$2,000,000,000,000 in Proceeds of Corruption Removed from China and Taken to US, Australia, Canada and Netherlands

Tweet The questions and answers I’ve been asked the most in 2016 about China: Q: How much money has been removed from China in proceeds of corruption? A: According to the Bank of China, way over US$120 Billion or CAD$160 Billion between the years 1995-2008. China appears to have quit sharing data officially after 2011 […]

China and US agree to cooperate to help China track down & repatriate “economic fugitives”

Tweet Late last week, at a meeting in Beijing, the US and China agreed to continue cooperating in the removal of Chinese foreign nationals from the US who are suspected of having immigrated with proceeds of corruption. The meeting took place between Meng Jianzhu, Secretary of the Central Politics and Law Commission, and national police chief Guo […]

Financier Worldwide Magazine – Infrastructure funding and corruption in Canada

Tweet Our article in Financier Worldwide, linked below, discusses the approval in Canada of the last tranche of $100 billion in infrastructure funding authorized on the unusual basis that it be used for corruption-free projects. The approval comes as Canada grapples with the fallout from the largest corruption case in the world and the first […]

China seeking advice on deporting 1,000 EB-5 immigrants from US and recover assets in what may be the first cases of G20 “denial of safe haven” policy

Tweet Removal of Foreign Nationals & Asset Recovery According to several news reports, such as the one here, the government of China is in discussions with the US government (and firms) regarding the process to deport or extradict former Chinese nationals believed to have immigrated with billions of dollars in proceeds of crime from corruption. […]

Equatorial Guinea Vice President charged with money laundering

Tweet The Vice-President of Equatorial Guinea, Teodorin Obiang, has been charged with money laundering in a multinational corruption case in which it is alleged that he illegally moved state assets to other countries, including France. His lawyer in France, Olivier Metzner, was found dead last year floating in the sea near Boëdic island in Gulf of […]

Two Hong Kong billionaires convicted of money laundering over Macau government procurement case

Tweet Surprising criminal conviction of two Hong Kong tycoons In a surprising decision, the Macau Court of First Instance has convicted two high-profile Hong Kong businessmen of money laundering. Joseph Lau Luen-hung, 劉鑾雄, and Stephen Lo Kit-sing, 羅傑承, each received a sentence of five years and three months in prison and were sentenced in absentia.  Mr. Lau is […]

Thoughts on foreign corruption rankings

Tweet 2013 Corruption Index According to Transparency International‘s newly published 2013 Corruption Perceptions Index, the new top ten corrupt nations are Somalia, North Korea, Afghanistan, Sudan, South Sudan, Libya, Iraq, Uzbekistan, Turkmenistan, and Syria.  The ten least corrupt are Denmark, New Zealand, Finland, Sweden, Norway, Singapore, Netherlands, Australia, Canada and Luxembourg. The results are based […]

U.S. Congressional Commission Report urges Macau to implement anti-money laundering controls

Tweet 2013 Annual Report In its 2013 Annual Report, a U.S. Congressional Executive Commission has urged Macau to develop law enforcement mechanisms to combat money laundering at its casinos. The Congressional members found that the gambling industry in Macau was reportedly tied to widespread corruption and the laundering of large amounts of money out of […]

G20 agrees to immigration policy measures to crack down on corrupt immigrants and proceeds of crime imported into G20 countries, including deportation of wealthy foreign nationals

Tweet Crackdown on foreign nationals with unverified funds The G20 leaders have endorsed a sweeping plan proposed by its Anti-Corruption Working Group (“ACWG“) in 2012 to tackle the illicit movement of proceeds of crime internationally by corrupt foreign nationals to other countries (usually done as part of an immigration process). The change is part of […]

G20 Summit to confirm commitment to enforcing anti-money laundering convention

Tweet At this week’s G20 Summit in Seoul, leaders of the top twenty economies are expected to confirm their commitment to implementing the United Nations Convention Against Corruption. The Convention deals in large part with measures to prevent money laundering and requires signatory countries to: Implement a comprehensive regulatory regime for banks and other entities […]