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 Crime, 12 June 2019). “This…
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 to its invasion of Ukraine….
Compliance costs for TBML in the US and Canada up sharply since 2019 says LexisNexis report
Compliance costs for trade-based money laundering (TBML) have increased very significantly in the US and Canada in the two years to 2021 while the total projected cost of financial crime compliance in the region is up 58 per cent compared to 2019 according to a…
Illegal wildlife and logging trades targeted by new G7 agreement to strengthen beneficial ownership registries
G7 finance ministers have agreed to implement and strengthen registries of company beneficial ownership information in their respective jurisdictions. The UK says this a major step forward in global efforts to tackle illicit finance and will also boost the country’s work as G7 President to…
Addressing IFFs one of six challenges in the post Covid-19 era says virtual UN gathering
Addressing illicit financial flows (IFFs) was one of six major financing challenges focused on at a virtual high-level event –Financing for Development in the Era of Covid-19 and Beyond – convened by the UN Secretary-General and the leaders of Canada and Jamaica. The 28 May…
Coronavirus impacts delay British Colombia’s beneficial ownership registry
The impacts of the coronavirus pandemic have delayed the implementation of new anti-money laundering measures in the Canadian province of British Columbia. The new measures followed revelations two years’ ago of widespread trade-based money laundering (TBML) through the export of luxury cars purchased from motor…
