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UK Abandons Plans for Public Registers of Beneficial Owners in Offshore Territories The British government has rejected calls by lawmakers to impose more-stringent corporate transparency standards on U.K. overseas territories and dependencies, claiming that the jurisdictions are already “well ahead” of other international tax havens.
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January 18, 2017
Weekly Roundup: ‘Big Four’ US Banks Served Cannabis Firms, Airbus Delivers First Passenger Jet to Iran, and More A European court rejected an appeal by UBS to overturn a French court's decision on humanitarian grounds, the United States eased sanctions against Sudan, and more, in this week's roundup.
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January 13, 2017
UK Considers New Corporate Criminal Liability for Financial Crime The U.K. government on Friday published long-delayed proposals to hold banks and other financial institutions criminally responsible for money laundering, fraud and false accounting by staff, and to lower the burden of proof on prosecutors to determine criminal liability.
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January 13, 2017
UK Police Use Tax Laws Against Suspected Terrorist Financier Bailiffs have seized the London home of a Saudi Arabian political dissident following a tax probe into the funding of a suspected plot to assassinate the regime’s late king, U.K. law enforcement said Thursday.
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January 13, 2017
SKorea
Former U.N. Secretary-General Ban Ki-moon's nephew, Joo Hyun Bahn, allegedly posed as a London banker and a foreign government official to help secure a buyer for Landmark 72, a residential and business complex in Hanoi, Vietnam built by his father's construction firm. More
HM Treasury Publishes Updated Version of Asset Freeze Sanctions List HM Treasury modified its Consolidated List of Financial Sanctions Targets in the United Kingdom, which contains the names of designated individuals and entities subject to international asset freezing and domestic sanctions under the Terrorist Asset-Freezing etc. Act 2010.
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January 18, 2017
U.S. Treasury Designates Republika Srpska Leader for Obstructing Dayton Accords The U.S. Treasury Department announced that the Office of Foreign Assets Control designated President of Republika Srpska Milorad Dodik pursuant to Executive Order 13304, which authorizes sanctions against persons who have actively obstructed the 1995 General Framework Agreement for Peace.
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January 17, 2017
OFAC Adds One Individual to Balkans-Related Designations The U.S. Treasury Department's Office of Foreign Assets Control issued a notice concerning the designation of one individual on the Specially Designated Nationals List in relation to issues in the Balkans.
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January 17, 2017
Test Your AML IQ
On Nov. 9, 2016, the Caribbean Financial Action Task Force asked its members to consider the risks arising out of:
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From the Editor: Cyberattacks Require Response from AML Pros

September 23, 2016

Proposed regulations from the New York State Department of Financial Services and guidance from the Central Bank of Ireland released this month should prod compliance officers to talk more about the growing elephant in the room: cybersecurity.

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SFO: Rolls-Royce plc Agrees to Pay Over £497 Million to Resolve Bribery-Related Charges The UK Serious Fraud Office and the United Kingdom-based company entered into a deferred prosecution agreement to resolve bribery charges for misconduct in seven countries beginning as early as 1989. In total, the company agrees to pay £497,252,645 in disgorgement, penalties and reimbursement.
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January 17, 2017
SEC Fines Sociedad Quimica y Minera de Chile S.A. $15 Million for FCPA Violations The U.S. Securities and Exchange Commission imposed a cease and desist order against the Santiago, Chile- based company for violations of the books and records and internal control provisions of the Foreign Corrupt Practices Act in connection to bribery payments to Chilean politicians.
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January 13, 2017
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