The U.S. government's increased scrutiny of legal and financial gatekeepers tied to money laundering schemes is likely to motivate some banks to spend more time reviewing related accounts, say compliance professionals. U.S. Justice Department have mentioned the focus on gatekeepers, which can include lawyers, accountants and bankers, twice in the past year-at a January meeting with corporate counsel executives in Virginia and during the 16th Annual International Anti-Money Laundering Conference in March. Gatekeepers can be hired by "a drug trafficker [who] needs to launder his funds but can't" get direct access to a financial institution, said Jennifer Shasky, chief of...
Follow the headlines and you'll find an all too common story: the political winds shift, a leader is deposed and a fortune in dirty money is uncovered in a warren of offshore accounts. But why did no one stop the plundering sooner?
The American Bar Association is crafting a voluntary best practices program for lawyers based on international anti-money laundering standards, say speakers at an organization conference in Washington, D.C.
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.
A new front in the United States' anti-money laundering enforcement war is the gatekeepers' initiative, a set of proposals that would require lawyers in certain cases to file suspicious activity reports similar to those required of U.S. banks.