Chinese officials smuggled nearly $124 billion in illicit funds out of the country between the mid-1990s and 2008, according to a report published by the anti-money laundering (AML) bureau of China's central bank and featured in a story by the Financial Times. Approximately 17,000 corrupt officials, including judicial officers and corporate executives, took the funds when fleeing China, the news agency said Thursday, citing the report. Many of the higher-ranking former officials moved to the United States, Canada, Australia and the Netherlands. More Corruption in the United Kingdom is worse than publicly thought, according to a report published by Transparency...
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.
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.
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.