New Zealand's Ministry of Justice called for industry input ahead of the government's submission next year of legislation that could impose anti-money laundering rules on non-bank businesses and amend suspicious activity reporting obligations.
Early results from an ongoing regulatory review suggests that British attorneys are falling short of their anti-money laundering duties, in part by failing to report suspicions about their clients.
The European Union's commissioners asked lawmakers Wednesday to consider broadening the scope of Europe's anti-money laundering directive, lowering beneficial ownership thresholds and strengthening controls on accounts held for political figures.
The European Commission sets a two month deadline for Germany to fully comply with the Third Money Laundering Directive, a secret report is leaked connecting an Islamic political group and al-Qaida, and more, in this week's roundup.
A client of UBS AG pleads guilty to tax evasion as a longstanding data sharing arrangement between the United States and the European Union is poised to collapse, in this week's news roundup.
The U.S. Justice Department dropped its controversial money-laundering case Wednesday against a prominent Miami lawyer who had vetted legal fees for a second attorney defending a Colombian drug lord.
France's decision to shut down French banks in jurisdictions on a European Union tax haven blacklist will likely be mirrored by other countries, according to tax analysts.
The U.S. Treasury Department dropped a long running case Tuesday against an attorney it said covered up the fraud that eventually led to the dissolution of a Miami bank.
Irish lawmakers introduced a measure Tuesday that would impose anti-money laundering rules on casinos and company service providers in an effort to bring the country in line with a European directive.
A federal judge's decision to drop a money laundering charge against a Miami attorney accused of vetting dirty money will increase the burden of proof for prosecutors, say former officials.
Five of the 15 European Union countries chastised by the EU Commission for not adopting anti-money laundering directives quickly enough could have those issues resolved by the end of the year, according to compliance consultants.
The European Union Internal Market Commission sent 15 countries letters threatening "expeditious legal action" if they didn't transpose the EU's Third Money Laundering Directive into law after missing a December 2007 deadline. But none of the countries are racing to comply, consultants say.
Most U.K. lawyers have adjusted their policies and procedures to comply with the country's latest Money Laundering Regulations, but are unhappy about the burden of the new requirements, according to an online survey by the Law Society of England and Wales.
Banking attorneys are closely watching the trial of Miami lawyer Carlos Loumiet for allegedly helping to hide a massive bank fraud, a case they say could disrupt the independent review process often used to vet anti-fraud and anti-money laundering controls.
The U.S. Justice Department, in an indictment unsealed Thursday, accused Ben Kuehne and two other individuals of helping to disguise the origin of more than $5 million in payments from a narcotics trafficker to his defense attorney.
The Canadian government has published final rules extending the country's anti-money laundering and anti-terrorist financing laws to certain notaries, jewelers and the legal profession. The new rules also outline penalty guidelines for money laundering violations.
Two months before his release from a Miami prison, former Panamanian dictator Manuel Noriega faces possible extradition to France on charges that he laundered more than $3 million there between 1988 and 1989.
A ruling by the European Court of Justice upholding a requirement that lawyers report the suspicious activities of their clients in certain circumstances brings into relief how countries outside the European Union including the United States are dealing with gatekeeper initiatives.
A report by the City of London revealed that the European Union's Second Money Laundering Directive has been haphazardly transposed into domestic legislation, from ill-defined terminology to identity verification, in six of its member states, UK, Spain, Italy, Greece, Poland and Lithuania.