A global anti-money laundering watchdog is set to criticize a pair of European countries for failing to require banks to identify parties that send or receive wire transactions, a U.S. official said Tuesday.
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.
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.
Resolving the growing tension between data privacy restrictions and anti-money laundering laws and overseeing the next round of mutual evaluations will define Russia's stewardship of a global anti-money laundering group, say analysts.
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.
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.
The world's premier financial crime watchdog declined Friday to suspend Turkey's membership and disclosed how its assessors will begin evaluating jurisdictions on the efficacy with which they fight illicit finance.
Global banks with business in Turkey are anticipating the outcome of an intergovernmental organization's plenary meeting this month that could see the country suspended from the group or removed from a blacklist.
The Turkish government's longstanding relationship with Hamas has stalled the country's passage of counterterrorist financing measures and threatened its involvement with an influential intergovernmental group, analysts say.
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.
Two of the world's most influential intergovernmental groups will more heavily weigh each other's anti-money laundering and anti-tax crime standards in future evaluations, a former official said.
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.
Eleven jurisdictions have yet to make "significant progress" on improving their anti-money laundering regimes despite having had six months to more than a year to do so, an intergovernmental watchdog said Monday.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.