China’s bourses suspend bond sales by some property companies ahead of tighter rules from regulator
19th October 2016
China’s bourses suspend bond sales by some property companies ahead of tighter rules from regulator
In a move that signals a wider crackdown on bond sales by Chinese property companies, Shanghai Stock Exchange has suspended bond raising applications from developers that would be disqualified from issuing corporate debt under new guidelines expected to be issued by the securities regulator, industry sources said. Some… Read More
The arrests of Australian casino staff in China have come amid a crackdown on high rollers
17th October 2016
The arrests of Australian casino staff in China have come amid a crackdown on high rollers
The arrest in China of Australians working for billionaire James Packer’s Crown Resorts could be a further signal about the level of alarm among Chinese authorities about the flow of cash to foreign casinos. China has a problem with money fleeing the country. In recent years, there have been huge… Read More
China issues details of rules to tackle online financial risk
14th October 2016
China issues details of rules to tackle online financial risk
China’s cabinet and major financial regulators on Thursday published details of rules aimed at stamping out fraud and illegal fundraising in the country’s fast-growing online finance sector. The State Council document, which dates from April, provides guidelines and more far-reaching oversight for regulation of online financial activity, including peer-to-peer (P2P)… Read More
U.S. blacklists Pakistan nationals on suspicion of money laundering
12th October 2016
U.S. blacklists Pakistan nationals on suspicion of money laundering
The United States blacklisted four men and their companies based in Pakistan and the United Arab Emirates on Tuesday, for purported ties to an organization accused of laundering money for drug traffickers and Chinese, Colombian and Mexican crime groups. Among them was Pakistani national Obaid Khanani, whose father Altaf Khanani… Read More
Criminals target Canada for money laundering
11th October 2016
Criminals target Canada for money laundering
Canada “faces an important domestic and foreign money laundering threat” from criminal organizations that launder billions of dollars in this country. The stiff warning comes from the Financial Action Task Force (FATF), which also sounds an alarm about the threat against “major financial institutions and some unscrupulous real estate lawyers”… Read More
Canada: Ottawa will attempt to close Fintrac lawyer loophole
6th October 2016
Canada: Ottawa will attempt to close Fintrac lawyer loophole
In 2015, the Supreme Court of Canada ruled that, unlike other professionals such as bankers and real estate agents, lawyers do not have to report to Canada’s anti-money laundering agency, Fintrac. Lawyers in B.C. won that case based on a constitutional argument about solicitor-client privilege, and the argument that law societies already regulate lawyers… Read More
New Zealand extends anti-money laundering rules to capture property agents
16th September 2016
New Zealand extends anti-money laundering rules to capture property agents
New Zealand will extend its anti-money laundering laws to cover real estate agents and other professions amid fears the country has become a soft target for illegal fund flows that have also helped inflate the property market. Soaring property prices have become a hot issue among the New Zealand public… Read More
Fintrac found ‘significant’ deficiencies at nearly 500 real estate firms: data
14th September 2016
Fintrac found ‘significant’ deficiencies at nearly 500 real estate firms: data
Canada’s anti-money laundering agency conducted on-site examinations of more than 800 real estate companies over four-and-a-half years and found “significant” or “very significant” deficiencies during 60 per cent of those visits, new data shows. A document obtained by The Canadian Press through an Access to Information request shows that Fintrac… Read More
Australia to extend money laundering laws
14th September 2016
Australia to extend money laundering laws
The Australian government is reviving long-stalled plans to extend anti-money laundering and counter-terrorist financing laws to capture lawyers, accountants, real estate agents and jewellers, Justice Minister Michael Keenan said. The law reforms have been repeatedly shelved since mid-2007 after opposition from some of the affected sectors – most notably the… Read More
New Zealand Police and Officials Warn of Real Estate Laundering
11th September 2016
New Zealand Police and Officials Warn of Real Estate Laundering
Police research concludes a loophole is seeing lawyers, accountants and real estate agents being increasingly used to launder $1.6 billion in dirty money annually – including into New Zealand’s booming property markets. “Recent police investigations have exposed the fact that professional services and the real estate sector are closely linked… Read More
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