U.S. officials believe that representatives of at least two major American banks agreed to help top Afghan officials disguise hundreds of millions of dollars in corrupt funds, according to a person familiar with the matter.
Officials are concerned that Iran may have "sleeper cell" agents in the Arabian Peninsula conducting financial transactions and preparing potential retaliatory action for the Persian country, according to a professor at the Monterey Institute of International Studies.
A New York City councilman is charged with laundering money stolen from public funds, a prominent car dealership owner is accused of bilking cash from Chrysler and the UAE sees a 48 percent jump in suspicious transaction reports, in this week's news roundup.
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.
The United Arab Emirates, a key oil producer situated between Iraq and Iran, has failed to adopt a coherent national strategy against money laundering and terrorist financing, despite the country's rapid influx of foreign capital over the past decade, the IMF said Friday.
Marc Hambach, an assistant director of the Dubai Financial Services Authority and head of its AML department, spoke with reporter Brian Orsak about the process of developing regulations for one of the fast growing financial hubs in the world.
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