Money Laundering and Terrorist Financing Typologies and Trends in Canadian Casinos

The Financial Transactions and Reports Analysis Centre of Canada has published the following report on its Web site: Money Laundering and Terrorist Financing Typologies and Trends in Canadian Casinos.

Amendments to U.S. Bank Secrecy Act to assist anti-money laundering efforts

On February 5, 2010, the Financial Crimes Enforcement Network (FinCEN) issued a final rule to amend the relevant Bank Secrecy Act information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions. The rule also clarifies that FinCEN itself, on its own behalf and on behalf of other appropriate components of the Department of the Treasury (“Treasury”), may submit such requests.

Modification of the information sharing rules is a part of Treasury’s continuing effort to increase the efficiency and effectiveness of its anti-money laundering and counter-terrorist financing policies.

Senate Subcommittee Report Exposes Money Laundering by PEPs

A report released on February 4, 2010 by Senator Carl Levin at a hearing of the Senate’s Permanent Subcommittee on Investigations exposes how corrupt foreign officials and their relatives have used gaps in U.S. law and the assistance of U.S. professionals to funnel millions of dollars in illicit money into the United States.
The report details how politically exposed persons have used the services of U.S. lawyers, lobbyists, real estate and escrow agents, and other professionals who currently have no obligation under U.S. regulations to establish anti-money laundering (“AML”) programs, know their customers, or evaluate the source of funds transferred into the United States.
The report presents four case histories, each with multiple stories exposing the tactics being used by PEPs to use the US financial system to protect and enhance their illicit funds.