Featured Canada

IRS Says ‘Dozens’ of New Crypto, Cybercriminals Are Identified

The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries. Officials from the U.S., U.K., Australia, Canada and the Netherlands — known as the Joint Chiefs of Global Tax Enforcement — shared data, tools and… Read More

Regulator moves against Vancouver’s Einstein crypto exchange amid money-laundering concerns

The B.C. Securities Commission (BCSC) says it’s taking action to protect customers of the Vancouver-based Einstein cryptocurrency exchange. The regulator revealed Monday (November 5) it had been fielding complaints from customers claiming they could not access assets on the Einstein Exchange Inc. platform. A shareholder and “another individual associated with… Read More

Marijuana Laws Create Compliance Quandary for U.S. Broker-Dealers

A patchwork of state and federal laws governing the use and sale of marijuana is creating compliance challenges for U.S. firms that manage accounts for investors and trade securities for them. Uncertainty about how to navigate the evolving legal landscape has prompted some brokerages to bar existing clients from trading… Read More
4th November 2019
In February 2015, Chinese international student David Li was just months away from graduating with a bachelor’s degree from the University of British Columbia in Vancouver. To celebrate, Li’s mother splurged on an epic graduation present: a C$160,000 (US$122,000) electric hybrid sports car, the BMW i8. With butterfly doors and… Read More
29th October 2019
The B.C. government has introduced a new set of rules to further crack down on hidden ownership, money laundering and tax evasion in the province. Starting in May 2020, private businesses will be required to keep transparency records of their true owners, including people or entities with direct or indirect… Read More
18th October 2019
Months after charges were stayed in Canada’s largest money-laundering case, neither the RCMP nor the Public Prosecution Service of Canada has provided any public explanation of what went wrong. But a Postmedia investigation has uncovered details of how the massive prosecution of Silver International and its owners, Caixuan Qin and… Read More
16th October 2019
He is Asia’s most-wanted man. He is protected by a guard of Thai kickboxers. He flies by private jet. And, police say, he once lost $66 million in a single night at a Macau casino. Tse Chi Lop, a Canadian national born in China, is suspected… Read More
9th October 2019
Twenty years ago, anti–money laundering (AML) was an afterthought for most banks. Today, it’s at or near the top of the executive agenda. Daniel Moore is group head and chief risk officer at Scotiabank, one of Canada’s top five banks, with 99,000 employees and more than $1 trillion in assets. Read More
24th September 2019
The provincial government had a message to communities on Monday morning at the beginning of the annual convention of B.C. municipalities: its efforts to combat money laundering were having an effect, but cities and towns still need to be on guard. But local leaders had their own message for the province: it needs to… Read More
23rd September 2019
After another global bank cut off convicted pedophile Jeffrey Epstein, his wealth found a home at Toronto-Dominion Bank. The Canadian lender accepted accounts belonging to Epstein earlier this year after Deutsche Bank AG severed ties with the disgraced financier, according to a person with knowledge of the matter. The… Read More
19th September 2019
A B.C. company set up by Mexican businessmen was used to launder millions of dollars of criminal proceeds, the Canada Border Services Agency alleges in Federal Court documents. The CBSA interviewed one of the men it claims is involved, Sergio Antonio Reyes Garcia, on March 3, 2019 when he arrived… Read More
18th September 2019
The investigation that led to the arrest last week of a senior Canadian intelligence official was triggered by the discovery in 2018 of a document held by a Vancouver businessman who was suspected of operating a mobile-phone network used to distribute narcotics and payments, a person familiar with the… Read More
16th September 2019
A B.C. Supreme Court judge has ruled that an interim freeze of assets in B.C.’s biggest money-laundering case was done improperly, and has ordered the release of $2 million in cash to the accused. In a ruling released Friday, B.C. Supreme Court associate chief justice Heather Holmes concluded the Civil… Read More