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 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.
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.
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.
France's highest court has overturned a law requiring lawyers to report the suspicious activities of their clients related to money laundering, a provision of the European Union's Second Money Laundering directive, which France adopted by decree in 2006.
In February, the U.S Attorney's Office in Miami charged Benedict Kuehne of helping to disguise narcotics proceeds that were a portion of more than $5 million in fees paid by a drug trafficker to his defense lawyer.
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.
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.