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Review of U.S. PEP Accounts Would Show Missed Violations, Say AML Professionals
By Colby Adams
printCalls for a survey of how U.S. banks monitor high-risk accounts are likely to be ignored even if such a review would expose anti-money laundering compliance gaps, say industry experts. In a Sept. 13th letter to U.S. Treasury Secretary Timothy Geithner, six advocacy groups said the United States should assess how its anti-money laundering (AML) rules are enforced. Any review should be modeled on a June 22 report by the U.K. Financial Services Authority that found widespread compliance problems with British banks, they said. "There is no evidence to suggest that the situation in other financial centers, including the U.S.,...
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A European Parliamentary committee Thursday approved far-reaching changes to the EU's rules combating money laundering and terrorist financing, including an amendment that would require nations to publicize corporate owners.
British asset management firms are failing to adequately address their vulnerabilities to money laundering, bribery and corruption, the United Kingdom's chief financial regulator said Thursday.
Countries should require their political officials to publicly and verifiably disclose their assets and income in order to better combat bribery and embezzlement, the United Nations and World Bank said Wednesday.
Three intergovernmental groups are questioning the effectiveness of anti-money laundering controls meant to curb abuses of corrupt political figures who steal from their countries.
One out of every three British banks is unwilling to turn away customers with an "unacceptable" level of risk for money laundering, the United Kingdom's chief financial regulator said in a report Wednesday.
The Financial Action Task Force is likely to reject a proposal that would soften its standard on compliance controls for the accounts of political figures, according to an official at the intergovernmental group.
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An ousted Tunisian leader's transfer of suspect funds into Western bank accounts highlights the pitfalls financial institutions face when they maintain relationships for foreign political leaders, say analysts.
After 11 days of testimony and three days of deliberations, a Texas jury found former House Majority Leader Tom DeLay guilty on Wednesday of laundering nearly $200,000 in illicit corporate donations.
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An intergovernmental group said Wednesday that it was considering asking countries to make tax evasion a predicate crime of money laundering and to issue tougher AML standards on political figures.
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A U.S. Senate subcommittee called for reforms Thursday to better detect when corrupt foreign politicians hide dirty money in the United States, including the implementation of federal beneficial ownership rules.
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The Chilean government has filed lawsuits against four banks it says either negligently or deliberately helped former dictator Augusto Pinochet hide $26 million in stolen funds.
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The Qatari government has failed to comply with nearly a third of the international anti-money laundering and counter-terrorism financing regulatory controls recommended by an intergovernmental watchdog.