A Guatemalan corruption scandal that toppled a presidential administration and led to the arrest of a former head-of-state has drawn scrutiny of transactions made within the United States.
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.
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.
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.
An ousted Tunisian leader's transfer of suspect funds into Western bank accounts highlights the pitfalls financial institutions face when they maintain relationships for foreign political leaders, say analysts.
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.
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 federal government should issue a list of politically exposed persons to help banks identify them, according to former Financial Crimes Enforcement Network director William Fox.
While he was Guatemalas president, Alfonso Portillo received $1.5 million from the government of Taiwan illegally, according to a lawsuit filed by a former anti-corruption prosecutor in the Central American nation.
Financial institutions are increasingly taking a risk-based approach to know your customer requirements, but a relatively low proportion of them take into account whether the new customer is a PEP, according to a KPMG survey.
The Financial Action Task Force has removed Guatemala from its roster of Non-Cooperative Countries and Territories (NCCT), leaving only six countries blacklisted for deficient money laundering controls.
The Financial Crimes Enforcement Network and Office of the Comptroller of the Currency together have levied a concurrent $25 million civil penalty against Riggs Bank for willful violations of the BSA and its regulations.
As rumors abound that the U.S. government may be closing in on legal action against the Guatemala's ex-president, Alfonso Portillo, the former vice president and Portillo's former assistant, the U.S. has sent an ominous signal by canceling their visas.
Moneylaundering.com has learned that corrupt public officials in Ecuador, Guatemala, Honduras and Peru have been targeted by the "pilot" Task Force of the Bureau of Immigration and Customs Enforcement.