The alleged theft of US$1.5 million of chicken wings by a former director of food services of a school district in Chicago may be linked to a major money laundering ring that was apparently disabled four years ago. Vera Liddell… Read More ›
Canada
Fintrac publishes money laundering indicators related to IWT in support of international efforts to curb wildlife trafficking
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has published a new operational alert, Laundering the Proceeds of Crime from Illegal Wildlife Trade. It aims to assist Canadian businesses meet legal requirements to identify and report financial transactions… Read More ›
Financial crime compliance costs in US and Canada up 13.6 per cent in 2022 says Lexis Nexis
The total projected cost of financial crime compliance in the US and Canada for 2022 is up 13.6 per cent from 2021 to US$56.7 billion, according to a survey of North American financial institutions by Lexis Nexis Risk Solutions. The… Read More ›
Landmark World Bank report kicks off review of risk-based AML/CFT approach
Nearly a decade after the Financial Action Task Force (FATF) introduced requirements for National Risk Assessments (NRAs) of money laundering and terrorism financing (ML/TF) risks, the international community is at the right point to review the past 10 years and… Read More ›
Increasing use of third parties in money laundering schemes, including TBML
An interview with anti-corruption expert José Hernandez published this month by the Chartered Professional Accountants (CPA) of Canada provides a comprehensive overview of the global factors making it ever more difficult to “follow the money” in cases of corruption or… Read More ›
EU set to join UK, Canada, US and Japan by banning imports of Russian gold
The European Commission (EC) has set out plans to introduce a new import ban on Russian gold to align with the announcement last month that the UK, Canada, US and Japan would do so in an attempt to stem funding for… Read More ›
Canada’s federal government failing to address TBML says Cullen report
Federal investigative agencies have done little to address trade-based money laundering (TBML) according to the final version of a report commissioned by British Columbia into money laundering following revelations of widespread trade-based financial crime in the Canadian province (Trade-based Financial… Read More ›
Canada’s AML regulator issues special bulletin on Russia-linked money laundering related to sanctions evasion
Canada’s anti-money laundering and counter financing of terrorism (AML/CFT) regulator and financial intelligence unit has published a Special Bulletin on Russia-linked money laundering related to sanctions evasion. Ottowa has imposed a significant number of new sanctions on Russia in response… Read More ›