Inaccurate yet widely circulated media reports are threatening the ability of financial institutions to screen their existing and potential customers for anti-money laundering purposes, say sources.
A proposal that would empower U.K. officials to blacklist human rights abusers anywhere in the world and confiscate their assets may be scuppered by the government's reluctance to impose new responsibilities on banks ahead of Brexit, a British parliamentarian said Tuesday.
A draft bill that would enable the U.S. government to impose sanctions on corrupt officials and individuals who commit grave human rights violations anywhere in the world will soon get a House floor vote.
Away from Moscow, EU and U.S. sanctions have done more than simply hobble the ability of Russian banks to obtain credit and correspondent accounts. For some institutions in London, the restrictions have resulted in tight constraints on anti-money laundering compliance efforts.
The White House is unlikely to back a bill that would expand a Russia sanctions program to target corrupt officials and human rights abusers worldwide, lawmakers and congressional witnesses said Wednesday.
At its highest levels, Russian corruption over the past 20 years has been disguised by networks of shell companies and facilitated by foreign banks willing to turn a blind eye to state embezzlement, according to Karen Dawisha, a political science professor at Ohio-based Miami University.
The United States Monday blacklisted two high-ranking Chechen officials and two Russians for their alleged roles in the torture of a Chechen activist and the death of Moscow attorney Sergei Magnitsky.
The expansion of Western sanctions targeting Russia will require banks to closely vet additional types of credit and transactions tied to financial, energy and defense firms, according to attorneys.
The U.S. Treasury Department Wednesday imposed its strongest sanctions to date in response to Russia's role in Ukrainian violence, blacklisting 12 companies in the federation's financial, energy and defense sectors.
As the Obama administration weighs punitive measures against Russia, part of its calculus will be the degree to which Russian officials can undermine U.S. national interests, including sanctions against Iran.
The Obama administration is "actively" considering designating Russians linked to the invasion of Ukraine under a 2012 human rights law, according to a U.S. State Department official.
Anti-money laundering enforcement actions against financial institutions issued by the Central Bank of Russia have sky rocketed over the past two years. What's up with that?
Insurers could become the next target of U.S. authorities investigating Swiss institutions for abetting tax evasion, a group of ministers in India are being investigated for tax crimes and money laundering, and more, in the weekly roundup.
U.S. House lawmakers on Friday overwhelmingly approved banking sanctions against Russian officials allegedly linked to the detention and death of a Moscow attorney who uncovered tax fraud and official corruption.
U.S. banks should consider increasing their scrutiny over transactions originating from Russia as widespread allegations of election fraud is expected to fan political instability and capital flight, say analysts.
A Russian law that prohibits corporate bribes and raises the ceiling on punitive fines isn't likely to impede businesses from offering illegal incentives to win lucrative contracts, say political observers.
Russia's compliance with international anti-money laundering standards is likely to remain tenuous, according to Ethan S. Burger, a senior lecturer for the Faculty of Law and Centre for Transnational Crime Prevention at the University of Wollongong in Australia.
Financial institutions should elevate their risk ratings on transactions with entities in Russia as tensions between it and the U.S. and Europe intensify, according to risk management analysts.