NEWS: Canada to tighten beneficial ownership rules from October 1, 2025

Regulatory Watch News

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  Colorado Man Pleads Guilty to Years-Long Scheme to Defraud the IRS and for Operating a Multi-Million Dollar Investment Fraud Scheme

  US Department of Justice

  August 8, 2025

  A Colorado man pleaded guilty yesterday to conspiring to defraud the United States and tax evasion related to his promotion and use of an illegal tax shelter. He also pleaded guilty to wire fraud related to his operation of a fraudulent investment scheme. The following is according to court documents and other statements made in court: from 2018 through 2023, Timothy McPhee, of Estes Park, promoted a fraudulent tax shelter to taxpayers across the country. The tax shelter was made up of a private family foundation and three trusts called a business trust, family trust, and charitable trust. McPhee taught clients who purchased the tax shelter how to use the trusts and foundation to evade paying federal income taxes on nearly all their income.

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  FBI case study to feature during Countering Financial Crime Conference 2025

  Isle of Man Financial Services Authority

  August 8, 2025

  Agents from the Federal Bureau of Investigation (FBI) are taking part in the 2025 Isle of Man Countering Financial Crime Conference.   The FBI financial crime specialists will share a case study based on an investigation that led to a Florida insurance mogul pleading guilty to his part in a $2billion international fraud and money laundering scheme.   The presentation is one of the many highlights of a varied agenda at the conference, which will be opened by Chief Minister Alfred Cannan MHK at the Villa Marina on Wednesday 3 September 2025.

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  GRECO publishes report on Germany’s progress in anti-corruption measures regarding the central government and law enforcement

  GRECO

  August 8, 2025

  The Council of Europe Group of States against Corruption today published a report on Germany assessing progress made in implementing the recommendations issued to the country in the Fifth Round Evaluation Report (2020) on preventing corruption and promoting integrity in central governments (top executive functions) and law enforcement agencies. GRECO concludes that Germany has implemented satisfactorily four of the 14 recommendations set out in the Fifth Round Evaluation Report. Six recommendations have been partly implemented and four have has not been implemented.