A New York grand jury Wednesday indicted alleged Russian arms trafficker Viktor Bout for using shell companies and New York banks to buy planes in violation of U.S. sanctions.
New York state prosecutors charged a blacklisted Chinese metals dealer Tuesday with illegally circumventing U.S. economic sanctions through shell companies to utilize Manhattan banks.
The U.S. State Department imposed economic sanctions on companies in China, Russia and Venezuela for allegedly selling components that could help Iran, North Korea and Syria develop weapons of mass destruction.
A government indictment released Wednesday charging an international network with sending electronics that can be used for weapons to Iran puts more pressure on banks to ensure their customers aren't aiding terrorism.
Ron King, vice president and chief anti-money laundering officer for Toronto-based Scotiabank, talks with reporter Larissa Bernardes about how banks can detect the financial transactions of weapons facilitators, the subject of an upcoming FATF report.
Financial institutions should search for transactions tied to the proliferation of weapons of mass destruction by using many of the same tactics they use to investigate money laundering and terrorist financing schemes, FATF said in guidance clarifying a United Nations Security Council rule.
print