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Weekly Roundup: Argentina Passes Broad AML Law Ahead of FATF Review, Vatican Returns $33 Million of Seized Vatican Bank Funds, and More
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Looking for entrée into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news roundup.
JPMorgan Chase drops a Milan account for the Holy See, Beijing police freeze nearly $800 million tied to at least six "underground" banks, and more.
India is investigating Adani Ports & Special Economic Zone Ltd. over alleged money laundering violations, SARs filed by casinos and card clubs have increased since 2004, and more, in this week's roundup.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
The Justice Department launches investigations into three Israeli banks and continues its probe into the financial network of R. Allen Stanford, in this week's news roundup.
Two banks were dinged in consent orders Friday by the Federal Deposit Insurance Corp. for Bank Secrecy Act (BSA) violations, the European Union imposed sanctions against Syria, Libya's rebel government began the search for assets allegedly purloined by the Gaddafi family, and more.
Afghanistan arrests two former top bank officials for alleged graft, Taiwan brings corruption charges against a second former president and FATF advises countries on how to evaluate the risks of alternative financial service providers, in this week's news roundup.
Argentina Monday became the first ever Group of 20 nation to be added to the Financial Action Task Force's latest iteration of a list of countries with troubled anti-money laundering regimes.
President Obama signed a renewal of the Patriot Act into law late Thursday and the U.S. State Department cracked down on international companies for their ties to Iran, in this week's news roundup.
Congressional leaders struck a deal Thursday to reauthorize several controversial powers of the Patriot Act though June 1, 2015, including a provision that allows investigators to seize "tangible" records from financial institutions, the New York Times reported.
Weekly Roundup: Italy Investigates Vatican Priests, Afghanistan to Audit All Private Banks, and More
While U.S. regulators are pushing national banks to hire regional Bank Secrecy Act (BSA) officers, some smaller banks have yet to hire a single full-time compliance officer, the U.S. Treasury Department said this week.
Italian authorities freeze $31 million at the Vatican Bank, MENAFATF criticizes Lebanon's AML regime and laundered art is returned to Brazil, in this week's news roundup.
Norway's first terrorist financing trial begins, a Pennsylvania bank enters into a consent order with the OCC and more, in this week's roundup.
FATF removes five countries from its list of problematic jurisdictions, Kenya prepares to enforce a new AML law and a UBS AG whistleblower asks the White House for a pardon, in this week's news roundup.
Latvia shuts down the country's smallest bank, EUROPOL arrests 32 individuals on alleged money laundering crimes, Bulgarian national extradited to U.S. to face wire fraud and money laundering charges, in this week's roundup.
A client of UBS AG pleads guilty to tax evasion as a longstanding data sharing arrangement between the United States and the European Union is poised to collapse, in this week's news roundup.
The U.S. Supreme Court okays the extradition of former Panamanian dictator Manuel Noriega, and a prominent Florida lawyer pleads guilty to bilking investors out of $1.2 billion in a massive Ponzi scheme, in this week's news roundup.
U.S. Defense Secretary Robert Gates said sanctions against Iran were likely as the Manhattan District Attorney's Office prepares to issue a large deferred prosecution agreement penalty against a foreign bank over its ties to the Persian country.
The U.S. Justice Department continues to seized more than $3.2 million in nearly 400 accounts tied to narcotics dealers, Transparency International published its annual corruption report and more, in this weeks roundup.
