An intergovernmental group has unveiled an anti-corruption monitoring system that will require sports governing bodies to identify the beneficial owners of sports clubs and their sources of wealth to secure top ratings for financial integrity.
In his 12-year career as an Assistant U.S. Attorney in the Southern District of New York, Daniel W. Levy has investigated and prosecuted several banks, bankers, and financial services advisors that facilitated the evasion of U.S. taxes through the use of complicit offshore financial institutions.
The large number of transactions involving World Cup real estate deals, soccer players and tourism may be vulnerable to abuse by money launderers, say compliance consultants.
The opaque financial structures of the sports sector, including soccer and basketball, can be abused by criminals seeking to disguise dirty money and climb social ladders, an intergovernmental organization said Wednesday.
An anti-money laundering watchdog association will issue guidelines on how countries can best identify and freeze the assets of terror financiers, the organization said Monday.
The Financial Action Task Force, a global financial crime watchdog is set to release three reports highlighting the methods that money launderers and terrorists can employ to exploit trade and electronic commerce and facilitate weapons proliferation.