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Midweek Roundup: Report Claims Most Drug Money Laundered in Western Banks, Treasury Blacklists Syndicate Leaders, and More
printInvestigations into the bank accounts and property of ex-Egyptian President Hosni Mubarak and his family members reveal that his two sons engaged in money laundering and corrupt practices, Egypt Independent reported Wednesday. Alaa and Gamal Mubarak allegedly used their father's position to secure hundreds of millions in cash and luxury cars, and each son is suspected of sending millions of dollars to offshore companies. Mubarak's combined family assets are believed to be over $500 million. More Over 97 percent of worldwide drug proceeds are laundered in banks in Europe and the United States, according to a new study, the Guardian...
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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.
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FinCEN will hold a public hearing on July 31 to discuss potential beneficial ownership-related due diligence rules, German tax authorities searched the homes of Credit Suisse clients over alleged tax evasion charges, and more, in the midweek roundup.
The FDIC dinged a Coral Gables, FL bank for BSA infractions, Vatican Bank defended its AML troubles and more, in this week's news roundup.
The European Union tightened sanctions against Syria, Switzerland said that it will widen the power of its anti-money laundering unit, and more, in the midweek roundup.
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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.
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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.
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