The real estate sector's vulnerabilities to money laundering and corruption extend beyond simple schemes to use illicit funds when purchasing property. In many cases, the third parties involved in such deals pose risks too.
Switzerland's Federal Council says it may limit cash purchases of property, jewelry and other assets, Iran appeals European Union sanctions imposed in March, and more, in this midweek roundup.
Three recently adopted international treaties drafted to foster trade between the Americas and Europe will also make it easier for financial criminals to launder money, say attorneys and former investigators.
New U.S. Treasury Department banking restrictions designed to hamstring Iran's nuclear program will curtail personal remittances and the ability to receive payments for licensed exports to the country, say analysts.
A federal court ruling reversing convictions against a former financial adviser for running an unlicensed money remitter that accepted money from Iran highlights little known exceptions to prohibitions on accepting Iranian money.
Faced with raised compliance expectations, many large financial institutions are expanding the types of corporate clients they ask to implement anti-money laundering controls to include import-export businesses, payroll companies and payday lending firms.
Last year's failed Times Square car bombing has been the chief impetus behind a recent U.S. Treasury Department's initiative to identify unregistered money services businesses and hawala networks, according to sources.
Bank of America failed to investigate $160 billion in suspicious transactions used to perpetrate an alleged $20 billion fraud by a wealthy Saudi Arabian businessman, a congressional witness said Tuesday.
A Manhattan court Wednesday indicted a New York man for allegedly transferring money illegally to Faisal Shahzad, the 31-year-old man who attempted to detonate a homemade bomb in Times Square.
Three weeks before he attempted to detonate a car bomb in Times Square on May 1, Faisal Shazhad, a naturalized U.S. citizen living in Connecticut, was in New York picking up $7,000 in cash sent by a suspected member of a Pakistani terrorist group using an age-old informal transmission network.
Venezuela announces plans to create a public bond market, 14 individuals charged with providing material support to a terrorist organization, in this week's roundup.
Businesses and individuals seeking to evade sanctions that target Iran and other nations may be utilizing back-to-back letters of credit to disguise their roles in transactions, say trade analysts.
Officials are concerned that Iran may have "sleeper cell" agents in the Arabian Peninsula conducting financial transactions and preparing potential retaliatory action for the Persian country, according to a professor at the Monterey Institute of International Studies.
Criminals are exploiting inadequate safeguards in free trade zones to launder money, evade taxes and illegally ship material used to build weapons of mass destruction, according to an intergovernmental group.
The U.S. Treasury Department's financial intelligence unit issued guidance Thursday on how to spot and report transactions tied to trade-based money laundering, a type of crime on the rise.
The U.S. Supreme Court okays the extradition of former Panamanian dictator Manuel Noriega, and a prominent Florida lawyer pleads guilty to bilking investors out of $1.2 billion in a massive Ponzi scheme, in this week's news roundup.
The United Arab Emirates should immediately begin work on a national plan to better protect its economy from money launderers and terrorist financiers, an intergovernmental watchdog said Friday.
The United Arab Emirates, a key oil producer situated between Iraq and Iran, has failed to adopt a coherent national strategy against money laundering and terrorist financing, despite the country's rapid influx of foreign capital over the past decade, the IMF said Friday.
Technological developments offer governments unprecedented ability to address trade-based crime. But there's a problem, according to Nikos Passas, a professor who studies financial crime at Boston-based Northeastern University: governments aren't utilizing available tools.
It can be difficult to get even the most basic information about customers and their businesses when compliance officers try to assess those customers' risks and determine what level of due diligence they require, according to bankers and consultants doing business in the Middle East.