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.
About Me
- Paul-Emile Roy, CPA, CA
- Paul-Emile Roy is an independent researcher and consultant. For 25 years, he served as a Principal in the Research Studies Department at the Canadian Institute of Chartered Accountants (CICA) in Toronto, Canada. During that time, he managed more than 50 research projects involving hundreds of volunteers and consultants from academe, public accounting, industry, finance, government and various regulatory bodies. He is an aspiring archivist, historian and genealogist.
Canada - Anti-Money Laundering and Anti-Terrorist Financing Requirements
A Guide for Chartered Accountants