News
printRelated News
The leak of millions of records purporting to show widespread exploitation of offshore financial centers by global leaders, lenders and criminals is expected to draw governmental scrutiny of illicit finance, however unevenly.
Four months after the enactment of the EU's latest anti-money laundering directive, British officials are considering how to navigate new standards for political accounts in light of complaints from lawmakers.
The Obama administration is pushing lawmakers to introduce legislation that would require corporations to obtain tax identification data that could be turned over to investigators.
U.S. officials will formally propose this month a long-planned rule that would require banks to identify the owners of their corporate clients, according to an Office of Management and Budget schedule.
Intergovernmental plans to better identify corporate owners will do little to thwart financial crooks, even at great cost to banks and governments, according to an academic report on offshore financial flows.
Follow the headlines and you'll find an all too common story: the political winds shift, a leader is deposed and a fortune in dirty money is uncovered in a warren of offshore accounts. But why did no one stop the plundering sooner?
Even with the parliamentary passage of the EU's anti-money laundering directive last month, tough debates lie ahead for the economic bloc's plans to better identify financial criminals, say observers.
European Union nations must harmonize their asset forfeiture and property confiscation laws to comply with a directive adopted Friday by leaders of the economic bloc.
EU parliamentarians voted Tuesday to require member-states to update their laws targeting money launderers and the financiers of terrorism, in part by naming corporate owners.
European parliamentary members are set to require countries to publish registries naming the beneficial owners of privately-held corporations and trusts as part of a broad overhaul to the EU's anti-money laundering rules.
A U.K. plan to name the owners of privately-held corporations will help shine a light on shell companies, but how revealing that effort will be remains uncertain.
British asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday.
The EU Parliament adopted final recommendations Wednesday that would establish a public prosecutor's office and require member nations to ascertain the beneficial owners of companies incorporated within their jurisdictions.
British officials are set to propose legislation that would require private corporations and limited liability partnerships to publicly disclose their individual owners, a U.K. minister said Monday.
The European Commission unveiled proposals Tuesday for a Fourth Anti-Money Laundering Directive that would require greater disclosures of beneficial ownership and increased scrutiny of domestic politicians, among other changes.
U.S. Treasury Department officials are weighing whether to exempt trusts and offer more flexibility on verification requirements in an upcoming proposal that would impose data collection duties on corporate accounts held at banks.
Critics of a U.S. Treasury Department plan to strengthen beneficial ownership reporting by financial institutions aired their concerns to Obama administration officials at a rare public hearing Tuesday.
Irish lawmakers introduced a measure Tuesday that would impose anti-money laundering rules on casinos and company service providers in an effort to bring the country in line with a European directive.
Belgium and Ireland face potential fines and sanctions for failing to strengthen their anti-money laundering laws as part of a European Union directive, the London-based International Bar Association said Thursday.
The U.K. government, frequently criticized for interpreting European Union directives more strictly than many deem necessary or as the English say, gold-plating the rules isnt embellishing the EUs latest directive with exaggerated regulations.
