2nd December 2019
It started with a huge hash bust. Following up on a tip, the RCMP set up a stakeout and pounced when a freight truck left a warehouse on Mitchell Island in Richmond. The haul: six tonnes of hashish (a drug made from the resin of cannabis), wrapped in cellophane and… Read More
27th November 2019
At times, we AML professionals in the private and public sectors that play by the rules have difficulty realizing that the “bad guys” at the highest levels of the criminal world have no rules. They have more resources and capabilities than we can conceptualize. Unless you’ve lived in that world,… Read More
26th November 2019
An Auckland finance firm and its mother and son owners can now be revealed as the company and pair who failed to report $53.4 million of suspicious transactions from a Chinese-Canadian mogul accused of running a $200m pyramid scheme. Jiaxin Finance Limited, Fuqin Che and her son Qiang Fu, also… Read More
26th November 2019
“THE MERCY OF THE WAVES” The smiling boy visited Sunnybrook Yachts in the summer of 2017, after the value of Bitcoin had reached an all-time high, having tripled in five months. Sunnybrook is the largest yacht brokerage on Canada’s east coast. Its clients tended to be surgeons and litigators and… Read More
13th November 2019
British Columbia plans to create a single real estate regulator to better combat money-laundering in markets like Vancouver, where the government says dirty money has helped drive up housing prices. The provincial government intends to introduce legislation late next year that would establish a joint financial-services and real estate watchdog… Read More
11th November 2019
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
6th November 2019
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
5th November 2019
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