Inadequate supervision over a U.S. immigration program through which wealthy foreigners can more easily obtain residency visas in exchange for investments could expose banks and brokers to legal and regulatory scrutiny, say analysts. Under the EB-5 program, foreign nationals who invest $500,000 directly into American commercial enterprises or into pooled funds managed by one of 781 regional centers approved by the U.S. Customs and Immigration Services (USCIS) increase their chances of being offered temporary residency, and permanent residency if their investment creates at least 10 jobs. Recent investigations of the EB-5 regional centers, which are generally U.S.-based companies authorized to...
U.S. lawmakers on Wednesday considered plans to reform or entirely eliminate a controversial program that offers expedited residency visas to wealthy foreigners who pledge to make significant investments.
UniCredit is set to pay millions of euros to German authorities to settle two different tax probes, as much as 25 percent of the funds used in Guatemalan politics originates from drug trafficking and other criminal groups, and more, in this week's roundup.
Spanish authorities are investigating half a dozen former Venezuelan officials for laundering kickback money through Banca Privada d'Andorra, Thai officials are considering new AML legislation, and more, in the midweek roundup.
The United Arab Emirates blacklisted 83 Islamist groups as terrorists, Belgian prosecutors charged HSBC's Switzerland-based private banking unit with "serious and organized" fraud, and more, in the midweek roundup.