New beneficial ownership rules in the US to require disclosure of shareholders of private entities in a move towards G20/G8 financial transparency

Tweet New Beneficial Ownership Rules FinCEN has released draft rules under the Bank Secrecy Act to identify the legal and beneficial shareholders (the natural persons) of private corporate entities (also known as legal persons). In other words – the disclosure of natural persons involved in all legal persons. The rule will take effect within a year after […]

Moneyval calls for greater corporate transparency

Tweet 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 […]

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 […]

EU Parliament approves 1st reading of bill to address secrecy of beneficial ownership and require disclosure of trusts, private companies, joint venturers

Tweet Disclosure of Beneficial Ownership in EU In a sweeping set of proposals, today the European Union Parliament voted to approve, at first reading, amendments to the proposed 4th Anti-Money Laundering Directive to require the disclosure of beneficial ownership. Beneficial ownership refers to the owners or beneficiaries, or both, of private companies and/or trusts as the […]

FATF and G20 anti-corruption group work towards aligning efforts

Tweet Delegates from the Financial Action Task Force (“FATF“) and the G20 Working Group on Anti-Corruption (“G20 ACWG“) met in Paris today to discuss ways in which both groups could liaise to further initiatives to enforce anti-money laundering (“AML“) and anti-corruption legislation worldwide. Pursuant to the meeting, the delegates determined that the following areas in […]

French government concerned over potential money laundering with vineyard purchases

Tweet Tracfin report highlights money laundering In its annual money laundering report, France’s Traitement du Renseignement et Action Contre les Circuits Financiers Clandestins (“Tracfin“) expressed concern over money laundering risks associated with the sale of France’s most renowned wineries to investors from China, Hong Kong and Russia. The concern stems from the increase in suspicious […]

Tax evasion, beneficial ownership and money laundering – what are the issues facing Canada at the G8 Summit next week?

Tweet 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 […]

European Commission adopts proposals for 4th anti-money laundering directive

Tweet The European Commission today adopted two new anti-money laundering directives; the first, a proposal for a Directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (the “4th AML Directive”), and the second, a proposal for […]