News
printRelated News
Attorneys for a Florida couple accused of selling black-market medical devices argued before the Supreme Court Wednesday that the government's power to freeze the assets of defendants should be further limited.
The recent revelation that an alleged Oregon terrorist financier held funds in three separate bank accounts opened by attorneys underscores a potential reputational risk for banks, say analysts.
Over $35 billion in drug profits generated within the United States were laundered in U.S. financial institutions, real estate and other investments last year, according to estimates by the United Nations.
Complex offshore financial structures and shortcomings in international legal assistance agreements are jamming efforts to repatriate funds considered stolen by former North African leaders, say asset recovery experts.
A U.S. Senate subcommittee called for reforms Thursday to better detect when corrupt foreign politicians hide dirty money in the United States, including the implementation of federal beneficial ownership rules.
The United Nations and World Bank estimate that $45 billion a year is lost to corruption, which contributes to poverty, disease and environmental destruction, according to Jack Smith of the Caux Roundtable, a group that will try to recover pilfered assets when it launches in January.
PEPs pose serious risks to banks that do not implement strict policies and procedures on account-opening documentation, verification of wealth and daily account monitoring.
