To understand why Brazilian officials and state-run companies are embroiled in multiple large-scale criminal investigations, look first to the seemingly modest reforms in recent years of the country's anti-corruption controls, according to an assistant law professor at the University of Richmond.
Four months after the enactment of the EU's latest anti-money laundering directive, British officials are considering how to navigate new standards for political accounts in light of complaints from lawmakers.
ACAMS moneylaundering.com recently spoke with officials from the FBI's kleptocracy squad about the unparalleled cooperation and inevitable difficulties in following the money.
Follow the headlines and you'll find an all too common story: the political winds shift, a leader is deposed and a fortune in dirty money is uncovered in a warren of offshore accounts. But why did no one stop the plundering sooner?
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.
Countries should require their political officials to publicly and verifiably disclose their assets and income in order to better combat bribery and embezzlement, the United Nations and World Bank said Wednesday.
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.
Foreign government officials with U.S. accounts are increasingly banking at smaller financial institutions that are vulnerable to financial abuse because of scant compliance resources, say analysts.
The 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.
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.
The Central Bank of Uruguay has issued an official list of politically-connected individuals in a wide variety of government or quasi-government positions to aid banks and law enforcement in due diligence and criminal investigations.
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.
A French money laundering and arms trafficking trial involving more than 40 politically-connected individuals and their wealthy associates may turn up damaging information about the private banking clients of major banks, say consultants.
Whether political figures like Augusto Pinochet require extra scrutiny from financial institutions that serve them long after they leave office may change in European Union nations under a 2004 AML directive expected to be implemented union-wide this year, according to analysts.
The federal government should issue a list of politically exposed persons to help banks identify them, according to former Financial Crimes Enforcement Network director William Fox.