British officials and bankers have reached a breakthrough in recent days in their talks on how to better cooperate in financial crime cases, a top U.K. investigator said Thursday.
Britain will soon strengthen its asset-freezing powers and review its suspicious transaction reporting rules, according to a governmental plan outlined Thursday.
ACAMS moneylaundering.com spoke with the co-head of the United Kingdom's Serious Fraud Office's bribery and corruption unit, Ben Morgan, about his hopes of securing the U.K.'s first deferred prosecution agreement with a corporate.
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
British companies hoping for a compliance reprieve from the U.K.'s key law against bribery could have a long wait ahead of them, with no promise of getting what they've asked for, say attorneys.
U.K. leaders intend to review whether facilitation should be legal again, CFATF warns countries about the risks of Belize, Guyana and Dominica, and more, in this week's news roundup.
An intergovernmental group Tuesday criticized Austria, Spain and the Netherlands for failing to sufficiently investigate and convict individuals and corporations that bribe foreign officials.
A report by the United Kingdom's chief financial regulator on the anti-bribery compliance efforts of investment banks likely signals coming enforcement actions, and greater scrutiny of depository institutions, say former officials.
Not only can banks in the UK expect a number of anti-money laundering enforcement actions from the Financial Securities Authority, despite the fact the agency shuts down next year, investment banks and individuals in financial services can also expect a host of non-AML enforcement actions.
A planned regulatory overhaul, economic sanctions against Iran and the enforcement of anti-bribery rules will be among the biggest issues British financial institutions contend with in 2012, say experts.
Many large British companies are putting the final touches on their compliance efforts ahead of a Friday enforcement deadline of the country's broad, new anti-bribery law, say U.K. consultants.
Financial institutions operating in the U.K. could be among the first companies fined under a new British anti-bribery law, according to speakers at an anti-money laundering conference in Amsterdam Monday.
The United Kingdom's law enforcement arm said Wednesday that it would not pursue convictions under a new anti-bribery law against companies and individuals with a limited presence in the country.
Senate panel members Tuesday criticized the U.S. Justice Department's enforcement of a U.S. anti-bribery law even as representatives from the commercial sector asked Congress to better shield it from penalties.
U.S. financial institutions and other companies will have additional anti-money laundering and anti-bribery monitoring duties when a new U.K. law takes effect next year, according to a U.K. regulator.
Nigerian politicians deposited millions of dollars obtained through bribes into accounts at some of the U.K.'s most prestigious banks, which subsequently faced no apparent regulatory penalties, a British advocacy group said Monday.
The departure Friday of the Justice Department's top enforcer of the U.S. Foreign Corrupt Practices Act will mark an end to an era, not a slowdown in penalties against violators, say analysts.
The rise in U.S. prosecutions of companies that bribe foreign officials won't likely plateau for another four or five years, when European countries are expected to further clamp down on the crime, according to the former assistant chief for the Fraud Section of the Justice Department.
A British anti-bribery bill expected to pass this month could increase the likelihood that U.S. financial institutions and other companies will face sizable monetary penalties for overseas deals, say consultants.
It can be a rare but difficult moral dilemma for bank compliance officers: what to do when you know that a client wants to wire a ransom payment to kidnappers, a transaction that technically abets a crime.