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Midweek Roundup: France to Question Bank Chairmen on Panama Leaks, U.K. Weighs Unexplained Wealth Orders, and More
printFrench Finance Minister Michel Sapin has summoned the chairmen of the country's major banks to address allegations included in the Panama Papers that the institutions formed offshore companies for clients possibly linked to tax evasion, fraud and money laundering, Reuters said. More U.S. Treasury and State Department officials have held discussions with senior executives from banks in more than 15 countries to reassure them that conducting business with Iranian financial institutions following last year's nuclear accord won't trigger U.S. secondary sanctions, an unnamed source told Al-Monitor. U.S. officials most recently met with UBS and Credit Suisse representatives in Zurich to...
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HSBC disclosed that its U.S. court-appointed monitor has voiced "significant concerns" about its AML efforts, Italian authorities fined Bank of China for money laundering violations, and more, in the midweek roundup.
Mexico's Supreme Court overturned two state anti-corruption laws, former French minister Jerome Cahuzac appeared in court to face allegations of tax fraud and money laundering, and more, in the midweek roundup.
German Chancellor Angela Merkel believes the EU should keep sanctions against Russia intact, Brazilian authorities are investigating banking transfers tied to an allegedly fraudulent Olympic ticket-selling scheme, and more, in the midweek roundup.
Swiss private bank Falcon has been blocked from taking on new business in Singapore, Turkey asked FATF members to freeze the assets and bank accounts of the Gülenist Group, and more, in the midweek roundup.
OFAC admonished but did not fine insurance firms Humana and AXA Equitable Life Insurance for sanctions violations, trade-based money laundering cost the U.S. as much as $2.3 trillion from 2003 and 2014, and more, in the midweek roundup.
Iran is weighing a return to global debt markets for the first time since 2002, Switzerland's top prosecutor charged 13 people for allegedly collecting approximately $15.2 million for the Tamil Tigers, and more, in the midweek roundup.
EU officials are meeting with businesses to encourage them to do business with Iran, Israeli lawmakers approved a counterterrorism law, and more, in the midweek roundup.
Germany is prepared to ease sanctions against Russia within the year, HSBC has implemented new restrictions on the use of safety-deposit boxes at its Hong Kong branches, and more, in the midweek roundup.
The Kremlin has asked the U.S. Treasury Department to produce proof that Russian President Vladimir Putin is corrupt, a U.N. panel advised the Security Council to place travel bans and asset freezes on South Sudan's president, and more, in the midweek roundup.
The U.S. Office of the Comptroller of the Currency is preparing an enforcement action against the Bank of China, Guernsey is looking to raise the cap on AML fines, and more, in the midweek roundup.
Countries around the globe could suspend their economic sanctions against Iran by Monday, the UAE revoked the license of Al Zarooni Exchange for its alleged violation of AML rules, and more, in the midweek roundup.
Criminal gangs in the United Kingdom are recruiting teenagers on Facebook to move illicit funds, the UN and U.S. lawmakers are weighing new sanctions against North Korea, and more, in the midweek roundup.