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Midweek Roundup: Argentina Fines HSBC $6 Million, Report Cites $5 Trillion Lost to Financial Crime, and More
printThe world lost over $5 trillion between 2001 and 2010 to corruption, tax evasion and other illegal activity, Global Financial Integrity concluded in a report published Monday. China accounted for nearly half of the illicit funds in tax havens and Western banks in 2010, and the country lost a total of $2.74 trillion in the last decade to illicit financial outflows. More Argentine officials fined HSBC Bank Argentina SA over $6 million for failing to report a $3 million transaction by a bread bakers' association clearly tied to money laundering, The Wall Street Journal reported. The fine comes less than...
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London-based HSBC Holdings Plc could find itself paying more to rectify past compliance problems following disclosures this week about the bank's services for clients with criminal ties, according to analysts.
Facing mounting regulatory pressure in the past year, several multinational banks are weighing whether to scale back their cash letter processing and other services for some of their foreign counterparts, say compliance professionals.
Looking for entrée into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors.
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.
Finra fined GBM International $20,000 for failing to conduct due diligence on foreign mutual funds, JPMorgan is expected to pay the U.K. approximately 500 pounds to settle claims that the institution evaded taxes on corporate bonuses, and more, in the midweek 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.