The New York District Attorney's Office has hired a prominent U.S. Justice Department official to head a new bureau established to investigate financial fraud, bribery, terrorist financing and money laundering. The new group, the Major Economic Crimes Bureau, combines the Frauds Bureau with attorneys from its Investigation Division Central division, according to a statement from the office released Thursday. Richard Weber, currently the chief of the U.S. Justice Department's Asset Forfeiture and Money Laundering Section, will head the bureau. Weber's departure is the second and most prominent name to leave the Justice Department's money laundering division this month. Wells Fargo...
If you aren't certain that the Bank Secrecy Act job market is unusually active these days, ask anyone who has recently taken an executive position in a compliance department facing regulatory scrutiny. The message they're hearing: move quickly or move out of the way.
In the wake of two state-issued fines that totaled over $500 million dollars, several foreign banks with chartered branches in New York are considering moving elsewhere, say sources with knowledge of the matter.
Federal prosecutors indicted three New York men Wednesday for allegedly helping send approximately $300,000 to Iran and other countries through unregistered hawalas, a type of informal money exchange network.
The Credit Suisse saga isn't over yet, at least not for Manhattan District Attorney Robert Morgenthau. His office announced Wednesday that the bank handed over $268 million to his office. Half of the sum will be turned over to the city of New York and the rest to New York State.