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Financial Institutions Should Review Own Actions in $110M Italian Forfeiture Case
By Matt Squire
printFinancial institutions named in a U.S. Justice Department complaint seeking the forfeiture of $110 million in corruption proceeds should review all accounts related to the case, anti-money laundering professionals say. The funds in 19 accounts at a number of U.S.-based institutions are the proceeds of a public corruption case in Italy and are laundered funds, the Justice Department said in a complaint filed Thursday in federal court in Miami. The institutions-which include Atlas One Financial Group LLC, Citibank, Merrill Lynch, Morgan Stanley Dean Witter, Wachovia Securities, Lazard Asset Management LLC, UBS Paine Weber, and First Allied Securities-weren't accused of any...
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