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The Justice Department issued a memo on March 7 outlining principles that prosecutors should use when assigning monitors for deferred prosecution agreements. The department came under fire for awarding a $25 million monitoring contract to a firm run by former Attorney General John Ashcroft.
U.S. Army Major John Cockerham made a lot of money selling his influence as a contracting officer to guarantee contractors would win government bids, according to federal investigators. But he was tripped up by his efforts to launder $9.6 million in bribes, authorities say.
An Internet pharmacy racketeering operation that generated more than $126 million illustrates how accounting firms and other so-called gatekeepers can help money launderers, banking compliance professionals say.
The bill would prohibit using more than $10,000 in funds "legitimate or otherwise" to facilitate so-called specified unlawful activities, crimes used to establish money laundering cases.
While regulators don't have to make concession to an institution facing an enforcement action, there is usually room to negotiate the terms of penalties, lawyers say.
A financial institution should ask for a written request from any law enforcement agency that asks it to keep an account open, according to the U.S. Treasury Financial Crimes Enforcement Network.
U.S. Representative William Jefferson pleaded not guilty today to federal charges that he solicited more than $400,000 in bribes to advance business dealings between U.S. companies and Nigerian officials.
In a June 5 letter to the U.S. Drug Enforcement Administration, Miami attorney Frank Rubino, who represents Casa de Cambio Puebla, said federal agents on May 16 seized the companys funds deposited at a Miami branch of Wachovia Bank.
John Imhoff, the deputy chief of the IRS criminal investigations unit, speaks about the divisions efforts to investigate tax and money laundering-related narcotics cases and its struggles to get the most out of its resources.
The IRS criminal investigation division has used the letters during investigations for more than a decade to initiate contact with financial institution customers, particularly when the SARs indicate structuring may have taken place.
The U.S. Internal Revenue Service (IRS) named Eileen Mayer, a former federal prosecutor who has extensive experience with Bank Secrecy Act (BSA) issues, to lead its main investigative arm.
