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Weekly Roundup: Senate Bill Would Increase Bank Reporting Requirements, Two SRO’s Levy AML Penalties, and More
printSenators Carl Levin (D-MI) and Kent Conrad (D-ND) introduced a bill on Tuesday aimed at closing loopholes that businesses use to avoid taxes. The Cut Unjustified Tax Loopholes Act calls for increased reporting requirements for foreign banks and U.S. taxpayers on offshore accounts and would impose taxes on foreign corporations that are primarily managed from the U.S. More Carl Levin previously lobbied for similar measures in the Stop Tax Haven Abuse Act. More The National Futures Association handed out three separate fines Wednesday to entities and individuals over anti-money laundering (AML) violations. The NFA dinged Peregrine Financial Group $700,000 for...
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Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
The EU is pushing the United States for answers following reports that the National Security Agency siphoned bank messaging data held in the European Union, possibly in violation of a July 2010 treaty.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
France updated its blacklist list of jurisdictions deemed to be uncooperative in tax matters, Associated Bank spent $5 million in the first quarter of this year to comply with an enforcement action related to AML violations, and more, in this week's roundup.
Transparency International is calling on the European Union to strengthen controls on beneficial ownership reporting, Jamaica will boost its AML laws and regulations in order to meet Financial Action Task Force standards, and more, in this week's roundup.
A report by the GAO concluded that some information requested by the IRS' Form 8938 and the FBAR is duplicative, Vietnam and Cambodia signed an MOU to strengthen information sharing in money laundering investigations, and more, in this week's roundup.
The Philippines Senate delayed the approval of amendments to its principal AML law despite pressure from FATF to upgrade its regime, convicted Ponzi schemer Allen Stanford lost his bid for a new trial after being convicted earlier this month, and more, in this week's roundup.
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.
India faces a possible U.S. sanction over its reluctance to reduce Iranian oil purchases, MONEYVAL believes knowledge about the money laundering risks of new payment methods and the Internet is "relatively low", and more, in this week's roundup.
Proposals to bar Iranian financial institutions from a global interbank messaging service would impose additional costs on Iran's banks without entirely blocking them from accessing Western financial institutions.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news roundup.
The White House targets top Syrian officials for human rights violations as the United Nations mulls naming countries that haven't enforced Libyan sanctions, in this week's news roundup.
Argentina to release AML action plan to avoid FATF blacklisting, the OCC issues two AML-related enforcement actions, and more, in this week's roundup.
Weekly Roundup: Italy Investigates Vatican Priests, Afghanistan to Audit All Private Banks, and More
While U.S. regulators are pushing national banks to hire regional Bank Secrecy Act (BSA) officers, some smaller banks have yet to hire a single full-time compliance officer, the U.S. Treasury Department said this week.
Italian authorities freeze $31 million at the Vatican Bank, MENAFATF criticizes Lebanon's AML regime and laundered art is returned to Brazil, in this week's news roundup.
Former Alavi president sentenced to three months in prison, Nigerian leaders rush to pass new AML legislation and Hong Kong eyes ways to strengthen AML controls, in this week's roundup.
Two U.S. companies paid a total of $200 million dollars this week for anti-money laundering (AML) and sanctions violations. On Wednesday, Wells Fargo Co. agreed to pay the United States $160 million and the next day a Delaware corporation paid $40 million.
Iran seeks help with its terrorist financing laws on the heels of its inclusion in an international blacklist and investigators in the UAE say they are looking at U.S. credit card companies as part of investigation into the assassination of a Hamas leader, in this week's roundup.
The U.S. Supreme Court okays the extradition of former Panamanian dictator Manuel Noriega, and a prominent Florida lawyer pleads guilty to bilking investors out of $1.2 billion in a massive Ponzi scheme, in this week's news roundup.
U.S. Defense Secretary Robert Gates said sanctions against Iran were likely as the Manhattan District Attorney's Office prepares to issue a large deferred prosecution agreement penalty against a foreign bank over its ties to the Persian country.