Tweet Another foreign bank doing business in the US has agreed to settle with the New York State Department of Financial Services (“NYDFS“) over allegations that it violated federal economic sanctions. The Bank of Tokyo-Mitsubishi UFJ, Ltd., Japan’s largest bank, has agreed to pay US$250 million to the NYDFS to settle allegations that it provided […]
Tweet A recent article in the Vancouver Sun on the attendance by Stephen Harper at the G8 summit in Ireland and the proposed measures to combat tax evasion contained an interesting statement buried at the end of the article as follows: “international organizations say… Canada has balked at a measure that would identify the true owners […]
Tweet The Basel Institute on Governance has published an interesting compilation of its view of how countries rank as money laundering and terrorist financing jurisdictions of risk. To the extent the ranking may be accurate, it may be obviously helpful to businesses engaged in international trade and commerce and to agencies that are required to […]
Tweet Canadian funds carried by money mule to China The Court of Appeal for Hong Kong has upheld the money laundering conviction of a woman who acted as a money mule to China, and increased her sentence to two years. The decision, HKSAR v. Ngai Fund Sin Apple is one of a series of criminal […]
Tweet Two men in the U.K. were convicted this week of money laundering and fraud in one of the first green collar crime cases, and certainly one of the first cases involving Canada. The two men, David John Downes and Ian David Macdonald, sold shares in entities which claimed to own carbon credits, raising upwards […]
Tweet Anti-Money Laundering Laws Infringe Independence of Bar The Court of Appeal for British Columbia ruled today that the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, as it applies to lawyers in that province, interferes to an unacceptable degree with the independence of the Bar as a principle of fundamental justice, and as a consequence, […]
Tweet The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets […]
Tweet Former escort admits to money laundering Natalia McLennan, once touted as New York’s most expensive escort at $2,000 per hour, pleaded guilty to money laundering in New York City in connection with the operation of the New York escort agency, New York Confidential, where she worked as a prostitute. McLennan, who is from Montreal, […]
Tweet Escort Agency indicted New York’s attorney general has indicted several corporations and 19 people in connection with an alleged prostitution and money laundering operation in New York and New Jersey that provided escort services and drugs. Several of the people indicted included clients who used the services, escorts, chauffeurs, den keepers and the shareholders […]
Tweet Nelson Burtnick, the Canadian executive who was indicted for money laundering in April 2011 in connection with his role operating the Full Tilt Poker gambling website, pleaded guilty to money laundering today. He was indicted, along with several others, for money laundering, bank fraud, and illegal gambling for disguising payments from U.S. gamblers as […]