News
Midweek Roundup: Justice to Prosecute More Banks for BSA Lapses, Greece Loses Over $500 Billion to Illegal Money Flows, and More
printThe 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....
TO READ THE FULL STORY
Related News
Over 2,000 new anti-money laundering jobs were created at U.K. commercial banks through June, Cuba's Ministry of Justice ordered lawyers to report suspicious transactions tied to money laundering, 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.
Singapore is adding tax evasion to its list of predicate money laundering offenses, eighty foreign MSBs have registered with FinCEN since August, and more, in the midweek roundup.
The Central Bank of Nigeria approved AML legislation that had been pending since 2009, Hong Kong financial institutions filed 29 percent more STRs in the first six months of 2012 than during the same period last year, and more, in the midweek roundup.
Standard Chartered Bank finalized its $340 million settlement with New York State , U.S. officials lifted sanctions against Myanmar's Mayflower Bank and Asia Wealth Bank, and more, in the midweek roundup.
Switzerland is investigating four Uzbek nationals with close ties to their country's president for possible money laundering, German lawmakers are likely to reject a proposed tax data exchange agreement with Switzerland ahead of parliamentary elections, and more, in the midweek roundup.
The Holy See hired Swiss lawyer Rene Bruelhart to help bolster the city-state's AML controls, Liechtenstein is weighing whether to enter a withholding tax agreement with Germany, and more, in the midweek roundup.
Bulgaria's national soccer leagues are intrinsically linked to organized crime groups, a senior Iranian military commander is suing the U.S. for blacklisting him, and more, in the midweek roundup.
Russia's Economic Development Ministry have drafted a bill to strengthen AML measures in the country, a U.S. Justice Department probe of alleged sanctions violations at the Royal Bank of Scotland has led to the departure of a senior risk manager, and more, in the midweek roundup.
Officials in India are looking to strengthen anti-money laundering and terrorist financing controls, U.S. Reps. Elijah Cummings (D-MD) and Henry Waxman (D-CA) suspect Wal-Mart's Mexico branch of money laundering, and more, in the midweek roundup.
The Federal Reserve Board ordered Asian Bank to strengthen its written Bank Secrecy Act program, a former executive at Lloyds Banking Group admitted to orchestrating a fraud and money laundering scheme worth over $3 million, and more, in the midweek roundup.
Some countries may take years to fully implement the revised FATF recommendations, China's foreign minister spokesman protested U.S. sanctions against Bank of Kunlun Co., and more, in this weeks' roundup.
The world's wealthiest hid at least $21 trillion in tax havens by the end of 2010, Ethiopia's financial intelligence unit wants to amend the nation's AML law in order to meet international standards, and more, in the midweek roundup.