Whatever the effectiveness of sanctions meant to sway Russia's involvement in Ukraine, one thing is certain: they've worsened the country's capital flight problem. By year's end, approximately $128 billion will have moved abroad, up from $63 billion in 2013, according to Russia's central bank.
Three years after a financial crisis that left its banking system in disarray, Cyprus has been rapidly revoking corporate charters in an effort to satisfy intergovernmental bailout demands.
Following the decision to hinge a financial aid package for Cyprus on the findings of two audits, other jurisdictions seeking bailouts will likely have to prove their anti-money laundering bona fides.
Fifteen Palestinian men were arrested for allegedly running a $55 million cigarette smuggling scheme, a proposal that aims to revive Argentina's economy could attract money launders, and more, in this week's roundup.
The terms of an ongoing audit of Cyprus' financial sector and a recent exodus of funds will significantly hinder attempts to identify dirty money with ties to the island-nation, say compliance experts.
A Kenyan politician has been charged with money laundering in Tanzania, the Reserve Bank of India will take action against ICICI Bank, HDFC Bank and Axis Bank for alleged money laundering violations, and more, in the weekly roundup.
As Cyprus continues its troubled efforts to fund its government, several international banks are looking at something all together different: a quiet exit from its ties to the island nation.
A federal court ruling dismissing a $300 million U.S. lawsuit against two European banks may limit how the United States enforces its anti-money laundering laws abroad, say former investigators.
The bank returned its banking license on Jan. 18, three months after the U.S. Justice Department sued the Bank of Cyprus over claims that it aided a Cypriot fugitive launder proceeds from an insider trading scheme.