Recent U.S. efforts to further clamp down on corruption and offshore bribery are likely to translate into renewed scrutiny of bank relationships with high-risk clients, say attorneys. As part of a legislative and regulatory package announced last week, Justice Department officials said they would soon seek congressional approval to prosecute kleptocrats for violations of any foreign law included in the 2003 U.N. Convention Against Corruption. The department is separately requesting the power to directly subpoena banks for information related to ongoing money laundering probes and to more readily obtain and use account and transactional data from foreign financial institutions as...
Growing U.S. efforts to hold corporations accountable for bribery and other forms of financial misconduct are likely to result in an uptick in punitive actions against businesses, say three FBI agents.
A proposed reporting requirement for foreign-owned legal entities would impact a small but growing universe of companies that have likely been used to funnel illicit funds into the United States, say legal experts.
The U.S. Treasury Department finalized its long-awaited customer due diligence rule Friday shortly after the introduction by the White House of a bevy of corporate transparency-related measures.
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