News
Midweek Roundup: Afghanistan Fails to Stem Illicit Cash Flows, U.S. Calls for Sanctions Against North Korea After Missile Launch, and More
printThe United States and European allies will ask the U.N. members to approve new sanctions against North Korea after the Asian nation violated a measure barring ballistic-missile testing, Bloomberg reported Wednesday. China could use its veto power to prevent further sanctions. More Afghanistan has done little to oversee large and possibly illicit cash flows out of Kabul International Airport, according to a report published Tuesday by the Special Inspector General for Afghanistan Reconstruction (SIGAR). Individuals fly out of the airport with billions of dollars of unchecked and unclaimed cash despite the presence of American-installed machines that can better trace the...
TO READ THE FULL STORY
Related News
The United States should strengthen its efforts to fight money laundering and terrorist financing associated with Afghan opium ahead of a military withdrawal from the nation, U.S. officials said Wednesday.
Approximately $763 billion in illicit funds circulated in and out of Russia between 1994 and 2011, former Florida Republican Party Chair Jim Greer pleaded guilty to money laundering, and more, in the midweek roundup.
Growing salaries for compliance personnel in conjunction with large enforcement actions are raising costs for financial institutions, Filipino lawmakers approved an anti-money laundering bill, and more, in the midweek roundup.
Norway is giving Cyprus $1.3 million to boost its AML regime, Japan plans to restrict money transfers involving North Korea should the Asian nation move ahead with plans to test a nuclear weapon, and more, in the midweek roundup.
Japanese authorities arrested three employees of Tokyo-based shipping agent Ben Line Agencies for violations of Iranian sanctions, the United Nations increased sanctions targeting North Korea, and more, in the midweek roundup.
The head manager and AML officer of a Los Angeles-based MSB were both sentenced to prison for AML violations, a former Citigroup secretary was found guilty of money laundering and tax evasion, and more, in the midweek roundup.
Hong Kong officials are proposing amendments to legislation that would restrict the general public's access to information about private company directors, two former managers at Halifax Bank of Scotland were charged with corruption in the U.K., and more, in the midweek roundup.
Manhattan's U.S. Attorney's Office recovered approximately $3 billion in illicit proceeds in 2012, Nepal faces FATF blacklisting due to its failure to criminalize money laundering and terrorist financing, and more, in the midweek roundup.
The Philippines' Central Bank published AML guidance for bank boards, FinCEN extended the deadline for certain individuals filing FBAR reports, and more, in the midweek roundup.
The Central Bank of Ireland fined Community Credit Union Limited nearly $28,000 for AML violations, Nigerian cross-border cash couriers are using China and Dubai to launder funds, and more, in the weekly roundup.
The United Kingdom is ramping up efforts to tackle domestic and international tax evasion, several Geneva-based HSBC employees voluntarily resigned after a $130 million drug and money laundering scheme was uncovered by French and Swiss investigators, and more, in the midweek roundup.
The European Union is set to lift financial sanctions on Egypt and Tunisia and return frozen assets to each country, a former vice president of Canada's largest engineering company was indicted on fraud and money laundering charges involving $139 million, and more, in the midweek roundup.
The U.S. Treasury Department blacklisted a hawala with branches in Afghanistan and Pakistan and two individuals for their support of the Taliban, general insurance agencies in Guernsey will be exempted from anti-money laundering rules starting next year, and more, in the midweek roundup.
Jordan's ex-intelligence chief was sentenced to over 13 years for embezzling and laundering approximately $34 million in public funds, Singapore convicted 44 people of money laundering between 2010 and 2011, and more, in the midweek roundup.
The Central Bank of Iraq will soon issue new rules to tighten controls over money transfers, the U.S. and EU are urging reluctant Swiss officials to implement sanctions against Iran's oil industry and central bank, and more, in the midweek roundup.
Deutsche Bank confirmed rumors that it is under investigation for possible U.S. sanctions violations, a former Bank of Hapoalim chairman was indicted for fraud and money laundering in Israel, and more, in the midweek roundup.
The former head of the now defunct Brazilian lender Banco Cruzeiro do Sul was arrested on money laundering charges, a prominent Chinese businessman and at least 80 others were arrested in Spain for allegedly laundering over $1 billion, and more, in the midweek roundup.
Plans by the Royal Bank of Scotland to sell its U.S. subsidiary Citizens have been delayed due to ongoing AML compliance problems and potential sanctions violations, Turkey, Myanmar and Kenya could be added to the FATF list of noncompliant nations, and more, in the midweek roundup.