TOP STORY

Apr

18

Chinese Banks, Government Officials Failing to Prevent Money Laundering: FATF

The People’s Bank of China in Beijing as photographed on Friday, Sept. 7, 2018. On Wednesday, April 17, 2019, an international group reported that China’s efforts against illicit finance fall short of global standards. (iStock)

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U.S. Secretary of State Mike Pompeo announced the U.S. administration's decision to no longer issue any additional Significant Reduction Exceptions to existing importers of Iranian oil.
The U.S. Justice Department announced that Gibran Rodriguez-Mejia pleaded guilty to international money laundering in connection with his operation of a currency exchange house that received the proceeds from the sale of illicit drugs in the United States by members of the Sinaloa Cartel.
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Enforcement Actions

The Financial Crimes Enforcement Network issued a civil monetary penalty against Kern County, CA-based peer-to-peer virtual currency exchanger Eric Powers for his will violation of the Bank Secrecy Act's registration, program and reporting requirements, and lack of anti-money laundering procedures.
The Board of Governors of the Federal Reserve System issued a civil monetary penalty against the Milan, Italy-based institution and subsidiaries UniCredit Bank AG, based in Munich, Germany and UniCredit Bank Austria AG, based in Vienna, Austria for inadequate sanctions control and supervision.