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Weekly Roundup: JPMorgan Enforcement Action Reported to Be Released Soon, Swiss Investigate Magnitsky Allegations, and More
printAn expected cease-and-desist order for anti-money laundering (AML) violations by JPMorgan Chase could be issued by next week, Reuters reported, citing unnamed sources. More ACAMSmoneylaundering.com reported in June that the pending enforcement action has already prompted a reorganization of the bank's top compliance staff as part of effort to centralize its AML controls. More Swiss authorities are investigating the alleged theft of $230 million in tax refunds by Russian officials believed to be responsible for the death of Sergei Magnitsky, a lawyer and accountant, the Organized Crime and Corruption Reporting Project said Wednesday. More Magnitsky, who was imprisoned in Russia...
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JPMorgan Chase's expected $2 billion outlay to settle charges that it failed to stop the largest-known Ponzi scheme will be pored over by at least one group not inside the financial sector: Bernie Madoff's victims.
The U.S. Justice Department sued Tuesday for the forfeiture of New York property tied to a $230 million tax fraud and money laundering scheme linked to the death of a Russian attorney.
U.K. leaders intend to review whether facilitation should be legal again, CFATF warns countries about the risks of Belize, Guyana and Dominica, and more, in this week's news roundup.
Italian prosecutors seize $10.5 billion from one of Europe's wealthiest families, a judge questions HSBC's agreement with the U.S. Justice Department, and more, in this week's news roundup.
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.
The Reserve Bank of India confirmed that it is investigating three banks for potential money laundering violations, a forthcoming industry survey points to rising compliance salaries, and more, in this midweek news roundup.
The United Nations Security Council partially eased an arms embargo against Somalia, an aide to a former Indonesian Prosperous Justice Party chairman was charged with money laundering, and more, in this week's roundup.
Moroccan lawmakers are looking to criminalize terrorist financing, the Financial Action Task Force on Money Laundering in South America welcomed Cuba as its newest member, and more, in this week's roundup.
Midweek Roundup: Switzerland to Limit Cash Payments, Horse Meat Sales Linked to Laundering, and More
Switzerland's Federal Council says it may limit cash purchases of property, jewelry and other assets, Iran appeals European Union sanctions imposed in March, and more, in this midweek roundup.
Pakistan's National Assembly approved new counterterrorist financing legislation, Italian organized crime groups are utilizing Switzerland's proximity to launder illicit funds, and more, in this week's roundup.
Cyprus rejected a Europol proposal to hire a private firm to gauge its anti-money laundering compliance, the IRS handed out 128 whistleblower awards in fiscal year 2012, and more, in the weekly roundup.
Weekly Roundup: Turkey Approves Terror Finance Bill, EU Court Lifts Sanctions on Iran Bank, and More
A number of key provisions of the Iran Threat Reduction and Syria Human Rights Act of 2012 took effect, the European Union General Court ordered sanctions against Iran's Bank Saderat to be lifted, and more, in the weekly roundup.
Investigators say that Mexican drug cartels have been involved in the sale of counterfeit NFL merchandise in flea markets and parking lots, a judge ordered Bank of Tokyo-Mitsubishi UFJ Ltd. to forfeit more than $260,000 held for Iran-based entities to plaintiffs, and more.
Austria and Liechtenstein agreed to exchange tax-related information, Casino group Las Vegas Sands Corp. has ceased executing international money transfers for wealthy gamblers, and more, in this week's roundup.
The European Commission is giving Switzerland six months to adopt automatic tax information exchange with EU members, the U.S. Senate Banking Committee will soon hold an AML hearing, and more, in the weekly roundup.
The U.S. Treasury Department and Federal Reserve Board disclosed long-awaited enforcement actions against JPMorgan Chase for Bank Secrecy Act failures Monday - the same day the regulators punished the company for trading violations.
The U.S. Treasury Department blacklisted two rebel groups from the Democratic Republic of the Congo, Kuwait published measures bringing the insurance sector, jewelry stores and investment companies under AML obligations, and more, in the weekly roundup.
OFAC finalized amendments to the Iranian Transactions and Sanctions Regulations, the daughter of Ukraine's former premier Yulia Tymoshenko called for international sanctions on officials responsible for her mother's imprisonment, and more, in the weekly roundup.
The brother of convicted Ponzi schemer Bernard Madoff was sentenced to 10 years in prison for falsifying investment records and fraud, Twenty-six individuals were arrested for their alleged involvement in a $70 million drug and money laundering ring, and more, in the weekly roundup.
The U.S. Justice Department seized nearly $7 million believed to be the laundered proceeds of an Internet gambling operation, an ex-Wells Fargo investment banker and two others raked in $11 million in an insider trading scheme, and more, in the weekly roundup.