Midweek Roundup: Justice to Prosecute More Banks for BSA Lapses, Greece Loses Over $500 Billion to Illegal Money Flows, and More

The U.S. Justice Department will pursue more Bank Secrecy Act criminal cases against banks, an official told Reuters. Jennifer Shasky Calvery, who currently heads the department's Asset Forfeiture and Money Laundering Section, told the news agency that banks will see BSA enforcement across "the broader spectrum of financial institutions." More Shasky Calvery will head the U.S. Treasury Department's Financial Crimes Enforcement Network starting this month. More Greece, which has the second largest underground economy among Organisation for Economic Co-operation and Development (OECD) members, lost over $500 billion to illicit monetary flows between 2010 and 2011, Global Financial Integrity said Tuesday....