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AML Basics

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June 3 2019 The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The purpose of the SAR is to report a suspicious transaction relevant to a possible violation of law or regulation. The SAR must be electronically filed...
May 28 2019 A lot of lawyers and accountants in pulp fiction are happy to help criminals turn dirty money into clean cash. But real-world money laundering is often a case of life imitating art. Part 2 of Peter German’s report on money laundering in B.C. calls out lawyers and accountants...
May 28 2019 While it has all the hallmarks of transnational organised crime, the illegal wildlife trade continues to be viewed as being outside ‘mainstream crime’. Frequently linked to other forms of serious crime such as fraud, corruption and money laundering, the illegal wildlife trade generates an estimated US$20 billion annually and is...
May 13 2019 How tax-exempt warehouses contribute to some $899 billion laundered each year globally and why they are a threat to our national security. I worked in the offshore financial business for 15 years. I traveled extensively to the Caribbean, Bermuda, Channel Islands, Hong Kong, Singapore, et cetera. Despite the tightening...
MAY 1, 2019 British Columbia has been rocked by financial scandal following revelations that its casinos had become “laundromats for organized crime” over the past decade, with Chinese criminal gangs transforming the province into a global money-laundering hub with links to the fentanyl epidemic. But the scandal may go back further than a...
March 18 2019 The term “money laundering” is believed to have originated as a result of infamous Chicago gangster Al Capone’s habit of channeling criminally obtained funds through laundromats, as their cash-heavy nature made it more difficult for the right side of the law to detect such money mixed in among legitimate...