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Midweek Roundup: JPMorgan Drops Vatican Account, 11 Nations Scale Back Ties to Iran’s Oil Sector, and More
printJapan and 10 European nations are among an "initial group" of countries whose banks have avoided losing access to the U.S. financial system by "significantly" reducing their purchases of Iranian petroleum products under legislation enacted in December, Secretary of State Hillary Clinton announced Wednesday. The bill may compel the White House to apply the sanctions to China, South Korea, Turkey and other countries if they don't reduce their Iranian oil purchases by the end of June, Bloomberg reported. More JPMorgan Chase closed an account held for the Vatican because of concerns that the papal institution wasn't willing to comply with...
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Germany's BaFin is reportedly investigating potential AML violations by Deutsche Bank, a U.K. court could order the British government to pay millions to compensate a blacklisted Iranian bank, and more, in this midweek roundup.
A federal district court in Miami sentenced a former director of international relations for Haiti's state-owned telecommunications company to nine years in prison, a former securities lawyer pleaded in New York to money laundering, and more, in the midweek roundup.
The European Union is set to impose tougher sanctions against Iran if it continues with its nuclear program, a former advisor of ex-French President Nicolas Sarkozy has been accused of laundering illegal campaign donations, and more, in the midweek roundup.
Prosecutors in South Korea requested an arrest warrant for the nation's former Knowledge Economy Vice Minister for alleged money laundering, a Philippines Senator pressed lawmakers to expedite the passing of laws that will boost the country's AML regime, and more, in the midweek roundup.
Former Mexican state treasurer Hector Javier Villarreal is being investigated for alleged money laundering and engaging in organized criminal activity, seven people were arrested in London for their suspected involvement with terrorist financing, and more, in the midweek roundup.
Two Venezuelan politicians may be tied to five people arrested for running an alleged $10 million money laundering scheme, loopholes in New Zealand's AML legislation often let criminals go unpunished, and more, in the midweek roundup.
French magistrate Guillaume Daieff has been appointed to investigate allegations that UBS AG helped its clients evade taxes, Kenya's Anti-Money Laundering Advisory Board approved the immediate opening of a center that will be devoted to combating money laundering, and more, in the midweek roundup.
France approved an investigator's request for an arrest warrant for the son of Equatorial Guinea's President Teodoro Obiang Nguema on money laundering charges, Uganda's Parliament is pushing to pass an anti-money laundering and counterterrorist financing bill, and more, in the midweek roundup.
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The OECD recommended that Hungary strengthen its detection and prosecution of foreign bribery, Saudi Arabia's Council of Ministers approved a new AML and counterterrorist financing law, and more, in the midweek roundup.
Royal Dutch Shell is scrambling to find a way to pay Iran as much $1 billion before European Union and U.S. sanctions take effect, more than $8 billion was smuggled out of Afghanistan last year, and more, in the midweek roundup.
India faces a possible U.S. sanction over its reluctance to reduce Iranian oil purchases, MONEYVAL believes knowledge about the money laundering risks of new payment methods and the Internet is "relatively low", and more, in this week's roundup.
The State Bank of Pakistan advised financial institutions to conduct enhanced due diligence procedures when establishing business relationships with charities, the OCC disclosed two separate consent orders for AML deficiencies, and more, in the midweek roundup.
India is investigating Adani Ports & Special Economic Zone Ltd. over alleged money laundering violations, SARs filed by casinos and card clubs have increased since 2004, and more, in this week's roundup.
The Financial Action Task Force said that China has improved its AML and counterterrorism financing regime, Saudi Arabia approved new AML and cyber crime prevention legislation, and more, in the midweek roundup.
Japanese companies will likely avoid U.S. sanctions violations in exchange for Japan reducing its imports of Iranian oil, the FBI's Detroit Division joined a new multi-agency task force aimed at investigating corrupt domestic officials, and more, in the weekly roundup.
Toronto Dominion Bank will pay $170 million to victims of South Florida Ponzi schemer Scott Rothstein, the U.S. has pressured Dubai-based Noor Islamic Bank to stop processing transactions relating to Iran's oil sales, and more, in the midweek roundup.
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The FDIC disclosed two enforcement actions for AML violations, Jamaican officials are welcoming plans to revamp the country's Proceeds of Crime Act, and more, in this week's roundup.
Scottish organized crime groups are eyeing the renewable industry as a potential source for money laundering operations, Japan agreed to reduce its use of Iranian crude oil by 11 percent, and more, in the midweek roundup.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news roundup.