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An intergovernmental group Friday added seven countries to its lists of jurisdictions that have failed to follow through on plans to clamp down on money laundering.
Governments should ramp up their efforts to investigate and prosecute money launderers, including by providing additional powers and resources to local law enforcement, an international watchdog group said.
The U.S. Treasury Department's financial intelligence unit withdrew a March 2008 advisory Monday warning banks of Uzbekistan's decision to suspend its anti-money laundering law.
For many, the question of whether it's easier to anonymously form a shell company in a Group of 20 country or a blacklisted tax haven will seem to have an obvious answer. Many would be wrong, however, according to a recent study.
The U.S. Treasury Department doesn't expect financial institutions to treat the 28 countries blacklisted by an intergovernmental group last month for weak anti-money laundering controls as non-cooperating nations under U.S. Patriot Act rules.
An influential financial crime watchdog group released Thursday a much-anticipated list of nearly 30 countries with anti-money laundering and counter terrorism financing deficiencies.
Banks should refuse to do business with companies that dont provide adequate beneficial ownership information, banking professionals and lawmakers say.
