Weekly Roundup: Bank of America Closes Angolan Embassy Account, the Colombian ‘Bernie Madoff’ Pleads Guilty to Money Laundering Charges, and More

(Editor's note: Due to the Thanksgiving Holiday the Weekly Roundup was filed early, reflecting news and events through Wednesday, November 24, 2010.) Compliance troubles tied to diplomatic clients resurfaced this week after the Tripoli Post disclosed Monday that Bank of America and other unnamed financial institutions have dropped the accounts of 17 African embassies. Quoting both African and U.S. diplomats, the news outlet said that the bank had previously informed the Angolan embassy of plans to close its accounts by Nov. 9 over unspecified issues. Angola had opened the account just three months ago, after HSBC severed business ties with...