Offshore advisory firm that once advised Crocodile Dundee star pleads guilty to helping wealthy clients hide money in tax havens

Tweet Strachans SA Last month, Strachans SA, pleaded guilty in the US to hiding income and assets in offshore bank accounts, and in various corporate entities from tax authorities for its clients. Strachans SA was an accounting and financial services firm based in Jersey and Switzerland. In 2013, it became news-worthy when it and/or one […]

Accountant who worked with law firm in Panama Papers scandal faces ID theft, as well as money laundering charges

Tweet Accountant Richard Gaffey, who was charged with money laundering offences, among others, in connection with the Panama Papers scandal must face charges of identity theft at his trial in connection with working with the law firm Mossack Fonseca, a judge ruled last week in New York. Gaffey had applied to have the ID theft […]

Law firms flipping shelf and shell companies

Tweet Shell games US law enforcement agencies recently signalled that they were stepping up enforcement, inter alia, in two ways: (a) as against professional money launderers; and (b) as against shell and shelf companies that law firms flip to clients. Professional money launderers under scrutiny, the FBI explained recently, are accountants, hawalas, lawyers and individuals, […]

“How to” text book by accountant on using offshore tax havens to avoid money laundering detection

Tweet One of the most curious text books one can find in law libraries is a “how to” series of legal text books on how to select the best international tax haven for clients to hide their money. It’s curious because one would have thought that helping clients hide money is not what lawyers are […]

Bail denied for “little known lawyer” charged with money laundering who had $19 million in cash parked at his firm and home because he poses a serious threat to the financial health of India

Tweet Rohit Tandon, the Delhi lawyer charged with money laundering just before Christmas after approximately $19.9 million was found in cash at his law firm office and home, was denied bail on Saturday and remains incarcerated. In denying bail, the Court said that the money laundering offenses “pose a serious threat to the financial health of […]

UK’s sweeping new law targeting bankers, lawyers, advisors, offshore professional directors, nominees with fines

Tweet Wide, Wide Net for Enablers Starting today, parts of the UK’s Finance Bill 2016 came into effect which allows the HMRC to go after so-called “enablers” who help UK tax payers avoid taxes using offshore schemes, services or arrangements, such as bank accounts, investment or broker accounts, trusts, companies, directors / officers or nominees. The amendments […]

A banker’s update on terrorist financing and money laundering from the US Committee on Homeland Security

Tweet Summary of the Updates The US House Committee on Homeland Security released a number of updates and received testimony on the status of terrorist financing, terrorism and money laundering in the last few weeks with some interesting developments relevant to banks in terms of changes in terrorist financing typologies that should be added to […]

US amends anti-money laundering law for beneficial ownership after Panama Papers, including to detect purchases of expensive real estate with illicit money

Tweet Panama Papers Driven Changes The US Treasury has announced several amendments, and proposed legislative amendments, to its anti-money laundering (“AML“) legislation in the wake of the Panama Papers scandal to tackle the disclosure of what is called “beneficial ownership.” Beneficial ownership means the beneficial, as opposed to the legal, owner of shares of a […]

UN Chief charged in money laundering bribery scheme for allegedly accepting millions in cash from Chinese casino billionaire

Tweet Former UN President Charged The former United Nations (“UN”) President of the UN General Assembly, John Ashe, the UN Deputy Ambassador, Francis Lorenzo, a Chinese foreign national billionaire, Ng Lap Seng (also known as David Ng) and two of his associates were charged in New York with various offenses over an alleged bribery scheme. Two […]