Reading the Tea Leaves, Consultants Predict Shift in Cartel Laundering, Casino Crackdown and More Information Sharing in 2014

If 2013 saw fewer headline-grabbing fines for financial compliance violations, it wasn't due to a lack of interest from federal investigators and regulatory officials. With plenty of convincing reasons, representatives of the law enforcement and compliance industry say the coming year is fraught with serious challenges. For one, the Paris-based Financial Action Task Force (FATF) will grade the anti-money laundering (AML) and counterterrorist financing regimes of member-states with a new effectiveness score. A crackdown by the United States and other countries on tax evaders will also likely continue unabated, leaving some banks between prosecutors and the clients who have hidden...