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Weekly Roundup: Swiss Court to Unseal Julius Baer Data, Arafat Aide Accused of Laundering, and More
printEuropean Union officials have removed New Zealand and Russia off of a 'white list' over concerns about corruption and poor anti-money laundering controls, Stuff.co.nz reported Thursday. The decision will prohibit European banks from relying on "simplified research" on financial institutions registered in the countries, a Latvian official told the news agency. More Thailand, on the other hand, will amend its Anti-Money Laundering Act and Anti-Terrorism Act in an effort to be removed from the Financial Action Task Force's gray list, Bangkok Post reported. More The U.S. Treasury Department's Office of the Comptroller of the Currency disclosed consent orders to Hartford,...
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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 Netherlands is considering a number of measures to boost its confiscation of illicit proceeds, Bangladesh's central bank said that it has launched an investigation into two Islamic banks for alleged terrorist financing violations, and more, in this week's roundup.
Africa loses $333.778 billion annually to due to capital flight, Fiji's FIU received 728 STRs in 2011 and 318 of those reports were sent to law enforcement for further investigation, and more, in the weekly roundup.
The FDIC dinged a Coral Gables, FL bank for BSA infractions, Vatican Bank defended its AML troubles and more, in this week's news roundup.
Indian officials are calling for currency transaction reporting requirements for travel agents, a New York City councilman is against facing bribery, fraud and money laundering charges, and more, in this week's roundup.
A new Florida law requires state-chartered banks to report any accounts they suspect are linked to Iran, Africa loses $460 billion to money laundering annually, and more, in this week's roundup.
A Pakistani company director was sentenced to over two years in prison for money laundering, suspicious transaction reporting in Italy rose 147 percent between 2010 and 2011 due to a dramatic increase in mob activity, and more, in the weekly roundup.
A Boston-based lawyer famed for defending organized crime bosses is accused of money laundering, the European Union blacklisted Guinea-Bissau's leaders in response to the military junta's continued repression of constitutional order, and more, in this weeks' roundup.
HSBC Bank will lay off 77 employees that serve on its AML team in Buffalo, NY, Belarus' central bank will audit Credexbank after the U.S. Treasury Department accused it of money laundering, and more, in this week's 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.
India faces a possible U.S. sanction over its reluctance to reduce Iranian oil purchases, MONEYVAL believes knowledge about the money laundering risks of new payment methods and the Internet is "relatively low", and more, in this week's roundup.
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.