News
U.S. Must Consider ‘Collateral Consequences’ When Investigating Banks, Says Former Federal Prosecutor
printRelated News
Plans by the U.S. securities market regulator to more strictly enforce regulations will result in a jump in anti-money laundering penalties both by the agency and its private sector partner.
A U.S.-Swiss plan to resolve a tax evasion dispute may absolve Switzerland's government from further action but will prove costly and time-consuming for participating banks, say attorneys.
Citigroup, Inc. must improve its anti-money laundering compliance risk management across business lines and subsidiaries, under a consent order disclosed Tuesday by the Federal Reserve Board.
Italian authorities arrested 20 individuals for alleged money laundering connected to organized crime, twenty out of 22 men convicted for their roles in one of the biggest bank fraud schemes in Afghanistan's history were given prison sentences, and more, in the midweek roundup.
Switzerland's oldest financial institution may be compelled to share data on its American clients after pleading guilty Thursday to helping customers hide revenue from the IRS, say attorneys.
Indian officials are calling for currency transaction reporting requirements for travel agents, a New York City councilman is against facing bribery, fraud and money laundering charges, and more, in this week's roundup.
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.
After over a year of negotiations with UBS AG, U.S. officials will have more leverage to reach a settlement with another Swiss bank that may have helped American citizens hide taxable assets.
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.
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.
It is an exciting time for IRS investigators who are now able to examine the UBS AG accounts of over 4,500 U.S. citizens suspected of hiding assets offshore, according to John Everett, a licensed criminal investigator and certified fraud examiner based in Agoura Hills, California.
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.
As many as a dozen countries are expected to press UBS AG for information on tax evaders following the bank's settlement last week with the United States, say tax analysts.
The U.S. Justice Department settlement with one of Switzerland's largest banks that requires the bank to divulge the names of thousands of suspected tax evaders could provide just one more trail leading investigators to financial institutions in Asia.
Switzerland's largest bank agreed Wednesday to release details to the United States on 4,450 accounts held by U.S. taxpayers suspected of failing to report a total of $18 billion in revenue, the parties said.
The United States and UBS AG said Wednesday that they had reached an agreement over whether U.S. investigators could access data on the bank's tax evading American clients.
The United States and UBS AG asked a Miami judge Friday to again delay a tax evasion hearing so the parties could hash out the details of a preliminary settlement.
The United States has reached a tentative agreement with UBS AG and Switzerland over a bank program that allowed U.S. tax payers to avoid reporting billions of dollars in revenue.
A Miami judge Monday granted a two-week stay of a hearing on whether the United States can force UBS AG to turn over data on 52,000 suspected U.S. tax evaders.
Mike Flowers, a former counsel to the Permanent Subcommittee on Intelligence, discusses the committee's hearing on tax evasion by UBS AG and LGT Bank, in the second half of a two-part interview.
