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Weekly Roundup: FinCEN Warns of SAR Disclosures in Litigation, Army Commander Says Africa Terror Groups Cooperating, and More
printThe U.S. Treasury Department's Financial Crimes Enforcement Network said Friday that requests for suspicious activity reports (SARs) in private litigation could result in a greater number of unauthorized disclosures of confidential regulatory data. More The reminder comes a month after a senior official with the Financial Industry Regulatory Authority said that some securities firms had inadvertently breached SAR confidentiality through e-mails and in litigation records. More Japanese companies will likely avoid U.S. sanctions violations in exchange for Japan reducing its imports of Iranian oil, Reuters reported Wednesday, citing the island nation's foreign minister. The disclosure is the outcome of negotiations...
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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.
Kazakhstan's Senate approved a new anti-money laundering and counterterrorist financing bill, two former First Republic Bank employees claim that they were fired for investigating suspicious activity in an account that was later found to be connected to a fraudster, and more, in the weekly roundup.
A Pakistani opposition leader believes that new legislation will open the "doors for money laundering", banking executives in the U.S. and elsewhere believe that most financial institutions are unlikely to meet the January 2013 deadline for the FATCA, and more, in the weekly roundup.
The EU imposed sanctions on six individuals who are responsible for leading a recent coup d'état in Guinea-Bissau, Gaddafi's family members transferred approximately $1.97 million in stolen government funds to its embassy in Brussels last year, and more, in this week's roundup.
France updated its blacklist list of jurisdictions deemed to be uncooperative in tax matters, Associated Bank spent $5 million in the first quarter of this year to comply with an enforcement action related to AML violations, and more, in this week's roundup.
Transparency International is calling on the European Union to strengthen controls on beneficial ownership reporting, Jamaica will boost its AML laws and regulations in order to meet Financial Action Task Force standards, and more, in this week's roundup.
British Prime Minister David Cameron said that the European Union should suspend certain sanctions against Myanmar. The Joint Committee of the European Supervisory Authorities said Wednesday that EU member-states differ significantly in how they implement rules on beneficial ownership, and more.
German auto maker Daimler AG learned that it remained a target for foreign bribery charges by the U.S. Justice Department, an alleged Russian arms dealer who was the inspiration for the movie "Lord of War" was sentenced to 25 years in prison, and more, in the weekly roundup.
A report by the GAO concluded that some information requested by the IRS' Form 8938 and the FBAR is duplicative, Vietnam and Cambodia signed an MOU to strengthen information sharing in money laundering investigations, and more, in this week's roundup.
The Philippines Senate delayed the approval of amendments to its principal AML law despite pressure from FATF to upgrade its regime, convicted Ponzi schemer Allen Stanford lost his bid for a new trial after being convicted earlier this month, and more, in this week's 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 faces a possible U.S. sanction over its reluctance to reduce Iranian oil purchases, MONEYVAL believes knowledge about the money laundering risks of new payment methods and the Internet is "relatively low", and more, in this week's roundup.
Weekly Roundup: White House Blacklists Japanese Gang Leaders, FinCEN Extends FBAR Deadline, and More
The FDIC disclosed two enforcement actions for AML violations, Jamaican officials are welcoming plans to revamp the country's Proceeds of Crime Act, and more, in this week's roundup.
SEC warns broker-dealers on the money laundering risks of master/sub-account trading arrangements, a Swiss official calls on the UN to blacklist a former Tunisian president and his aides, and more, in this week's roundup.
The Financial Crimes Enforcement Network warns about the risks involving Syrian PEP transactions, New Zealand issues new AML regulations, and more, in this week's roundup.
The Office of Thrift Supervision issues a cease-and-desist order against a California bank for BSA violations, a London lawyer gets sentenced for seven years in prison for money laundering and other crimes, in this week's roundup.
The Financial Crimes Enforcement Network issues its third enforcement action for the year, Nigeria's Senate approves new anti-money laundering legislation, and more, in this week's roundup.
Switzerland freezes former Egyptian President's funds, IRS grants tax evaders another opportunity to come clean, and more, in this week's roundup.
The European Commission sets a two month deadline for Germany to fully comply with the Third Money Laundering Directive, a secret report is leaked connecting an Islamic political group and al-Qaida, and more, in this week's roundup.
The U.S. Justice Department convicts the former head of a New York bank for TARP fraud, FinCEN delays its deadline on mutual fund BSA programs and more in this week's news roundup.