Canada’s financial intelligence agency is warning that Russians subject to economic sanctions due to Moscow’s attack on Ukraine could try to evade them using shell companies, cryptocurrency and real-estate transactions. The Financial Transactions and Reports Analysis Centre also says in a new special bulletin that those seeking to launder the proceeds of crime and corruption…
Russians Could Be Disguising Cash to Evade Canadian Sanctions, Federal Agency Warns
India Says It Uncovers Fraudulent Shell Companies With Chinese Links
September 11, 2022
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MUMBAI—Indian authorities on Sunday said they had arrested a man who had masterminded the creation of many shell companies linked to China and appointed dummy directors to run the fraudulent businesses. The latest arrest was part of a larger probe launched by the federal government’s Serious Fraud Investigation Office (SFIO) against founders of shell companies…
US Treasury Eyes New Rule to Expand Company Reporting, Weed out Corruption
WASHINGTON—The U.S. Treasury Department’s crime fighting arm on Tuesday moved to expand reporting requirements for certain domestic and foreign companies as part of a broader push to crackdown on corruption and shell companies. A new rule would implement reporting provisions under the Anti-Money Laundering Act of 2020, aimed at expanding data on who actually owns…
US Congress Bans Anonymous Shell Companies
The U.S Senate on Friday passed a bill overhauling anti-money laundering rules and banning anonymous shell companies.
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