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AML Basics

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July 22 2019 Whilst technological advancements such as the internet and social media have enhanced our lives in many ways, they have also created an environment in which cybercriminals can thrive. Not only does the internet allow these offenders to conduct cybercrimes such as financial fraud, but it also allows them to launder...
July 12 2019 This article is Part Two of a three-part summary of the recently-published Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2019, released by the Department of Finance on July 10, 2019 (Finalized Regulations). The three-part series discusses prominent changes made to...
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...