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Midweek Roundup: Justice Department Indicts Swiss Bank, Indian Financial Institutions See Rise in Oversight, and More
printThe U.S. Justice Department has accused Wegelin & Co., Switzerland's oldest bank, and three of its client advisors of helping 100 American evade at least $1.2 billion in taxes, USA Today reported Monday. More The indictment follows the bank's closure earlier this month, the newspaper said. More Separately, Julius Baer Group, which saw its profits decline due to a similar U.S. investigation, said it expects to pay a monetary penalty, Bloomberg reported. More Efforts by the United Nations to censure Syria, potentially with sanctions, fell through on Saturday after China and Russia vetoed a Security Council resolution against the Middle...
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French magistrate Guillaume Daieff has been appointed to investigate allegations that UBS AG helped its clients evade taxes, Kenya's Anti-Money Laundering Advisory Board approved the immediate opening of a center that will be devoted to combating money laundering, and more, in the midweek 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.
The State Bank of Pakistan advised financial institutions to conduct enhanced due diligence procedures when establishing business relationships with charities, the OCC disclosed two separate consent orders for AML deficiencies, and more, in the midweek roundup.
Toronto Dominion Bank will pay $170 million to victims of South Florida Ponzi schemer Scott Rothstein, the U.S. has pressured Dubai-based Noor Islamic Bank to stop processing transactions relating to Iran's oil sales, and more, in the midweek roundup.
Scottish organized crime groups are eyeing the renewable industry as a potential source for money laundering operations, Japan agreed to reduce its use of Iranian crude oil by 11 percent, and more, in the midweek roundup.
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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.
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Commerzbank AG agrees to pay OFAC $175,500 for allegedly violating the Cuban Assets Control Regulations, the FDIC discloses two enforcement actions for AML violations, and more, in this week's roundup.
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