News
Money Laundering Trial of Former House Leader Set to Begin Monday
By Colby Adams
printThe trial of former U.S. lawmaker Tom DeLay for allegedly laundering campaign funds will likely hinge on whether Texas state prosecutors can prove he attempted to cover up corporate donors, say lawyers. DeLay, the former Republican Majority Leader until his resignation in September 2005, is accused of illegally channeling corporate money through two political action committees to bankroll the campaigns of Republican candidates for the Texas Legislature. The former lawmaker's trial is scheduled to begin on Monday in Travis County Criminal Court. Prosecutors allege that DeLay conspired in September 2002 with John Colyandro of Texans for a Republican Majority (TRMPAC),...
TO READ THE FULL STORY
Related News
A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners.
British asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday.
Texas prosecutors overreached when accusing a former top Republican lawmaker of money laundering for his role in financing the campaigns of state candidates, an appellate court said.
Calls for a survey of how U.S. banks monitor high-risk accounts are likely to be ignored even if such a review would expose anti-money laundering compliance gaps, say industry experts.
A Miami-based bank is expected to agree to pay between $10 million and $15 million to the U.S. government in the next month for Bank Secrecy Act violations, according to individuals familiar with the matter.
An ousted Tunisian leader's transfer of suspect funds into Western bank accounts highlights the pitfalls financial institutions face when they maintain relationships for foreign political leaders, say analysts.
After 11 days of testimony and three days of deliberations, a Texas jury found former House Majority Leader Tom DeLay guilty on Wednesday of laundering nearly $200,000 in illicit corporate donations.
An intergovernmental group said Wednesday that it was considering asking countries to make tax evasion a predicate crime of money laundering and to issue tougher AML standards on political figures.
Two initiatives to recover assets embezzled by corrupt political leaders will result in banks receiving more subpoenas and data requests from law enforcement, say analysts.
Few small financial firms in the U.K. have adequate anti-money laundering and sanctions compliance programs, including enhanced due diligence controls for high-risk clients, Britain's top financial regulator said Monday.
A U.S. Senate subcommittee called for reforms Thursday to better detect when corrupt foreign politicians hide dirty money in the United States, including the implementation of federal beneficial ownership rules.
The United States has asked Guatemala to extradite former Guatemalan president Alfonso Portillo for allegedly laundering embezzled funds through at least three U.S. bank branches, according to court documents.
We never said compliance professionals had it easy, and 2010 doesn't look to be a year when things will be any better for the anti-money laundering and counterterrorism financing industry.
The Chilean government has filed lawsuits against four banks it says either negligently or deliberately helped former dictator Augusto Pinochet hide $26 million in stolen funds.
The United Nations and World Bank are planning to tap financial intelligence units worldwide in an effort to better reclaim assets stolen by corrupt political figures and their associates.
International efforts to combat corruption associated with the political elite are only now beginning to bear fruit, buoyed by maturing anti-money laundering programs, say compliance consultants.
The Qatari government has failed to comply with nearly a third of the international anti-money laundering and counter-terrorism financing regulatory controls recommended by an intergovernmental watchdog.
Taiwanese police detained the country's former president Tuesday as part of an investigation into an alleged money laundering scheme, according to media reports.
U.S. Representative William Jefferson pleaded not guilty today to federal charges that he solicited more than $400,000 in bribes to advance business dealings between U.S. companies and Nigerian officials.
Money laundering charges leveled against Tom DeLay this week marks what many analysts consider to be an unprecedented use of money laundering laws to combat alleged campaign finance violations.