US veterans file billion dollar claims against global banks over terrorist financing and sanctions avoidance and claim that the conduct continues today

Tweet Anti-Terrorism Act filing against global banks Yesterday, symbolically the day before Remembrance Day, several plaintiffs filed suit against a number of global foreign banks based in the United States under the Anti-Terrorism Act (the “ATA“), including HSBC Holdings Plc, Barclays, Standard Chartered Bank and the Royal Bank of Scotland. The plaintiffs are seeking damages that could […]

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 […]

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 […]

As nations use money laundering laws to tackle tax fraud, cross-border cooperation is key

Tweet         Our interview (podcast) with the Association of Certified Crime Specialists regarding the criminal investigation into  Brazilian soccer coach Luiz Scolari by Portuguese authorities for money laundering arising from tax fraud. “The head coach of Brazil’s national soccer team has one more thing to worry about before the World Cup held […]

Bitcoin in Amsterdam

Tweet We are participating in three exciting sessions on digital currencies (and Bitcoin) in Amsterdam this month for those interested in joining: At the Bitcoin Foundation Conference on May 16, 2014 on a panel discussing anti-money laundering chaired by Adam Shapiro, Director of Promontory Financial Group with: Dirk Haubrich, Head of Consumer Protection and Financial […]

UAE to implement tougher anti-money laundering laws and jail terms for reporting failures

Tweet UAE debates tougher AML laws   The United Arab Emirates is proposing amendments to its anti-money laundering legislation that, if approved, may be one of the most stringent anywhere. That’ s because it will allow the incarceration of officers for failures to report transactions suspected of involving money laundering or terrorist financing without a […]

The violent methods gambling debts from Macau are collected in Hong Kong

Tweet Law Commission notes violent methods of gambling debt collection According to a Consultation Paper prepared by the Law Reform Commission of Hong Kong, debt collection in Hong Kong is a significant and violent problem, mostly arising from gambling debts incurred locally and in Macau. Loan sharks in Macau and Hong Kong account for 21.4% […]

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 […]

Canada major money laundering country in 2014 International Narcotics Control Strategy Report on Financial Crime and Money Laundering

Tweet Canada a Major Money Laundering Country but A Lot Less So The 2014 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State identifies Canada as a “major money laundering country” along with, among others, Afghanistan, Brazil, Cambodia, Cyprus, Dominican Republic, Guernsey, Jersey, Hong Kong, Libya, Mexico, Macau and Somalia. […]