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Weekly Roundup: Senate Rejects Ending FinCEN’s Data-Sharing, Online Gambling Prosecution Nets Famous Players, and More
printThe U.S. Senate Committee on Appropriations rejected Wednesday an Obama administration proposal that would have ended 142 data-sharing agreements between the Financial Crimes Enforcement Network (FinCEN) and state and local authorities, The Wall Street Journal reported. The proposal, intended to trim $2.3 million in costs, had been strongly criticized by law enforcement officials, prompting Manhattan District Attorney Cyrus Vance Jr. to call the proposed measure, "pennywise and pound foolish." More Last week, the committee approved of a bill granting FinCEN a fiscal year 2012 budget of $111 million, the same as it currently operates with now. More Senior managers at...
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JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
While many eyes are on Switzerland and an anticipated June 18 vote that will determine if the names of 4,450 UBS AG account holders will be handed over to U.S. authorities, Liechtenstein is offering its British bank clients an opportunity to fess up to unpaid taxes.
Latvia shuts down the country's smallest bank, EUROPOL arrests 32 individuals on alleged money laundering crimes, Bulgarian national extradited to U.S. to face wire fraud and money laundering charges, in this week's roundup.
Taxes were in the fore of the news this week, and not just because of the annual arrival of the April 15 filing deadline for tax returns. The U.S. Justice Department made headway in four separate cases against 11 suspected tax evaders with accounts at UBS AG and HSBC.
U.S. efforts to stifle al-Qaida's finances are paying off and Swiss financial institutions filed a record number of SARs in 2009, in this week's news roundup.
While an Office of Foreign Assets Control report revealed this week that the total assets frozen annually by the United States for alleged ties to terrorism fell five percent in 2009 from the previous year, another report pinpointed the top money laundering countries in the world.
A Milwaukee-based company sues American Express for failing to block illegal transactions and Royal Bank of Scotland discloses that the U.K. Financial Services Authority is investigating it, in this week's news roundup.
A New York City councilman is charged with laundering money stolen from public funds, a prominent car dealership owner is accused of bilking cash from Chrysler and the UAE sees a 48 percent jump in suspicious transaction reports, in this week's news roundup.
A former Panamanian president is under house arrest for money laundering and the United States continues its efforts to extradite Colombians tied to a massive Ponzi scheme, in this week's news roundup.
Canada's financial intelligence unit issued its largest monetary penalty to date in a week when U.S. bank regulators called on financial institutions to be more transparent in their cross-border transactions.
The prosecution of high-profile, alleged Ponzi schemes kept money laundering in the headlines this week as a federal court convicted a Minnesota businessman for bilking investors of $3.5 billion and investigators arrested a well-known Florida lawyer for allegedly stealing over $1 billion.
A Miami judge is convicted for using a shell company to launder his profits from a public fraud scheme, the Philippines fines a bank for poor suspicious transaction reporting and more, in this week's roundup.
In other AML news this week, the New Zealand government passed an AML bill and the SEC said it has expanded its cooperation with foreign governments in securities fraud investigations.