Chinese financial institutions feature prominently among more than a hundred banks recently revealed to have knowingly or unknowingly processed billions of dollars-worth of illicit payments originating from Russia.
American seizures of cash bound for the Mexican border are on track to reach their lowest annual total in the last six years, federal statistics show.
Mexico's partial reversal of 2010 limits on U.S. dollar deposits will make it easier for narcotics traffickers to launder drug proceeds through Mexican banks, according to current and former investigators.
Mexican cartel members are exploiting mirror accounts in the United States and Mexico to launder money and evade U.S. dollar deposit restrictions, financial regulators said Thursday.
The effectiveness of Hong Kong's new anti-money laundering law will hinge largely on the willingness of the jurisdiction's regulators to enforce its new powers, according to former investigators and consultants.
As an economic partner with the United States, few countries in the world compare with China. The same could be said for the quality of the nation's anti-money laundering regime, at least on paper, according to Peter Gallo, chief executive officer of Hong Kong-based consultancy Pacific Risk Ltd.
The United States is likely to ramp up penalties against financial institutions and other companies that have bribed Chinese officials to gain entry into the Asian market, including business involving the Olympics, say consultants.
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