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Weekly Roundup: Senate Approves Iran Sanctions, Transparency International Publishes Corruption Index, and More
printThe Senate approved a defense spending bill late Thursday that included a provision barring foreign financial institutions that transact with Iran's central bank from opening or maintaining correspondent banking relationships with banks in the United States, CBS reported. The vote followed a congressional hearing earlier in the day in which officials in the Obama administration said the Iran sanctions provisions could prompt U.S. allies to stop cooperating with American efforts to isolate the Persian nation. More The defense measure must now be merged with a House appropriations bill. More Myanmar, North Korea and Somalia are viewed as the three most...
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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.
The OCC dings three banks for AML problems, Argentina publishes new rules related to corruption in soccer clubs, and more in this week's news roundup.
Efforts by the United Nations to censure Syria fell through, financial institutions in India are using anti-money laundering compliance as a benchmark to measure senior management performance, and more, in the midweek roundup.
Iran said it is considering a preemptive embargo of oil exports to the European Union, Bangladesh is tightening up its AML controls, and more, in the 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.
Mexican drug cartels are turning to trade-based laundering involving common goods to transfer narcotics proceeds, while the Financial Crimes Enforcement Network told banks Tuesday that it was postponing the deadline for new currency transaction and suspicious activity reports.
China, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit fund and the Financial Crimes Enforcement Network fined a former bank loss-mitigation specialist $25,000 Thursday for disclosing a SAR to the subject of the report.
OFAC delists an ex-member of Moammar Gadhafi's regime, Argentina's President presses lawmakers to pass AML legislation, and more, in this week's roundup.
Afghanistan's finance minister welcomes probe into whether he took payoffs from Kabul Bank, Argentina issues 22 new AML rules in response to international scrutiny, and more, in this week's roundup.
Italian authorities freeze $31 million at the Vatican Bank, MENAFATF criticizes Lebanon's AML regime and laundered art is returned to Brazil, in this week's news roundup.
A U.S. banking regulator issued consent orders against four banks for AML violations, Allen Stanford battled his insurance company for the payment of legal fees and more, in this week's roundup.
Compass Bank became the latest to be fined by the U.S. Treasury Department for sanctions violations and it wasn't a good week for anti-money laundering efforts in Nigeria.
U.S. officials may be looking at 200 bank accounts allegedly tied to North Korean leaders in Asia, Europe and Russia, the U.S. and India sign an MOU to share AML data and the head of Kosovo's central bank is arrested, in this week's news roundup.
The U.S. Treasury Department penalizes a New York bank for transactions tied to Cuba, Italy arrests 300 in a mafia crackdown and the Asia Pacific Money Laundering Group warns of laundering through carbon emissions schemes, in this week's news roundup.
U.S. and European relations figured prominently in the news this week. On Thursday, Swiss legislators approved an agreement allowing U.S. access to data on nearly 4000 UBS AG account holders and Tuesday, the European Commission adopted a draft agreement to exchange terror information with the U.S.
A Milwaukee-based company sues American Express for failing to block illegal transactions and Royal Bank of Scotland discloses that the U.K. Financial Services Authority is investigating it, in this week's news roundup.
Although it was a relatively quiet week in anti-money laundering news, a settlement agreement for $217 million between Lloyds Bank TSB and the Office of Foreign Assets Control (OFAC) proved that the holidays didn't distract regulators from sanctions and compliance issues.
U.S. Defense Secretary Robert Gates said sanctions against Iran were likely as the Manhattan District Attorney's Office prepares to issue a large deferred prosecution agreement penalty against a foreign bank over its ties to the Persian country.
In other AML news this week, the New Zealand government passed an AML bill and the SEC said it has expanded its cooperation with foreign governments in securities fraud investigations.