A pair of civil complaints relying on a Colombian insurgent group's ties to Hezbollah could prompt a rise in similar lawsuits and related subpoenas sent to banks, according to legal experts.
U.S. officials Wednesday accused three former client advisors of an unnamed Swiss bank of helping American customers hide over $420 million in offshore accounts.
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.
More sensitive diplomatic communiqués leaked by Wikileaks.org, prosecutions against former UBS AG account holders for tax evasion continue, and more, in this week's roundup.
A federal court Monday dismissed criminal charges against UBS AG after determining that the Swiss banking giant fulfilled its obligations under a high-profile deal made with U.S. authorities in August 2009.
More than a dozen lawsuits against banks that allegedly provided accounts for terrorist organizations have stalled in court over the past five years, with none yet getting a trial date, court documents show.
Switzerland will begin disclosing account data on nearly 4,000 UBS AG clients within a week after Swiss lawmakers Thursday approved the handover, marking an unprecedented exception to the country's bank secrecy laws.
A decision by Swiss lawmakers to block a deal allowing UBS AG to turn over client data to the United States has left supporters of the agreement scrambling to find an alternative.
A Swiss official warns that the United States plans legal action if a deal to hand over UBS account data is blocked, China announces that it has tweaked its counterterrorism laws and Ecuador says it will be off of FATF's blacklist by June, in this week's news roundup.
A decision by a Swiss court suspending challenges of a U.S. investigation of UBS AG accounts has cleared the way for Swiss lawmakers to decide in June whether to turn over account data.
Jordanian lawmakers approve changes to the country's chief AML law and Germany's financial regulator says it is probing UBS AG for tax evasion and money laundering, in this week's news roundup.
The dismissal last month of a $500 million civil lawsuit against UBS AG for allegedly contributing to terrorist attacks won't impact rulings on similar lawsuits against other banks, say analysts.
Switzerland's largest bank will pay $780 million to the United States for helping 17,000 U.S. citizens evade paying taxes on offshore revenue, the U.S. Justice Department said Wednesday.
The number of lawsuits against banks accused of providing financial services to designated terrorist groups may increase by more than fourfold this year, say terrorism analysts and attorneys.
Over 100 victims of Israeli terrorist attacks are suing one of China's largest banks for knowingly wiring millions of dollars to two blacklisted terrorist groups, even after Israeli counterterrorism agents commanded the institution to stop.
Four Canadians are suing the Montreal branch of Lebanese-Canadian Bank, alleging that the institution knowingly provided financial services to Hizbollah, an organization blacklisted internationally for terrorism.
Israeli lawyer Itsana Nitsana Darshan-Leitner, who represents victims of terrorism in lawsuits against banks, spoke recently with Fortent Inform reporter Brian Orsak about the suits and what banks should be doing to better monitor for terrorists attempting to exploit the financial system.
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.
The widow of slain journalist Daniel Pearl sued the bank, claiming it knowingly maintained accounts for two organizations tied by the U.S. Treasury Department to Pearl's 2002 kidnapping and murder.
The Federal Reserve Board and the New York State Banking Department on Thursday ordered the New York branch of a Pakistani bank to improve its enhanced due diligence procedures.