The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Plans by Russia to develop an independent payment network could limit the U.S. government's window into illicit finance in the federation, say analysts.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
International banks are bracing for economic sanctions against Russian officials beyond those announced Monday by Western nations, according to compliance officers.
U.S. banks should consider increasing their scrutiny over transactions originating from Russia as widespread allegations of election fraud is expected to fan political instability and capital flight, say analysts.
Russia's compliance with international anti-money laundering standards is likely to remain tenuous, according to Ethan S. Burger, a senior lecturer for the Faculty of Law and Centre for Transnational Crime Prevention at the University of Wollongong in Australia.
The Ukrainian government is likely to pass anti-money laundering legislation in 2010 to avoid inclusion on an international blacklist, but will do little to enforce the laws, according to analysts.
Bank of New York Mellon and the Russian government finalized an expected settlement Thursday of a lawsuit that had sought $22.5 billion for tax revenue lost to a money laundering scheme.
The Bank of New York Mellon settled a $22.5 billion civil lawsuit brought by the Russian government for the actions of a rogue bank employee who laundered billions of dollars, according to a statement issued Wednesday by Russia's finance minister.
Settlement talks between the Bank of New York Mellon and Russia over the country's alleged loss of taxes on $7.5 billion have stalled, according to a lawyer representing the federation.
Bank of New York Mellon is for the first time talking about a possible settlement in a $22.5 billion lawsuit brought by Russia over revenue purportedly lost in a money laundering scheme, according to news reports.
The Russian Federation is set to approve a European-based proposal that would bolster the country's ability to seize the assets of suspected money launderers and terrorists, according to a Russian news report.
A Moscow court Thursday sentenced the financier accused of ordering the assassination of a top Russian banking official to 19 years in prison, according to a Reuters report.
Belarusian authorities arrested Emanuel Zeltser, a Russia-born lawyer who practices in New York, on March 12, claiming he had entered the country with forged documents relating to a lawsuit over the disputed inheritance of Georgian billionaire Badri Patarkatsishvili.
The Russian government has hired celebrated U.S. attorneys Alan Dershowitz and G. Robert Blakey to testify about U.S. RICO laws as part of its $22.5 billion lawsuit against the Bank of New York Mellon for its alleged role in a money laundering scheme.
The Russian government is seeking three times the amount of Russian money a Bank of New York employee helped launder through the institution under the U.S. Racketeer Influence and Corrupt Organizations Act.
The Russian Customs Service sued the bank under U.S. law, the Racketeer Influence and Corrupt Organizations Act, in May for unpaid tariffs after a rogue bank employee helped transfer more than $7 billion out of Russia through illicit wire transfers. The case is being heard in a Russian court.
The Russian Customs Service is set to open its case in a $22.5 billion money laundering-related lawsuit against the Bank of New York on Monday after a hearing was delayed this week, a bank spokesman said.
Viktor Zubkov, the head of Russia's financial intelligence unit, the Federal Financial Monitoring Service, was nominated to replace Mikhail Fradkov, who announced his resignation hours before the nomination.