A pair of civil complaints relying on a Colombian insurgent group's ties to Hezbollah could prompt a rise in similar lawsuits and related subpoenas sent to banks, according to legal experts.
The U.S. House of Representatives Tuesday unanimously passed a bill aimed at foreign banks that provide financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
The top U.S. court Monday rejected a petition by Arab Bank seeking to shield it from potential penalties for not turning over records to plaintiffs claiming the institution had terrorist clients.
In his 12-year career as an Assistant U.S. Attorney in the Southern District of New York, Daniel W. Levy has investigated and prosecuted several banks, bankers, and financial services advisors that facilitated the evasion of U.S. taxes through the use of complicit offshore financial institutions.
An expected plan to resolve a U.S.-Swiss tax dispute will likely prompt a wave of disclosures by American taxpayers and clear the way for banks to turn over data on their employees.
A transactional data handover mandated under a $102 million settlement disclosed Tuesday between the U.S. Justice Department and a defunct Beirut bank will likely lead to new financial crime investigations.
As U.S. officials work to shield American prepaid cards from abuse by financial crooks, foreign-issued stored value products remain a relatively easy avenue to move money into the United States anonymously.
A decision by the U.S. Second Circuit Court of Appeals affirming sanctions against Jordan's largest bank for not turning over data on suspicious accounts could leave some financial institutions with an unwanted choice, say attorneys.
The U.S. Treasury Department Friday fined a Sioux Falls, SD bank branch $10 million for not properly reporting instances of suspected structuring and terrorist financing.
U.S. officials Wednesday accused three former client advisors of an unnamed Swiss bank of helping American customers hide over $420 million in offshore accounts.
A U.S. District Court judge's decision this week to allow a jury to assume that a Jordanian bank knowingly processed transactions funding suicide bombings could galvanize separate lawsuits targeting banks.
Switzerland will begin disclosing account data on nearly 4,000 UBS AG clients within a week after Swiss lawmakers Thursday approved the handover, marking an unprecedented exception to the country's bank secrecy laws.
The number of lawsuits against banks accused of providing financial services to designated terrorist groups may increase by more than fourfold this year, say terrorism analysts and attorneys.
Four Canadians are suing the Montreal branch of Lebanese-Canadian Bank, alleging that the institution knowingly provided financial services to Hizbollah, an organization blacklisted internationally for terrorism.
Israeli lawyer Itsana Nitsana Darshan-Leitner, who represents victims of terrorism in lawsuits against banks, spoke recently with Fortent Inform reporter Brian Orsak about the suits and what banks should be doing to better monitor for terrorists attempting to exploit the financial system.
Swiss bank UBS faces its second civil lawsuit in five months for allegedly processing transactions tied to Middle Eastern terrorist organizations. Plaintiffs in the suit say the bank should pay no less than $500 million for providing financial services to Iran, a "state sponsor of terrorism"
Plaintiffs charge in the lawsuit that Switzerland-based UBS knowingly provided financial services for Hamas, a Palestinian political organization blacklisted in the U.S. for terrorism since 1995. The group is purportedly responsible for 2004 bombing in Bethlehem that resulted in 11 deaths.
A ruling against National Westminster Bank in a lawsuit claiming it knowingly provided services to terrorists could make financial institutions reluctant to openly endorse anti-money laundering standards or best practices that are not legally binding, compliance consultants say.
The widow of slain journalist Daniel Pearl sued the bank, claiming it knowingly maintained accounts for two organizations tied by the U.S. Treasury Department to Pearl's 2002 kidnapping and murder.
Families of suicide bombing victims say a U.S. judge's decision allowing a class-action lawsuit against a Middle Eastern bank sends a clear message that financial institutions can be held accountable for terrorist acts committed on foreign soil.