U.S. Fifth Amendment protections cannot shield Bank Secrecy Act reports from grand jury and other subpoenas, two appellate courts have ruled in tax evasion-related cases. On Monday, the Seventh Circuit Court of Appeals said that Bank Secrecy Act (BSA) data, including certain information maintained for tax purposes, must be turned over when legally subpoenaed even if doing so is tantamount to self-incrimination. The decision is the second appellate ruling of its kind, after the Ninth Circuit Court of Appeals reached a similar conclusion in August 2011. The decisions are "an important and significant development that bolsters government power," said Bryan...
HSBC Bank will lay off 77 employees that serve on its AML team in Buffalo, NY, Belarus' central bank will audit Credexbank after the U.S. Treasury Department accused it of money laundering, and more, in this week's roundup.
A federal judge in Miami has granted a U.S. Justice Department request to obtain the bank account information of wealthy investors who may be hiding as much as $20 billion in undeclared assets through Swiss bank giant UBS AG.
Swiss bank UBS faces its second civil lawsuit in five months for allegedly processing transactions tied to Middle Eastern terrorist organizations. Plaintiffs in the suit say the bank should pay no less than $500 million for providing financial services to Iran, a "state sponsor of terrorism"
Plaintiffs charge in the lawsuit that Switzerland-based UBS knowingly provided financial services for Hamas, a Palestinian political organization blacklisted in the U.S. for terrorism since 1995. The group is purportedly responsible for 2004 bombing in Bethlehem that resulted in 11 deaths.