With U.K. elections only two months away, Tory and Liberal Democrat lawmakers alike have been forwarding strategies to tackle tax evasion and other financial crimes. One consideration of the Labour Party: whether British officials have the proper resources to penalize wrongdoers.
The Obama administration's plan to increase annual appropriations for IRS enforcement efforts by more than $1 billion met criticism Tuesday from Republican members of the U.S. Senate Finance Committee.
Several Treasury Department agencies tasked with fighting money laundering and other financial crimes would see modest budget increases in a White House plan disclosed Monday.
The U.K.'s top law enforcement agency will no longer accept incomplete request forms from banks seeking approval to process transactions potentially violating legislation against financial crime and terrorism.
The United Kingdom Tuesday outlined how it might soon get tougher on tax cheats through revised penalties and clearer standards for criminal prosecutions when individuals are aided by commercial advisors.
A U.K. plan to name the owners of privately-held corporations will help shine a light on shell companies, but how revealing that effort will be remains uncertain.
The United Kingdom Thursday detailed a plan to settle alleged corporate violations of criminal laws without pursuing prosecutions -a strategy used by U.S. officials to exact billions from financial institutions.
As the U.K.'s Financial Conduct Authority navigates its first week of existence, the agency's newly released business plan promises a tough approach on fighting financial crime with a focus on complex cases.
The United Kingdom could begin using a powerful prosecutorial tool as early as next year in investigations of financial institutions suspected of facilitating money laundering and sanctions violations.
An appellate court decision rejecting a Zimbabwean couple's demand to know the names of HSBC employees who identified them in a suspicious transaction report could also establish new compliance requirements for British banks.
Britain's top banking regulator more than doubled its annual number of anti-money laundering monetary penalties in 2010 and fined financial institutions 2 million more pounds for related violations than in 2009.
A stringent new British anti-bribery law will be implemented before the end of the year despite concerns from the business community and the Cameron government, according to the measure's authors.
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.
The United Kingdom banned British financial institutions Monday from transacting business with an Iranian shipping company and one of Iran's five state-owned banks.