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Weekly Roundup: German-Swiss Tax Agreement Formalized, SEC Launches Whistleblower Program, and More
printU.S. sanctions officials were busy this week, imposing tighter restrictions on Syria's largest bank on Wednesday More and blacklisting four Belarusian companies controlled by the country's President Alexander Lukashenko on Thursday. The Belarusian companies-Naftan OAO, Grodno Azot OAO, Grodno Khimvolokno JSC and Belshina OAO-have helped the government suppress political opposition and commit human rights abuses. The United States accused Lukashenko in December 2010 of orchestrating a violent crackdown on his political opponents and protestors who claimed he rigged his reelection. More The United Nations is considering imposing tougher financial and trade restrictions on Eritrea after the intergovernmental organization said in...
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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.
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.
As Switzerland nears approval of a draft law allowing for greater financial data-sharing, Swiss officials will again find themselves navigating between two competing interests: protecting the nation's bank secrecy and pleasing those who wish to dismantle it.
The Indian government announced that it's looking into creating a "gaming regulator" to oversee casinos for AML compliance, a Miami woman was sentenced to nearly three years in prison for laundering money connected to $200 million Medicare fraud scheme, 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.
Credit Suisse AG says it will disclose U.S. client names to the IRS, Swiss authorities are conducting enforcement proceedings against two banks that willfully violated AML rules involving PEPs, and more, in this week's roundup.
A tax data agreement between the U.K. and Switzerland is likely to be nixed by EU officials because it falls short of transparency measures adopted by other countries, an advocacy group said Monday.
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.
Former Alavi president sentenced to three months in prison, Nigerian leaders rush to pass new AML legislation and Hong Kong eyes ways to strengthen AML controls, in this week's roundup.
The European Union and the United States move ahead with negotiations over Swift interbank data and a New York court sentences an alleged terrorist financier to ten years in prison, in this week's news roundup.
Two U.S. companies paid a total of $200 million dollars this week for anti-money laundering (AML) and sanctions violations. On Wednesday, Wells Fargo Co. agreed to pay the United States $160 million and the next day a Delaware corporation paid $40 million.
As the United States and Europe continue to press China to support new sanctions against Iran, North Korea has launched a bank to circumvent international trade and financial prohibitions against it.
While an Office of Foreign Assets Control report revealed this week that the total assets frozen annually by the United States for alleged ties to terrorism fell five percent in 2009 from the previous year, another report pinpointed the top money laundering countries in the world.
A New York City councilman is charged with laundering money stolen from public funds, a prominent car dealership owner is accused of bilking cash from Chrysler and the UAE sees a 48 percent jump in suspicious transaction reports, in this week's news 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.
The U.S. Justice Department nets 22 suspects in its largest ever investigation into individuals for FCPA violations, and FinCEN issues a ruling on whether domestic bill payment services companies are MSBs, in this week's roundup.
The Credit Suisse saga isn't over yet, at least not for Manhattan District Attorney Robert Morgenthau. His office announced Wednesday that the bank handed over $268 million to his office. Half of the sum will be turned over to the city of New York and the rest to New York State.
Canada's financial intelligence unit issued its largest monetary penalty to date in a week when U.S. bank regulators called on financial institutions to be more transparent in their cross-border transactions.