Tag: Sanctions

Regulatory Watch News

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  Paying the price: Illegal immigration consultant sentenced for evading over $112,000 in federal taxes

  FINTRAC

  June 25, 2026

  The Canada Revenue Agency (CRA) announced today that Qi Wang of Roberts Creek, British Columbia, was sentenced on June 24, 2026, in the Court of King’s Bench for Saskatchewan located in Regina, Saskatchewan, to a 6-month conditional sentence order, and was fined a total of $112,627.33 after pleading guilty to two counts of tax evasion under the Income Tax Act related to his personal income tax returns. A CRA investigation revealed that Wang failed to report $494,891.75 in income between 2013 and 2016, resulting in $112,627.33 in federal income tax evaded. In examining Wang’s financial records, the CRA found that he earned $472,891.75 while operating as an unregistered immigration consultant. Between 2013 and 2015, Wang did not report the income from payments he received from foreign nationals to help with their applications for permanent residence in Canada. Wang also failed to file a tax return for 2016, adding an additional $22,000 in employment income unreported

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  Treasury Sanctions Rwandan Gold Refinery and Network Enabling Illicit Conflict Minerals Trade

  OFAC

  June 25, 2026

  WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on a network working in coordination with the Rwandan-backed March 23 Movement (M23) to illegally smuggle minerals from eastern Democratic Republic of the Congo (DRC) to Rwanda.  This action supports the historic U.S.-brokered Washington Accords for Peace and Prosperity, signed on December 4, 2025, by the leaders of the DRC and Rwanda.  It reinforces their commitment to implement a Regional Economic Integration Framework designed to expand trade and investment, strengthen transparency across critical minerals supply chains, and lay the foundation for greater long-term economic opportunity throughout the region.

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  CACEIS UK censured and to pay £31.7m to WealthTek clients for weak financial crime controls

  Financial Conduct Authority

  June 25, 2026

  CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime.

  The FCA has now secured over £57m in total for WealthTek clients in just over a year, with action taken against CACEIS UK, Sapia Partners and Barclays Bank UK. CACEIS UK became WealthTek's sub-custodian in November 2020, meaning they were responsible for keeping its client’s assets safe. WealthTek was then known as Vertus Asset Management LLP. On three occasions, CACEIS UK checked the Financial Services Register which showed that WealthTek wasn’t authorised to hold certain client assets but did not take sufficient action. The firm also did not spot that WealthTek was not allowed to hold client money. However, it went on to open client accounts for WealthTek to use, then failed to monitor those accounts properly by not promptly reviewing and resolving alerts raised by their system.