Great Britain has recorded its highest annual total of convictions for terrorist-related offenses for eight years, driven in part by a sharp increase in prosecutions for jihadist fundraising activities, according to government figures released Thursday.
A London-based charity founded by former Nigerian President Olusegun Obasanjo has closed its doors almost seven months after it was linked to allegations of money laundering, ACAMS moneylaundering.com has learned.
Fear of regulatory trouble is compelling some banks to turn down business to avoid the huge compliance costs of vetting potential clients, attendees at a banking conference in London heard Thursday.
British officials are asking lawmakers to codify a practice of not paying ransoms to kidnappers as part of a broader effort to clamp down on terrorism and its financiers.
Britain's tax enforcer Friday revised its plan to seize money from delinquent taxpayers, extending the time debtors have to appeal the decisions and bolstering independent oversight of the program.
Somewhere in a controversial EU fee for the U.K. disclosed Thursday lies something like an old saw, only it's not about how crime doesn't pay but how it costs, and in unexpected ways.
British officials are asking lawmakers to strengthen an agency's oversight of charities in England and Wales in response to terrorism financiers, including bolstering governmental authority to dismiss trustees.
An Islamic charity told by HSBC that its account would be closed in two months is considering fighting the British multinational bank's decision in court, but analysts say it will be difficult for it to win under U.K. law..
Nearly a month after the start of a 6-month abatement of Iran sanctions, U.S. officials have offered scant details on a promised financial stream for charitable donations to the country. In fact, say some humanitarian aid groups, nothing has changed at all.
Compliance officers should monitor for the abuse of nonprofit organizations by government officials embezzling money and laundering bribes - a problem noted in recent federal investigations, according to an FBI official.
In the years since a high-profile mistrial in the prosecution of a Texas charity, counterterrorism financing officials have shifted their focus away from nongovernmental organizations and toward individuals sending money abroad.
For bank compliance staff, the news might sound alarming: U.S. officials have questioned the British government over whether Islamic banking institutions have played loose with counterterrorism financing controls.
Saudi terrorist financiers are increasingly relying on cash couriers to circumvent the country's anti-money laundering and counter terrorism financing laws, according to a report by a U.S. governmental watchdog.
Two rulings in the case of an Ohio-based Muslim charity fighting a terrorism designation could tighten the timeframe federal prosecutors have for collecting evidence, say terrorist financing analysts.
The use of charities to evade taxes is "serious and increasing," robbing some countries of hundreds of millions of dollars per year, according to a European economic policy group.
A World Bank study shows that financial institutions don't have enough resources to uncover transaction patterns for charities that would suggest links to terrorists.
Charities avoid detection by funneling money through intermediaries not included on government watch lists, making it more difficult for banks to identify terrorist links.