$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 […]

Canada imposes sanctions on the Bank of Moscow and bans CEO of Bank of Russia in new sanctions

Tweet Sanctions likely to seriously impede Canadian-Russian financial transactions and therefore significant trade By Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist Follow @cduhaime The Canadian government has announced the imposition of sanctions against the Bank of Moscow, the Russian National Commercial Bank and other Russian and Ukrainian-controlled businesses and financial institutions, as […]

Asian newspaper says money mules from Asia are smuggling suitcases full of US cash to Vancouver to avoid FATCA and IRS

Tweet Suitcases full of cash muled to Vancouver by cash couriers According to this article in South China Morning Post, the Foreign Account Tax Compliance Act (“FATCA“), will result in the growth of Asia’s underground or shadow banking system, including an increase in the use of cash mules who transport suitcases full of US cash from […]

Inquiry in Canada hears that P3 infrastructure hospital project is “biggest corruption fraud” in Canadian history

Tweet “On m’a toujours dit que les PPP c’était anti-collusion” –  Infrastructure Québec According to law enforcement testimony at Canada’s Charbonneau Commission heard last week, the $2 billion public-private partnership (“P3“) infrastructure project in Canada to build the McGill University Hospital Centre (“MUHC“) is the largest corruption fraud case in the history of Canada. It’s […]

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. […]

Billionaire banker executed in $2.6B money laundering case and two co-defendants in Canada

Tweet Billionaire money launderer executed According to the Washington Post, billionaire banker Mahafarid Amir Khosravi was executed today in Tehran for bank fraud and money laundering. He is alleged to have forged letters of credit with the assistance of bank managers from the Melli Bank to start a private bank called Aria Bank. Iranian courts found that […]

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 […]

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 […]

$70B missing from Ukraine; a whopping failure of global anti-money laundering & corruption laws

Tweet Ukrainian Crisis Late last week, the Swiss announced investigations into funds allegedly held in their banks by former President  Viktor Yanukovych (Ві́ктор Фе́дорович Януко́вич) and his son Oleksandr Yanukovych, and have frozen those assets while they determine if any of the assets are proceeds of crime derived from corruption, misappropriated state assets, or derived from other […]