The U.S. Securities & Exchange Commission announced today that it has charged Texas resident, Trendon Shavers, and an entity he ran called Bitcoin Savings and Trust (“BTCST“), with defrauding investors through the operation of a Ponzi scheme involving bitcoin. Bitcoin is a popular virtual currency. The charges have nothing to […]
A recent article in the Vancouver Sun on the attendance by Stephen Harper at the G8 summit in Ireland and the proposed measures to combat tax evasion contained an interesting statement buried at the end of the article as follows: “international organizations say… Canada has balked at a measure that would identify the true owners of […]
New York lawyer  Matthew Kluger was sentenced yesterday in federal court in New Jersey to 12 years in prison for insider trading. His sentence is the longest term ever imposed for that crime in the U.S. Kruger stole undisclosed transactional information on approximately 30 deals when he was a corporate lawyer with several U.S. law […]
Several of the people named in today’s nationwide crackdown in the U.S. known as “Operation Broken Trust” have been charged, and in some cases already convicted, of money laundering. Operation Broken Trust is the first national effort in the U.S. aimed at cracking down on investment fraud schemes. It involved enforcement actions against 343 criminal defendants […]
The Québec government has introduced new legislation to fight money laundering at the provincial level in the Assemblé nationale. Bill 128, an Act to Enact the Money Services Businesses Act, will require that persons operating ATMs or providing currency, exchange, funds transfer, travellers cheque issuing and cashing, bank drat issuance or cheque cashing services, be registered […]