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U.S. investigators Wednesday disclosed the seizure of $31 million from seven American banks as part of a probe into an alleged Peruvian money laundering network that exploited industrial firms and shell companies.
Company formation agents would be required to implement anti-money laundering programs to better vet their clients under a broad measure introduced Tuesday by two influential U.S. lawmakers.
An expected agreement between the United Kingdom and Switzerland to tax half of the income of Britons keeping undeclared assets in Swiss bank accounts is a significant step backward in the fight against bank secrecy, say tax reform advocates.
The head of the Senate's powerful Permanent Subcommittee on Investigations is pushing for the establishment of international agreements to penalize banks known to help tax evaders.
Shell companies created in the United States under lax incorporation laws are allowing sanctioned countries to engage in illicit activities, according to three law enforcement officials testifying before a U.S. Senate panel Thursday.
An increase in the number of individuals coming clean about secreting away money will mean greater government scrutiny of foreign bank accounts and complicit financial institutions, say tax attorneys.
Despite Chinas acceptance into FATF, money laundering and corruption in the country may get worse before they get better as root problems remain unaddressed, AML professionals say.
The reduce the threat of shell companies, banks must ask questions to understand the nature of any business opening an account and should seek proof that the business produces something, says David Caruso, an AML compliance expert.
