Canada Advances Plan to Create Powerful New Financial Crimes Agency
Canada is moving to create a powerful new law enforcement agency dedicated to investigating and prosecuting financial crime, a step that places Ottawa on a sharply different course from Washington, where the Trump administration has scaled back federal fraud enforcement.
House Republicans Vote to Roll Back U.S. Beneficial Owner Reporting
A Republican-led U.S. House committee voted on Tuesday to advance legislation that would exempt American limited liability companies and other businesses from reporting on their beneficial owners under the Corporate Transparency Act.
New York Sues Coinbase and Gemini over ‘Event Contract’ Wagers
New York Attorney General Letitia James sued crypto exchanges Coinbase and Gemini on Tuesday, accusing them of operating prediction markets that violate state gambling laws.
Trump’s IRS Cuts Raise Fears, and Hopes, of Weaker Enforcement
The Internal Revenue Service has lost thousands of enforcement staffers since President Donald Trump returned to office. The cuts are fueling fears, and in some cases, hopes, that the agency’s capacity to enforce U.S. tax laws is diminished.
Vanished ‘Wolf of Montreal’ Obtained New Name and Home Abroad
Canadian penny stock trader John Babikian, once dubbed the “Wolf of Montreal,” obtained a new legal identity, secured residency in Latvia, and bought a luxury apartment in Dubai after disappearing from public view following a U.S. securities settlement.
Epstein Made $25 Million in 2015 as a Consultant in DOJ Bank Settlement
Jeffrey Epstein received $25 million in late 2015 for consulting work tied to a U.S. Justice Department tax-evasion settlement with Swiss private bank Edmond de Rothschild Group.
Misinvoicing in Asian Trade Has Doubled Over the Past Decade: Report
Trade misinvoicing is occurring at “massive scale” across Asian supply chains, with discrepancies in reported invoice values reaching a record $1.7 trillion in 2022 across developing Asia.
How the ‘Panama Papers’ Changed (and Didn’t Change) Offshore Secrecy
Ten years after the Panama Papers exposed the offshore financial system exploited by tax cheats and criminals around the world, prosecutions and transparency reforms tied to the landmark investigation are still unfolding.
Transparency Advocates See Flaws in BVI’s New Registry Rules
The British Virgin Islands has opened part of its long-guarded corporate registry to outside scrutiny, but anti-corruption advocates say the new transparency rules contain loopholes that could let bad actors hide ownership information and undermine investigations.
Trial Begins in France for Alleged ‘Magnitsky Affair’ Money Launderer
The trial of Russian businessman Dmitry Klyuev, accused by French prosecutors of laundering proceeds of the $230 million Magnitsky Affair fraud through luxury purchases in France, opened in Paris on Monday.