Swiss banks often file suspicious activity reports only as a reaction to "external information," while penalties Swiss regulators levy in response to serious compliance violations fall short of deterring future misconduct, according to the Financial Action Task Force.
Scant, uneven efforts by U.S. state authorities to identify the individuals who own or control companies formed within their jurisdictions hobble federal efforts to investigate and prosecute money launderers, an intergovernmental group recently concluded.
Turkey's vulnerability to illicit financiers has grown over the past year, in part due to its deepening economic relationship with Iran and turmoil along its southern border, say policy advocates.
A global watchdog against financial crime removed Turkey from a list of jurisdictions that haven't sufficiently complied with its standards, despite the country's failure to meet several of the group's goals.
The world's leading financial crime watchdog will soon ask countries to further harmonize their legal structures in an effort to stop criminals from exploiting differences in jurisdictional laws.
The Supreme Court nears a ruling on the long-running Arab Bank case, FATF spares Afghanistan from its blacklist, and more, in this week's news roundup.
Officials from 26 U.S. agencies and departments have begun a formal evaluation of the country's legal and regulatory vulnerabilities to illicit finance as required by an international anti-money laundering organization.
A dearth of trained staff, ineffective mutual evaluations and questions raised by last year's audit of Cypriot efforts to foil financial criminals motivated an intergovernmental group's adoption this month of new quality controls.
An ongoing corruption and graft scandal involving a state-controlled Turkish bank will likely complicate Turkey's standing with the global anti-money laundering community, say analysts.
The United States has done little to address gaps identified in 2006 by an international anti-money laundering watchdog, despite a follow-up national review expected within the next two years, say consultants.
A new grading system by an intergovernmental group on how effectively jurisdictions fight money laundering and terrorist financing is likely to compel global financial institutions to rethink their geographic risk-rankings.
Some jurisdictions will likely struggle to comply with a call by the world's top anti-money laundering watchdog to assess their own vulnerabilities to financial crime, say industry experts.
U.S. officials will soon ask an influential intergovernmental group to call on its members to relax laws preventing bank affiliates from sharing data on suspected financial crimes, say sources.
Europe's biggest financial institutions are largely prepared to comply with newly proposed amendments to the EU's anti-money laundering directive, compliance officers and banking attorneys say.
The Financial Action Task Force is set to implement a two-tiered grading system for future mutual evaluations as part of an effort to better score the efficacy of anti-money laundering regimes.
An intergovernmental group's revised expectations of how countries should seize looted assets may prove difficult to meet, and could lower the mutual evaluation scores nations receive for their anti-money laundering controls.
The Financial Action Task Force threatened Friday to suspend Turkey's membership if the country fails to pass counterterrorist financing laws ahead of a Feb. 22 meeting by the group.
An intergovernmental group that evaluates how countries fight money laundering and terrorist financing will change how it grades compliance with its standards beginning next year, say individuals familiar with discussions.
The U.S. Treasury Department will issue guidance expanding on pending regulations in an effort to plug compliance gaps ahead of the Financial Action Task Force's next review of the United States.
Intergovernmental evaluations of how nations fight money laundering and terrorist financing often do not accurately reflect whether those efforts are effective, the International Monetary Fund said in a report Wednesday.