The European Commission will reapprove a controversial agreement to share data on terrorist financing with the United States despite criticism from EU lawmakers, according to an individual with direct knowledge of the matter.
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.
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.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
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.
The 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.
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.
A U.S. Treasury Department proposal to sharply increase bank reporting of cross-border transactions would diminish the number of structuring cases prosecuted by the United States.
A U.S. Treasury Department plan to increase reporting on cross-border transactions would allow federal regulators and investigators to more easily detect unregistered money remitters - if they can sift through the data.
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.
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.
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.
European Union justice ministers agreed Friday on guidelines for the sharing of personal data among law enforcement agencies and European courts, giving European citizens greater assurances of privacy in terrorism and criminal cases.
The Belgian-based consortium plans to open the center by then end of 2009 as part of an effort to restructure how financial data is transmitted internationally.
The Bush administration suffered a setback Friday when a federal judge rejected its effort to block a civil lawsuit against an international banking consortium that provides the administration with data for terrorist investigations.
The agreement, announced June 27, resulted from months of negotiations after an EU advisory panel found that the consortium's sharing of information with the United States violated EU data protection laws.