U.S. law enforcement officials are increasingly focusing their attention on the use by Mexican drug cartels of shell companies and corporate bank accounts in China and Hong Kong to launder proceeds from narcotics sales, sources told ACAMS moneylaundering.com.
More than 50 Italian financial institutions processed tens of millions of dollars on behalf of Russian politicians, oligarchs and criminals accused of misappropriating and laundering nearly $21 billion in state funds from 2011 to 2014.
New York regulators Friday issued a $215 million fine against China's third-largest bank for intentionally violating the state's rules against financial crime, possibly marking the largest U.S. penalty ever assessed against a Chinese lender accused of compliance misconduct.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
Two Chinese nationals face up to 65 years in prison after being convicted on 15 counts, including racketeering and money laundering. Their wives face nearly 20-year sentences. The four siphoned money from Bank of China, using shell companies to move it to U.S. and international banks and casinos.
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