A joint investigation between the Australian Border Force (ABF) and the Australian Taxation Office (ATO) has thwarted serious criminal behaviour by four Chinese nationals within two states. This week, a 55-year-old Chinese national received a criminal conviction and fine for her money laundering activity, tax evasion, and foreign worker exploitation within the construction industry. She…
Joint Investigation Shatters Money Laundering, Tax Evasion, Foreign Worker Exploitation Within Construction Industry
Canada Is Haven for Global Money Laundering Says MP, Suggesting Revamp of Legislation
Conservative MP Michael Chong says Canada’s lax laws have allowed the country to become a haven for money launderers and those evading sanctions for international crimes. He says a bill currently proposed by the federal government doesn’t go far enough to adequately address the issue. The Liberals introduced Bill C-42 in March, proposing the creation of a corporate…
Financial Regulator Warns Crypto ATM Users Risk Losing Money
People using unregistered cryptocurrency ATMs risk handing their money to criminals, a financial regulator has warned. In a joint effort with law enforcement agencies, the Financial Conduct Authority (FCA) has disrupted 26 crypto ATMs, operating unlawfully across the country. Users can buy and sell cryptocurrency in exchange for cash or with a debit card when…
LA Man Sentenced to Prison for Siphoning $7 Million in COVID Relief Fund
July 10, 2023
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LOS ANGELES—A West Los Angeles man was sentenced July 10 to 79 months in federal prison for fraudulently obtaining at least $7.3 million in coronavirus relief funds, some of which he gambled away in Las Vegas. Andrew Marnell, 43, who lives in the Beverly Grove neighborhood, pleaded guilty in 2021 to one count each of…
House Committee Approves Bill Requiring Federally Registered Companies Disclose Ultimate Beneficial Owners
The Commons industry committee (INDU) has approved a cabinet bill that will mandate federally registered corporations to disclose their ownership structure in an effort to combat money laundering and terrorist financing. Bill C-42, an Act to Amend the Canada Business Corporations Act, would require federally registered companies to make available the names and addresses of…
Bill Requiring Federally Registered Companies to Disclose Ownership Structure Approved by Committee
The Commons industry committee has approved a cabinet bill that will mandate federally registered corporations to disclose their ownership structure in an effort to combat money laundering and terrorist financing. Bill C-42, an Act to Amend the Canada Business Corporations Act, would require federally registered companies to make available the names and addresses of individuals…
Federal Report Proposes Non-Profits Disclose Suspicious Cash Transactions
The federal government would like to make non-profit groups disclose suspicious cash transactions, according to documents. The proposal is in a federal report by the Department of Finance, which says non-profits are “at risk of terrorist financing abuse,” according to Blacklock’s Reporter. “These organizations were identified as being at risk of terrorist financing abuse as…
Russians Could Be Disguising Cash to Evade Canadian Sanctions, Federal Agency Warns
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…
Lawmakers Question Treasury Officials on Efforts to Sanction Hostile Nations
At a hearing of a subcommittee of the House Financial Services Committee on April 27, lawmakers addressed and questioned Treasury officials about the actions, ability, and commitment of the Biden administration to place effective financial sanctions on—and disrupt the flow of money to—governments and other entities that support actions hostile to the United States. A…
Lawmakers Question Treasury Officials on Efforts to Sanction Enemies of America
At a hearing of a subcommittee of the House Financial Services Committee on April 27, lawmakers addressed and questioned Treasury officials about the actions, ability, and commitment of the Biden administration to place effective financial sanctions on—and disrupt the flow of money to—governments and other entities that support actions hostile to the United States. A…
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