Aligning FATCA with the AML compliance regime

Tweet It has been noted by US officials that the Foreign Account Tax Compliance Act (“FATCA“), 26 USC Ch. 4, is not only one of the most significant pieces of US legislation for financial institutions, asset managers and foreign residents, it is also one of the most legally complex and technical that “will spawn significant enforcement activity […]

Construction firms execs & accountant jailed collectively for 90 years over under-the-table payments

Tweet The founders, executives and several employees of a UK construction firm have collectively been jailed for 90 years for money laundering and fraud for under-the-table construction payments made to subcontractors. The company hired contractors and paid them under-the-table, without paying the requisite payroll or sales taxes or making other employment-related contributions, totalling £8 billion. […]

Canadian court dismisses charges against 3 jobless people over $24 million in unexplained cash

Tweet Here’s an interesting story about how a Court dismissed a $24 million money laundering case because, in the Court’s view, the evidence did not prove that three unemployed siblings who funneled millions of dollars in cash through a money services business in Vancouver were laundering proceeds of crime. Even though one of the siblings […]

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 […]

Primer on correspondent banking relationships and offshore tax havens

Tweet How correspondent banking relationships are used to launder funds My favorite resource for correspond banking is the US Senate Report on Correspondent Banking published several years ago. Despite its age, it remains timely because it deals specifically with how the US financial system is used by correspondent banks in, mainly offshore tax havens to, […]

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 […]

Financial services firms and institutions expect 40% increase in regulatory compliance for FATCA and anti-money laundering

Tweet According to a 2013 Financial Crime survey, 2014 is expected to be an expensive one for regulatory compliance , with more than 20% more being spent for each of anti-money laundering compliance and compliance  with the U.S. Foreign Account Tax Compliance Act (“FATCA“), for a total of a 40% increase. Cybersecurity The financial crime […]

France passes tax evasion and financial crime law

Tweet The French National Assembly has adopted its long-anticipated anti-tax evasion and financial crime bill today, aimed at strengthening France’s tax and customs administrative regulatory agencies and broadening powers given to police and the judiciary to combat financial crimes. The legislation is projected to result in a whopping $2.6 billion in tax revenues to the […]

Organized crime alleged to control some ATMs in Canada for money laundering

Tweet Organized Crime & Private ATMs According to a report by the RCMP reported by Radio-Canada, organized crime in Canada is using private ATMs to launder proceeds of crime. The RCMP estimates that at least $315 million is laundered each year by private ATMs and some of those are connected to the Hells Angels in […]