10th Annual National Money Laundering Symposium at Osgoode Hall Law School

The agenda is out for the upcoming 10th Annual National Symposium on Money Laundering in Toronto on April 4, 2014. The Symposium includes sessions on the following: Report from Gerald Cossette, Director of FINTRAC on Current Money Laundering and Terrorist Financing Trends in Canada. Financial Institution Lessons Learned from US and Canada on Money Laundering […]

Canada announces regulation of bitcoin, digital currencies and Internet gambling sites under anti-money laundering laws

Federal government to regulate bitcoin and other digital currencies As was widely anticipated, the federal government announced today that it will amend federal legislation to require the regulation of digital currencies like bitcoin in order to eliminate the potential risks of digital currencies being used for terrorist financing and money laundering. Interestingly, the proposed legislation […]

Two arrested, including one Canadian, in the 1st state bitcoin prosecution in Florida over alleged money laundering

In another first for bitcoin, the Miami Beach Police today arrested two men for alleged money laundering involving bitcoin. And one of them is Canadian. According to police, undercover officers and special agents from the Miami Electronic Crimes Task Force posed as bitcoins buyers and contacted various bitcoin sellers on the website “localbitcoins.com” specifically requesting […]

Marijuana brownies & the “smell of money laundering” – email evidence leads to arrest of bitcoin guru over money laundering charges

One of bitcoin’s earliest enthusiasts, Charlie Shrem who ran BitInstant, a New York based bitcoin exchange, was arrested today and charged with money laundering conspiracy, operating an unlicensed money transmitting business and failure to file suspicious activity reports to FinCEN. The Criminal Complaint was filed by U.S. Attorney for the Southern District of New York, […]

Canada imposes additional sanctions on Iran essentially prohibiting all transactions

New Sanctions Against Iran The government of Canada today announced the imposition of new sanctions against Iran as a result of the lack of progress with the reduction of Iran’s nuclear program. Effective today, Canada banned all exports from and imports to Iran, and added more entities and individuals to the list of designated persons […]

Escort agency indicted amid allegations of money laundering

Escort Agency indicted New York’s attorney general has indicted several corporations and 19 people in connection with an alleged prostitution and money laundering operation in New York and New Jersey that provided escort services and drugs.  Several of the people indicted included clients who used the services, escorts, chauffeurs, den keepers and the shareholders and […]

Afghan money exchange businesses targeted by Treasury Department

The U.S. Department of the Treasury has designated two money services businesses in Afghanistan, the New Ansari Money Exchange (and its alleged founder Haji Abdullah Ansari) and the Ahmad Shah Money Exchange (and its alleged owner Ahmad Shah Hakimi), as major money laundering vehicles that facilitate the trafficking of drugs out of Afghanistan. The designation […]

FINTRAC fines two money services businesses for anti-money laundering failures

FINTRAC, Canada’s financial intelligence unit, has assessed relatively minor penalties against two money services businesses. Sutlej Foreign Exchange Inc., an Ontario-based money services business, was fined $8,450 for failing to: have a written compliance plan; undertake a risk assessment for a compliance plan; train employees on anti-money laundering; report electronic funds transfers to FINTRAC; and […]

FinCEN proposing adding prepaid cards to anti-money laundering reporting system

The U.S. federal regulatory agency, Financial Crimes Enforcement Network (FinCEN), is proposing amendments to the Bank Secrecy Act regulations that would regulate prepaid cards and similar devices in the U.S. The proposal covers plastic cards, mobile phones, electronic serial numbers, key fobs and mechanisms that provide a portal to funds that have been paid for […]

FINTRAC fines unregistered money services business

FINTRAC has fined Bharat Money Exchange Ltd., located in Surrey, British Columbia, $36,100 for numerous violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act for operating a money services business without registering with FINTRAC or filing appropriate reports. Bharat was also fined for numerous failures flowing from its unregistered status, including failure to […]