Canada’s weak money-laundering laws, especially when it comes to real estate monitoring, has left areas like British Columbia vulnerable as an attractive place to store ill-gotten cash. The main way this works is through buying real estate with little to no information to verify the identity of those involved in the purchasing....
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Category: Foreign Fraud
FBI investigating Johnson & Johnson, GE, Siemens and Phillips over alleged bribes and kickback schemes spanning 2 decades
Johnson & Johnson, GE, Siemens, and Philips are being investigated by the FBI for an alleged kickback scheme that could span over two decades. According to a recent report by Reuters, these companies may have been part of a complex scheme designed to secure medical equipment contracts in Brazil through a series of...
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Solar Fish Mysteriously Nets $355 Million from Six Russian Fishing Companies
Solar Fish was reported by FTI Consulting to have received a payment of $355 million from six different parties. While on the surface it comes off as a simple financial transaction, this payment is suspected to be for the sale of a number of Russian fishing firms that the company controlled in...
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Former banker extradited from Malaysia for conspiring to launder billions of dollars from development fund and bribes to officials
Ng Chong Hwa, known as “Roger Ng,” a citizen of Malaysia, has been extradited to the United States from Malaysia to face charges of conspiring to launder billions of dollars embezzled from 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund, conspiring to violate the Foreign Corrupt Practices Act (FCPA) by paying bribes...
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Former GE Engineer and Chinese businessman charged with economic espionage and theft of GE turbine technology for China
Xiaoqing Zheng, 56, of Niskayuna, New York, and Zhaoxi Zhang, 47, of Liaoning Province, China, has been charged with economic espionage and conspiring to steal General Electric’s (GE’s) trade secrets surrounding turbine technologies, knowing and intending that those stolen trade secrets would be used to benefit the People’s Republic of China. Assistant...
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Network Security maker Fortinet pays $545,000 ending Feds suit for selling Chinese made equipment to U.S. breaching Trade Agreement Act
A company responsible for network security, based in the Sunnyvale area of San Francisco, was accused of breaking a trade agreement by selling Chinese-made equipment. The company, Fortinet Inc., agreed to pay more than a half million dollars in order to settle these allegations without further action.
The allegations...
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Russia Seeks to Dominate Natural Gas Resources in The Arctic
Home to 22% of the Earth’s undiscovered oil and natural gas, Russia has set its sights on the untapped resources of the Arctic. Since the 1960s, over 60 oil and natural gas fields have been discovered in the Arctic. However, freezing temperatures and hostile conditions have left these areas abandoned, leaving a minefield...
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Task Force Report Concludes Cayman Islands Unable to Spot Money Laundering and Terrorism Financing
The Cayman Islands, three islands located in the western Caribbean, lack the capacity to spot money laundering and terrorism financing. This is a major fault considering the Cayman’s role as an international financial center.
The Caribbean Financial Action Task Force (CFATF) took control over the evaluation of this region...
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London-Based Oil and Gas Service Company, TechnipFMC, Reserves $280 Million in Global Settlement Funds Potentially Needed for Bribery-Related Offenses in US, Brazil, and France
In a U.S. Securities and Exchange Commission filing, the company, TechnipFMC plc, stated that they have set aside $280 million in possible settlement funds involving bribery-related offenses. The payment would be delivered to authorities in the United States as well as Brazil and France.
TechnipFMC plc is a company...
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Two Florida men indicted for Bribery of Venezuelan Officials for energy contracts
The president of a company based in Miami, as well as one of its former sales representatives, hoped to gain access to more work and receive payment of past due invoices by bribing officials at Venezuela’s state energy company.
The two men involved are Rafael Enrique Pinto Franceschi, referred...
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