The U.S. Treasury Department's creation of a new unit to investigate global money laundering may herald more designations of foreign banks caught serving terrorists, nuclear proliferators and criminals, sources told ACAMS moneylaundering.com. The Global Investigations Division, or GID, will administer many unique authorities of the department's Financial Crimes Enforcement Network, including to penalize foreign financial institutions under the Patriot Act and place temporary, enhanced reporting rules on certain nonfinancial firms deemed vulnerable to illicit finance. GID will be led by Matthew Stiglitz, a former senior prosecutor in the Justice Department's Criminal Division, and absorb staff from the Office of Special...
A geographic targeting order in effect since May applies to a wider range of real estate transactions than previous versions of the measure, and covers significantly more cities and metropolitan areas, sources told ACAMS moneylaundering.com.
The U.S. financial intelligence unit rejected claims that its most recent attempt to blacklist a Tanzanian and Cypriot lender as a "primary money laundering concern" was based mostly on analysis of suspicious activity reports.
The Financial Crimes Enforcement Network announced the launch of its Global Investigations Division, which is tasked with using the agency's authorities under the Bank Secrecy Act to combat money laundering and terrorist financing, through close work with foreign counterparts.