News
EU Lawmakers to Review ‘Disturbing’ Talks Between US Officials and European Banks on Iran Transactions
printThe disclosure that U.S. officials have solicited and directly received data from foreign banks on transactions tied to Iran is spurring talks among European lawmakers, according to Alexander Alvaro, an EU Parliament supervisor. The arrangements, first reported by ACAMS moneylaundering.com, netted information on international transactions even when the clients involved weren't the subject of sanctions, a former U.S. Treasury Department official said earlier this month. American officials both solicited the arrangements and were offered the data by at least one bank, according to diplomatic cables published by Wikileaks. Alvaro, who supervises the Parliament's Terrorist Finance Tracking Program, or TFTP, recently...
TO READ THE FULL STORY
Related News
Despite tightened controls on interbank messaging, some bankers looking to hide the role of their blacklisted clients in international wires need only type a single key on their keyboard, according to experts.
A panel of European Union lawmakers approved plans Tuesday to harmonize definitions of corruption and money laundering throughout the bloc and ease asset seizures
The EU is pushing the United States for answers following reports that the National Security Agency siphoned bank messaging data held in the European Union, possibly in violation of a July 2010 treaty.
Proposals to bar Iranian financial institutions from a global interbank messaging service would impose additional costs on Iran's banks without entirely blocking them from accessing Western financial institutions.
The National Futures Association handed out three separate fines to entities and individuals over AML violations, four Vatican priests have been charged with laundering hundreds of thousands of dollars, and more, in this week's roundup.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
U.S. officials have secretly solicited and, at times, received data from foreign banks on accounts tied to Iranian entities, without notifying the accountholders of the requests, say sources.
A European Union plan to detect terrorist financing by allowing investigators access to financial messaging information has met strong opposition from European lawmakers concerned about data privacy rights and budgetary constraints.
A European Union Commission report published Thursday concluded that U.S. Treasury officials had abided by all data security provisions contained within a controversial transatlantic bank data sharing treaty.
The United States and European Union tentatively agreed Monday to a plan allowing the sharing of interbank messaging data as part of investigations into terrorism.
The European Union and the United States move ahead with negotiations over Swift interbank data and a New York court sentences an alleged terrorist financier to ten years in prison, in this week's news roundup.
The European Commission proposed Wednesday a data sharing agreement that would grant European Union investigators access to information on U.S. bank accounts in cases of suspected terrorist ties.
The rejection by the EU Parliament Thursday of a data sharing agreement with the United States is likely to leave U.S. investigators without timely access to European banking data for the second month in a row.
EU party leaders have rejected delaying a Thursday vote on an interim agreement to share European financial data with U.S. counterterrorism investigators.
A client of UBS AG pleads guilty to tax evasion as a longstanding data sharing arrangement between the United States and the European Union is poised to collapse, in this week's news roundup.
An interim agreement allowing U.S. investigators continued access to European financial data in terrorism cases will likely be ratified in February by a skeptical EU Parliament, according to EU officials.
The EU Council passed a controversial agreement Monday to extend the access of U.S. counterterrorism investigators to European financial data by another nine months.
Two measures passed by a Congressional committee this month that could change the way banks notify customers of data breaches are unlikely to become law this year, according to a Senate staffer.
Two agencies at the U.S. Treasury Department have done a poor job protecting sensitive Bank Secrecy Act information from hackers and potential data breaches, a government watchdog said Friday.
Congress is considering a request that would allow the Federal Trade Commission to levy fines against companies with poor controls over sensitive customer data, according to a report released Tuesday.