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.
A House panel Thursday advanced sanctions legislation that would blacklist individuals deemed responsible for the detention and death of a Moscow attorney who uncovered an alleged tax fraud scheme.
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.
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.
Russia has offered to drop a controversial $22.5 billion lawsuit against Bank of New York Mellon in exchange for an $800 million settlement, a Russian financial newspaper reported Tuesday.
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.
High-level corruption in Russia continues to thwart government efforts to counter money laundering and terrorist financing in the country, a European anti-money laundering watchdog said in a report made public Thursday.
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 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.