A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners.
British asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday.
Complex offshore financial structures and shortcomings in international legal assistance agreements are jamming efforts to repatriate funds considered stolen by former North African leaders, say asset recovery experts.
Calls for a survey of how U.S. banks monitor high-risk accounts are likely to be ignored even if such a review would expose anti-money laundering compliance gaps, say industry experts.
The U.S. Treasury Department Thursday blacklisted an Iran-based bank for facilitating the purchase of millions of dollars worth of missiles and other weapons for the country's military.
A Miami-based bank is expected to agree to pay between $10 million and $15 million to the U.S. government in the next month for Bank Secrecy Act violations, according to individuals familiar with the matter.
Dramatic changes to the Arab world's political landscape will mean broad reassessments by U.S. financial institutions of compliance risks in the region, according to bank officials.
After 11 days of testimony and three days of deliberations, a Texas jury found former House Majority Leader Tom DeLay guilty on Wednesday of laundering nearly $200,000 in illicit corporate donations.
The trial of former U.S. lawmaker Tom DeLay for allegedly laundering campaign funds will likely hinge on whether Texas state prosecutors can prove he attempted to cover up corporate donors, say lawyers.
An intergovernmental group said Wednesday that it was considering asking countries to make tax evasion a predicate crime of money laundering and to issue tougher AML standards on political figures.
Two initiatives to recover assets embezzled by corrupt political leaders will result in banks receiving more subpoenas and data requests from law enforcement, say analysts.
Few small financial firms in the U.K. have adequate anti-money laundering and sanctions compliance programs, including enhanced due diligence controls for high-risk clients, Britain's top financial regulator said Monday.
A U.S. Senate subcommittee called for reforms Thursday to better detect when corrupt foreign politicians hide dirty money in the United States, including the implementation of federal beneficial ownership rules.
The United States has asked Guatemala to extradite former Guatemalan president Alfonso Portillo for allegedly laundering embezzled funds through at least three U.S. bank branches, according to court documents.
We never said compliance professionals had it easy, and 2010 doesn't look to be a year when things will be any better for the anti-money laundering and counterterrorism financing industry.
The Chilean government has filed lawsuits against four banks it says either negligently or deliberately helped former dictator Augusto Pinochet hide $26 million in stolen funds.
The United Nations and World Bank are planning to tap financial intelligence units worldwide in an effort to better reclaim assets stolen by corrupt political figures and their associates.
International efforts to combat corruption associated with the political elite are only now beginning to bear fruit, buoyed by maturing anti-money laundering programs, say compliance consultants.
The Qatari government has failed to comply with nearly a third of the international anti-money laundering and counter-terrorism financing regulatory controls recommended by an intergovernmental watchdog.
Taiwanese police detained the country's former president Tuesday as part of an investigation into an alleged money laundering scheme, according to media reports.