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Weekly Roundup: New Zealand Passes AML Bill, Jersey Warns on Mules, and More
printIn a week when the Paris-based Financial Action Task Force hinted that it planned to reinstate an international blacklist of countries with poor anti-money laundering (AML) controls, New Zealand made a move to further ensure it won't be one of them. The country passed its Anti-Money Laundering and Countering Financing of Terrorism Bill of 2009, bringing the nation in line with international standards. The bill will enhance customer due diligence requirements and record keeping procedures. It also mandates enhanced due diligence of politically exposed persons and upgrades cross-border cash transportation provisions. More The news followed other AML developments in the...
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American banks operating in New Zealand are failing to meet the country's due diligence standards for identifying the true owners of corporate clients, according to an auditor in Auckland.
An influential Senate subcommittee will hear testimony on tax evasion through offshore banks, Switzerland agrees to follow automatic data exchange standards 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.
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.
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.
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.
The former leader of the Arellano Felix Organization drug cartel pleaded guilty to racketeering and money laundering conspiracy, former New Jersey rabbi Eliahu Ben Haim was sentenced to five years in prison for his role in a money laundering 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.
Commerzbank AG agrees to pay OFAC $175,500 for allegedly violating the Cuban Assets Control Regulations, the FDIC discloses two enforcement actions for AML violations, and more, in this week's roundup.
Bank Julius Baer acknowledges that it is the subject of a U.S. tax evasion investigation, four individuals allegedly involved in a $300 million money laundering scheme are under investigation by Kuwaiti authorities, and more, in this week's roundup.
Turkey announces plans to impose sanctions against Syria due to violence against government protestors, FinCEN asks for comments on proposed revised MSB registration form, 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 penalizes a money transmitter $25,000 for structuring transactions, Sri Lanka's parliament approves two bills to strengthen anti-money laundering and counter-terrorist financing controls, and more, in this week's roundup.
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.
Former Holy Land Foundation leaders appear in court to appeal convictions, the United Kingdom announces charges against an individual for alleged Bribery Act violations, and more, in this week's roundup.
France gives the green light to extradite Manual Noriega to Panama, E-Trade Financial Corp. closes Dubai branch, and more, in this week's roundup.
India proposes new anti-money laundering measures, two brothers are indicted in Miami over alleged laundering of drug proceeds, 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.
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.
The Tunis Criminal Court convicts former President Zine al-Abidine Ben Ali for embezzlement, the Federal Deposit Insurance Corporation issues two consent orders for AML violations, and more, in this week's roundup.