The United States should strengthen its efforts to fight money laundering and terrorist financing associated with Afghan opium ahead of a military withdrawal from the nation, U.S. officials said Wednesday.
A proposed Uruguayan law that would permit and regulate recreational marijuana use poses serious legal and regulatory questions for American banks doing business in the region, according to compliance officers and former U.S. attorneys.
U.S. lawmakers called for testimony from federal investigators Thursday as part of an effort to push for more aggressive punishment of individuals and financial institutions that aid money launderers and sanctions dodgers.
U.S. investigators Wednesday disclosed the seizure of $31 million from seven American banks as part of a probe into an alleged Peruvian money laundering network that exploited industrial firms and shell companies.
When Mexico's President Felipe Calderon relinquishes power in December to his successor, he'll leave behind a decidedly mixed legacy in the fight against the country's drug cartels. But U.S. law enforcement agents and other officials worry that Mexico's next leader could do worse, sources say.
Despite a legal settlement reversing sanctions against an Ohio-based charity, most banks will view the individuals once associated with the group as too risky to take on as clients, say compliance officers.
In the years since a high-profile mistrial in the prosecution of a Texas charity, counterterrorism financing officials have shifted their focus away from nongovernmental organizations and toward individuals sending money abroad.
The European Commission sets a two month deadline for Germany to fully comply with the Third Money Laundering Directive, a secret report is leaked connecting an Islamic political group and al-Qaida, and more, in this week's roundup.
The division of investigatory and enforcement powers between two U.S. Treasury Department agencies has resulted in few monetary penalties for anti-money laundering compliance lapses by money services businesses and tension between the two agencies, say current and former government officials.
The Supreme Court on Monday upheld a federal law barring "material support" of foreign terrorist groups, dismissing a lawsuit that asserted the rule was so broad that it curtailed constitutional rights of free speech and association.
Dozens of U.S. banks along the country's southern border are denying new accounts to wealthy Mexican nationals and corporations because of due diligence troubles caused by drug-related violence in Mexico.
Any plans to return frozen assets to donors who unwittingly contributed the money to charities tied to terrorist organizations would likely face stiff legal resistance, a government official said Wednesday.
A top BCCI investigator spoke with reporter Larissa Bernardes about some of the complex money laundering schemes he encountered during his undercover work.
The U.S. Justice Department continues to seized more than $3.2 million in nearly 400 accounts tied to narcotics dealers, Transparency International published its annual corruption report and more, in this weeks roundup.
More than 100 medical marijuana clinics have seen their accounts closed in the last 18 months by at least three U.S. banks concerned about regulatory repercussions, say cannabis advocacy groups.
The Internal Revenue Service has achieved mixed results in its efforts to root out potential unregistered money services businesses, with over a third of all cases leading to dead ends, according to a government report.
The agency is not checking names against a comprehensive terrorist watch list, and is slowed by a manual review process, the Treasury Inspector General for Tax Administration said.
The U.S. Internal Revenue Service and the Financial Crimes Enforcement Network have created a working group to examine an IRS criminal investigation division practice of sending letters to bank customers identified in suspicious activity reports.
The IRS criminal investigation division has used the letters during investigations for more than a decade to initiate contact with financial institution customers, particularly when the SARs indicate structuring may have taken place.
More coordination between the Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) is needed in combating money laundering among non-bank financial institutions, according to a report issued by the U.S. Government Accountability Office (GAO) on Dec. 15.