Anti-Financial Crime & Financial Crime Compliance
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Tag: Iran

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    • Regulatory Watch News

    • FINTRAC publishes money laundering indicators related to extortion

      FINTRAC

      FINTRAC published today a new Special Bulletin on money laundering associated with extortion directed at Canada’s South Asian diaspora to help businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) detect extortion and report suspicious transactions and listed person or entity property reports to the Centre. Extortion is a serious criminal activity that poses a significant threat to Canadians, Canadian businesses and Canadian communities and generates substantial profits for organized crime that are often laundered through the financial system. For some Canadians and Canadian businesses, extortion has become an unacceptable reality of everyday life – one that brings fear, intimidation and violence to families and communities, fundamentally undermining Canadians’ sense of safety.

    • Treasury Sanctions Cambodian Senator Kok An and Scam Center Network Defrauding Americans

      OFAC

      WASHINGTON—Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Kok An—a Cambodian senator who controls scam compounds throughout the country—as well as 28 individuals and entities in his network. Southeast Asian scam operators within this network have stolen millions of dollars from U.S. victims while operating under the protection of Kok An and his political connections.  Using the lure of friendship or romantic relationships, these fraudsters coax vulnerable Americans into transferring their savings in the form of digital assets by promising investment opportunities and high returns, only to steal the funds outright.  In some cases, individuals perpetrating these scams are themselves victims of human trafficking and are forced to commit unlawful acts under threat of violence.  Kok An and his affiliates’ network of scam centers, operating out of casinos and office parks retrofitted for fraudulent activity, launder victims’ funds and provide a base to target U.S. citizens and commit human rights abuses with impunity.

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