The U.S. House of Representatives Tuesday unanimously passed a bill aimed at foreign banks that provide financial services to Hezbollah, an Iran-backed, Lebanon-based Shiite militant group.
A transactional data handover mandated under a $102 million settlement disclosed Tuesday between the U.S. Justice Department and a defunct Beirut bank will likely lead to new financial crime investigations.
As U.S. officials work to shield American prepaid cards from abuse by financial crooks, foreign-issued stored value products remain a relatively easy avenue to move money into the United States anonymously.
A decision by the U.S. Second Circuit Court of Appeals affirming sanctions against Jordan's largest bank for not turning over data on suspicious accounts could leave some financial institutions with an unwanted choice, say attorneys.
The U.S. Treasury Department Friday fined a Sioux Falls, SD bank branch $10 million for not properly reporting instances of suspected structuring and terrorist financing.
Increases in the rates that U.S. states tax cigarette purchasers has led to a rise in tobacco smuggling by organized crime groups and terrorist financiers, say governmental officials.
U.S. officials have launched a criminal investigation after linking data seized at Osama bin Laden's compound in Abbottabad, Pakistan to a Bank Secrecy Act report, counterterrorism investigators said Monday.
The U.S. Justice Department seized $150 million held for a Lebanese financial institution at accounts at five U.S. banks, as part of a crackdown on a purported terrorist financing network.
Despite a legal settlement reversing sanctions against an Ohio-based charity, most banks will view the individuals once associated with the group as too risky to take on as clients, say compliance officers.
In the years since a high-profile mistrial in the prosecution of a Texas charity, counterterrorism financing officials have shifted their focus away from nongovernmental organizations and toward individuals sending money abroad.
The U.S. Treasury Department's ability to freeze the funds of suspected terror financiers without a warrant is likely curtailed to emergency circumstances under a court order handed down last week.
Lawmakers are asking the U.S. Justice Department to clarify how it will prosecute individuals and groups that aid terrorist organizations, and whether those cases could involve innocent charity groups.
Pending civil complaints and recently unsealed documents in a case against a Luxembourg-based financial institution show the difficulty in collecting a landmark monetary penalty assessed against Iran for sponsoring terror, say analysts.
More than a dozen lawsuits against banks that allegedly provided accounts for terrorist organizations have stalled in court over the past five years, with none yet getting a trial date, court documents show.
The Supreme Court on Monday upheld a federal law barring "material support" of foreign terrorist groups, dismissing a lawsuit that asserted the rule was so broad that it curtailed constitutional rights of free speech and association.
The dismissal last month of a $500 million civil lawsuit against UBS AG for allegedly contributing to terrorist attacks won't impact rulings on similar lawsuits against other banks, say analysts.
Israeli lawyer Itsana Nitsana Darshan-Leitner, who represents victims of terrorism in lawsuits against banks, spoke recently with Fortent Inform reporter Brian Orsak about the suits and what banks should be doing to better monitor for terrorists attempting to exploit the financial system.
Swiss bank UBS faces its second civil lawsuit in five months for allegedly processing transactions tied to Middle Eastern terrorist organizations. Plaintiffs in the suit say the bank should pay no less than $500 million for providing financial services to Iran, a "state sponsor of terrorism"
The Federal Reserve Board and the New York State Banking Department on Thursday ordered the New York branch of a Pakistani bank to improve its enhanced due diligence procedures.