U.S. officials are preparing to press their EU counterparts on stronger Russia sanctions ahead of a European Council meeting next week, State Department representatives told the Senate Foreign Relations Committee Wednesday.
The first line of the Ukrainian national anthem could well apply to the battered nation's banks these days: "Ukraine is not dead yet."
Ukraine must improve its efforts to fight corruption and curtail money laundering by political figures and others as part of a $17 billion bailout agreement with the International Monetary Fund.
U.S. sanctions against 17 Russian individuals and companies, including three banks and the head of one of the nation's largest energy companies, will raise more questions than answers for compliance officers.
The Bank of England reportedly exerts "strong pressure" on Russia's second largest bank, an arrested Zetas leader's sons tweet incriminating photographs, and more, in this week's news roundup.
Plans by Russia to develop an independent payment network could limit the U.S. government's window into illicit finance in the federation, say analysts.
The West's financial ties to Russia have given countries pause in considering further sanctions, a Roman judge dropped a money laundering case against the former head of the Vatican Bank and more, in this week's news roundup.
The House Committee on Foreign Affairs advanced amended legislation Tuesday that would require U.S. officials to report on banks linked to the embezzlement of Ukrainian assets.
In announcing sanctions against Russian politicians and one bank Thursday, U.S. officials made clear that American financial institutions should prepare for more, and soon.
International banks are bracing for economic sanctions against Russian officials beyond those announced Monday by Western nations, according to compliance officers.
A U.S. Senate committee voted Wednesday to grant the White House the power to impose sanctions on corrupt Russian officials and buoy Ukraine's economy through conditional loans.
As the Obama administration weighs punitive measures against Russia, part of its calculus will be the degree to which Russian officials can undermine U.S. national interests, including sanctions against Iran.
The Obama administration is "actively" considering designating Russians linked to the invasion of Ukraine under a 2012 human rights law, according to a U.S. State Department official.
The European Union is poised to approve economic sanctions against the government of Ukrainian President Viktor Yanukovich in response to its violent crackdown on recent protests, an official said Wednesday.
Ukraine's widespread protests and weakened political stability are likely to prompt nervous investors and corrupt officials alike to move their money abroad, say economic analysts.
Most laws meant to combat money laundering have proven counterproductive and have failed to address the fact that dirty money is often cleaned in otherwise legitimate businesses, says Andrew Haynes.
Russia's compliance with international anti-money laundering standards is likely to remain tenuous, according to Ethan S. Burger, a senior lecturer for the Faculty of Law and Centre for Transnational Crime Prevention at the University of Wollongong in Australia.
An international watchdog group said Friday that it will respond to Group of 20 calls for the reinstitution of a blacklist naming jurisdictions with weak anti-money laundering controls.
Ukraine's legal efforts to curb the funding of terrorism, including the prosecutions of terror financiers, fall short of international standards, a European anti-money laundering watchdog group said Monday.