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Weekly Roundup: Arab Bank’s Terror Finance Trial Set for January, Four U.S. Senators Introduce Corporate Transparency Bill, and More
printArab Bank Plc is set to go to trial Jan. 13 in the first terrorist financing case brought against a bank in U.S. history, Bloomberg said Wednesday. The bank "knowingly and purposefully" supported foreign terrorist organizations, according to the families of victims of 24 terrorist attacks in Israel. Court documents contend the bank, which disputes the allegations, facilitated payment to the families of suicide bombers. More Sens. Carl Levin (D-MI), Chuck Grassley (R-IA), Dianne Feinstein (D-CA) and Tom Harkin (D-IA) introduced a bill on Thursday that seeks to increase corporate transparency. The Incorporation Transparency and Law Enforcement Assistance Act would...
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In the first trial of its kind, a federal court said Monday that Arab Bank is liable for deaths caused by Hamas and a Saudi charity that used its accounts to reward terrorism.
Credit Agricole SA is nearing a final deal with U.S. officials over its alleged sanctions violations, Ukrainian separatists in the country's Donetsk region are in the process of creating their own currency, and more, in this week's roundup.
Former South Carolina state representative Larkin Thaddaues Viers is accused of attempting to hide funds belonging to a convicted money launderer, Americans living abroad continue to renounce their U.S. citizenship possibly due to FATCA, and more, in the midweek roundup.
The top U.S. court Monday rejected a petition by Arab Bank seeking to shield it from potential penalties for not turning over records to plaintiffs claiming the institution had terrorist clients.
JPMorgan Chase launches AML SWAT team as the bank's legal costs mount, Turkey blacklists over 350 entities in an effort to comply with United Nations sanctions, and more, in this week's news roundup.
A Bermuda-based investment company is forfeiting $2.8 million to the U.S. in connection with a money laundering case, Kuwait approved the creation of a new financial intelligence unit, and more, in this week's roundup.
U.S. Sen. Carl Levin (D-MI) reintroduced the Stop Tax Haven Abuse Act, the creator of Beanie Babies agreed to pay over $53 million for tax evasion, and more, in this week's roundup.
Federal officials will weigh whether financial institutions can bank medical marijuana shops, New York's financial regulators asks two financial consultancies for data and more, in this week's news roundup.
U.S. financial regulators will ratchet up monetary penalties against banks that fail to improve their compliance programs, a U.S. district judge sentenced the brother of two alleged Los Zetas members to 20 years in prison for money laundering, and more, in this week's roundup.
The number of people being used as money mules for criminals is on the rise in New Zealand, the former aide of a Chicago official was convicted of money laundering, and more, in this week's roundup.
A Sierra Leone man is accused of violating U.S. sanctions and the International Emergency Economic Powers Act, the UAE ordered financial institutions to freeze the assets of individuals tied to insurgent groups from Somalia and Eritrea, and more, in this week's roundup.
A former brother-in-law of the late U.S. Sen. Ted Kennedy faces money laundering charges, Chicago's former city comptroller was indicted for bribery and money laundering, and more, in this week's roundup.
Pope Francis issued a decree strengthening the Vatican's AML regulations, U.S. officials have said that they could blacklist a gas pipeline project by Iran and Pakistan, and more, in this week's roundup.
U.S. lawmakers threaten to impose sanctions on Russia for harboring Edward Snowden, Switzerland transfers $962 million for backdated taxes, and more, in this week's news roundup.
The European Union's Court of Justice concluded that EU authorities unfairly froze the assets of a Saudi businessman accused of terrorist financing, Kuwait's Capital Markets Authority issued new AML guidelines, and more, in this week's roundup.
Insurers could become the next target of U.S. authorities investigating Swiss institutions for abetting tax evasion, a group of ministers in India are being investigated for tax crimes and money laundering, and more, in the weekly roundup.
London-based Barclays Bank will close accounts for some 250 money services businesses by July 10, Ireland has transposed the Third EU Money Laundering Directive and addressed most of the deficiencies noted by FATF, and more, in this week's roundup.
The U.S. Treasury fined Intessa Sanpaola for sanctions violations, Italy arrested a senior Vatican official for allegedly participating in a cash smuggling scheme, Costa Rica is investigating accounts controlled by the Venezuelan government, and more in the weekly news roundup.
The OECD says Portugal needs to better enforce its anti-bribery laws, the U.S. Treasury Department voices concerns about Iranian investments in Georgia, and more, in this week's news roundup.
The vice-governor of Austria's central bank and eight others were charged with bribery and money laundering, ten money services businesses were raided by police in London on suspicion of money laundering, and more, in this week's roundup.