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Midweek Roundup: Switzerland to Limit Cash Payments, Horse Meat Sales Linked to Laundering, and More
Switzerland's Federal Council says it may limit cash purchases of property, jewelry and other assets, Iran appeals European Union sanctions imposed in March, and more, in this midweek roundup.
Since the 2011 indictment by the U.S. Justice Department of some of the most prominent online gambling sites in the world, the financial risks posed by Internet betting have changed, believes Christine Duhaime, barrister and solicitor at Vancouver-based Duhaime Law.
Three recently adopted international treaties drafted to foster trade between the Americas and Europe will also make it easier for financial criminals to launder money, say attorneys and former investigators.
Faced with raised compliance expectations, many large financial institutions are expanding the types of corporate clients they ask to implement anti-money laundering controls to include import-export businesses, payroll companies and payday lending firms.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.
Criminals are exploiting inadequate safeguards in free trade zones to launder money, evade taxes and illegally ship material used to build weapons of mass destruction, according to an intergovernmental group.
Online securities and futures firms should speak regularly with regulatory examiners about the sorts of financial crimes that are raising concerns, according to E*Trade's top AML officer.
The U.S. Treasury Department's financial intelligence unit issued guidance Thursday on how to spot and report transactions tied to trade-based money laundering, a type of crime on the rise.
A recent penalty by an Australian financial regulator against e-commerce site PayPal for weak anti-money laundering controls could prod U.S. regulators to more closely scrutinize companies with similar business models.
Sweden has granted a banking license for an Internet videogame that allows players to use real money to buy virtual goods, the first time such a license has been granted for online financial services.
Financial institutions providing credit in international transactions should check for suspicious activity pointing to trade-based money laundering, a banking consortium said Thursday.
FATF's new president talks to reporter Larissa Bernardes about the organization's plans to revisit its 40 + 9 recommendations and address emerging money laundering threats.
Though headlines are focused on the subprime mortgage crisis and recessionary fears, criminals are still finding ways to launder funds, including through trade-based finance , says Elaine Carey, Senior Vice President and National Director of Control Risks, an independent risk consultancy office.
A federal judge's ruling that online auctioneer eBay is not responsible for determining whether items sold on its website are counterfeit is likely to increase online vulnerabilities to money launderers, say analysts.
Countries need to establish training programs to help bank regulators and law enforcement agents detect the growing problem of trade-based money laundering, FATF said in guidance issued Tuesday.
The United Kingdom may turn over trade data to U.S. officials in exchange for access to a U.S. computer system designed to detect trade-based money laundering, according to the British customs service.
Canadian payments company ESI Entertainment Systems Inc. will forfeit $9 million in a deferred prosecution agreement with the U.S. Justice Department for its role in helping to launder proceeds from an illegal gambling operation.
Since 2000, organized criminal syndicates and terrorist organizations have "dramatically" increased efforts to counterfeit goods, a crime that can be both highly profitable and difficult to detect, money laundering experts say.
Evidence that high-profile terrorist groups are increasingly seeking to move money for their operations under the guise of legitimate trade has spurred financial experts to push for greater regulation, compliance professionals say.
The Financial Action Task Force, the global anti-money laundering watchdog, may issue a formal recommendation on standards to minimize the use of international trade to help launder money and finance terrorism, a person familiar with the organization says.
