Switzerland's Federal Council says it may limit cash purchases of property, jewelry and other assets, Iran appeals European Union sanctions imposed in March, and more, in this midweek roundup.
Three recently adopted international treaties drafted to foster trade between the Americas and Europe will also make it easier for financial criminals to launder money, say attorneys and former investigators.
Faced with raised compliance expectations, many large financial institutions are expanding the types of corporate clients they ask to implement anti-money laundering controls to include import-export businesses, payroll companies and payday lending firms.
Critics of an influential organization that sets international standards on anti-money laundering and counterterrorism financing compliance are questioning whether it evaluates its members fairly.
Criminals are exploiting inadequate safeguards in free trade zones to launder money, evade taxes and illegally ship material used to build weapons of mass destruction, according to an intergovernmental group.
The U.S. Treasury Department's financial intelligence unit issued guidance Thursday on how to spot and report transactions tied to trade-based money laundering, a type of crime on the rise.
A global watchdog group is rethinking how it evaluates 11 of its 49 recommendations on combating financial crime, including whether it should consider tax evasion as a predicate offense to money laundering.
U.S. government investigators have become aware of a new subset of money laundering that takes advantage of the international market for professional services, according to a report issued by the U.S. State Department.
Financial institutions providing credit in international transactions should check for suspicious activity pointing to trade-based money laundering, a banking consortium said Thursday.
The Financial Action Task Force Monday issued two reports to aid accountants and trust and company service providers to allocate resources for their anti-money laundering and counter-terrorist financing programs according to risk.
Though headlines are focused on the subprime mortgage crisis and recessionary fears, criminals are still finding ways to launder funds, including through trade-based finance , says Elaine Carey, Senior Vice President and National Director of Control Risks, an independent risk consultancy office.
A federal judge's ruling that online auctioneer eBay is not responsible for determining whether items sold on its website are counterfeit is likely to increase online vulnerabilities to money launderers, say analysts.
Countries need to establish training programs to help bank regulators and law enforcement agents detect the growing problem of trade-based money laundering, FATF said in guidance issued Tuesday.
The United Kingdom may turn over trade data to U.S. officials in exchange for access to a U.S. computer system designed to detect trade-based money laundering, according to the British customs service.
Since 2000, organized criminal syndicates and terrorist organizations have "dramatically" increased efforts to counterfeit goods, a crime that can be both highly profitable and difficult to detect, money laundering experts say.
The growth of the online auction industry, which is not subject to anti-money laundering requirements, has translated into opportunity for criminals to launder ill-gotten cash because there are few checks on the legitimacy of online transactions, say AML compliance professionals.
Evidence that high-profile terrorist groups are increasingly seeking to move money for their operations under the guise of legitimate trade has spurred financial experts to push for greater regulation, compliance professionals say.
The Financial Action Task Force, the global anti-money laundering watchdog, may issue a formal recommendation on standards to minimize the use of international trade to help launder money and finance terrorism, a person familiar with the organization says.
Marc Hambach, an assistant director of the Dubai Financial Services Authority and head of its AML department, spoke with reporter Brian Orsak about the process of developing regulations for one of the fast growing financial hubs in the world.
After a two-year delay, the U.S. government on Thursday released an anti-money laundering (AML) strategy focused on nine areas including money services businesses and trade-based finance. It did not include plans for combating terrorist financing, a break from previous strategies.