A U.S.-Swiss plan to resolve a tax evasion dispute may absolve Switzerland's government from further action but will prove costly and time-consuming for participating banks, say attorneys.
An expected plan to resolve a U.S.-Swiss tax dispute will likely prompt a wave of disclosures by American taxpayers and clear the way for banks to turn over data on their employees.
Liechtenstein's oldest bank will pay nearly $24 million to the United States for aiding American tax evaders for at least a decade, the Southern District of New York disclosed Tuesday.
Criticisms of the U.S. Justice Department's apparent decision to forego indictments of HSBC and its employees misses a larger point: the department probably couldn't have won convictions if it tried, say prosecutors.
The New Mexico Attorney General's Office has expanded its team of anti-money laundering investigators as a result of a 2010 settlement between the state of Arizona and Western Union, according to the state's top prosecutor.
In the wake of regulatory crackdowns and multiple criminal probes, financial institutions operating in Mexico are spending millions of dollars to upgrade their anti-money laundering programs, say bank staff.
The world's wealthiest hid at least $21 trillion in tax havens by the end of 2010, Ethiopia's financial intelligence unit wants to amend the nation's AML law in order to meet international standards, and more, in the midweek roundup.
Poor anti-money laundering controls on affiliates and problematic oversight allowed a global bank to process tens of trillions of dollars with little to no compliance checks, according to a U.S. Senate subcommittee.
When the DOJ accused 14 in June of washing Mexican cartel money via a horse racing operation, it signified a rare feat in the drug war: a prosecution built solely on money laundering charges. Despite years of trying to choke the cash networks of Mexicans drug gangs, such cases remain the exception.
Mexican cartel members are exploiting mirror accounts in the United States and Mexico to launder money and evade U.S. dollar deposit restrictions, financial regulators said Thursday.
Mexico has lost as much $91 billion per year to capital flight associated with tax evasion and corruption during the last decade, according to a report by an American advocacy group.
Narcocorrido balladeers can profit by praising crime in their songs without living the lifestyle. But they can also have direct links to Mexican drug cartels, including by helping to launder dirty money.
Key features of an anti-money laundering strategy to combat drug trafficking organizations pitched last year by Mexican officials may ultimately be dropped by lawmakers, say industry advisors.
Exemptions for Mexican hotels and other businesses from Mexico's limits on U.S. dollar deposits can be readily exploited by narco-traffickers and money launderers, say compliance professionals.
A U.S. District Court judge Wednesday signed an order ending Wachovia Bank's deferred prosecution agreement with the U.S. Justice Department for failing to identify transactions potentially tied to drug cartels.
Mexican drug traffickers are likely laundering some of their profits in the country's casinos and nightclubs, as well as in campaign funds for political candidates, according to a leaked U.S. diplomatic communiqué.
Federal regulators have increased their scrutiny of correspondent relationships that could be used to mask nested accounts for non-U.S. money remitters otherwise barred from American banks because of compliance risks.
Federal bank examiners failed for at least four years to identify widespread signs of money laundering at Wachovia Bank, frustrating officials who helped levy a $160 million penalty against the institution last week.
Wells Fargo & Co., the parent company of Wachovia Bank, will pay $160 million to settle anti-money laundering compliance problems tied to accounts with Mexican currency exchange companies, the company said Wednesday.
Wachovia Bank will pay up to $125 million to compensate victims of a telemarketing fraud conducted through accounts at the bank and a $10 million civil penalty under agreements reached with the Office of the Comptroller of the Currency.