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Weekly Roundup: SWIFT Bars Sanctioned Iranian Banks, Ex-J.P. Morgan Bank Manager Pleads Guilty to Structuring, and More
printThe Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced Thursday that it has stopped transacting with sanctioned Iranian banks. More SWIFT, which was incorporated in Belgium, said that the decision is in line with the European Union ban on financial data exchange services to sanctioned Iranian entities. More International sanctions and the plummeting value of Iranian rials has caused many large money exchanges houses in Dubai to stop doing business with Iran, Reuters reported Wednesday. More The move follows a December decision by the Dubai-based Noor Islamic Bank to stop processing transactions related to Iran's oil sector. More India faces...
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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.
The government of Iran and banks under its influence are increasingly using investments in foreign financial institutions as a means to circumvent sanctions, including restrictions on interbank messages, say sources.
Representatives of the world's primary financial messaging platform are lobbying U.S. lawmakers to abstain from blacklisting additional Iranian banks in future and pending legislation, say congressional sources.
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 is investigating Adani Ports & Special Economic Zone Ltd. over alleged money laundering violations, SARs filed by casinos and card clubs have increased since 2004, and more, in this week's roundup.
Japanese companies will likely avoid U.S. sanctions violations in exchange for Japan reducing its imports of Iranian oil, the FBI's Detroit Division joined a new multi-agency task force aimed at investigating corrupt domestic officials, and more, in the weekly 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.
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.
The National Futures Association handed out three separate fines to entities and individuals over AML violations, four Vatican priests have been charged with laundering hundreds of thousands of dollars, and more, in this week's roundup.
Zambian police questioned the spouse of Zambia's former president about alleged money laundering, Malaysia is installing airport and border scanners meant to curb bulk cash smuggling, and more, in this week's 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.