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Weekly Roundup: Argentina Moves to Avoid FATF Blacklisting, Nigeria May Drop Case Against Cheney, and More
printConfronted with the possibility of becoming the first G-20 country to be blacklisted by the Paris-based Financial Action Task Force (FATF), Argentina said Friday that it will submit an action plan to the intergovernmental group on how it plans to improve its anti-money laundering (AML) regime, the Buenos Aires Herald reported. The action plan comes in response to an October FATF mutual evaluation that cited 962 weaknesses in Argentina's AML regime, including too few money laundering prosecutions, incoherent oversight of financial institutions and a lack of counterterrorist financing controls. More The intergovernmental agency also warned financial institutions this week of...
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Looking for entrée into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors.
A group of investigative journalists reveal the identities of thousands of suspected tax evaders, U.S. prosecutors increasingly turn to a civil fraud statute to prosecute money launderers, and more, in this week's news 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.
India is investigating Adani Ports & Special Economic Zone Ltd. over alleged money laundering violations, SARs filed by casinos and card clubs have increased since 2004, and more, in this week's roundup.
The National Futures Association handed out three separate fines to entities and individuals over AML violations, four Vatican priests have been charged with laundering hundreds of thousands of dollars, and more, in this week's roundup.
Iran's central bank prepares to sue to win back $2 billion in frozen assets, the U.S. Treasury Department blacklists the heads of a money laundering ring based in Panama and Colombia, and more, in this week's news roundup.
The Office of the Comptroller of the Currency penalizes a BSA officer $5,000 for failing to file CTRs, Singapore moves to boost enforcement against money laundering, and more, in this week's roundup.
Turkey announces plans to impose sanctions against Syria due to violence against government protestors, FinCEN asks for comments on proposed revised MSB registration form, and more, in this week's roundup.
The Justice Department launches investigations into three Israeli banks and continues its probe into the financial network of R. Allen Stanford, in this week's news roundup.
Afghanistan arrests two former top bank officials for alleged graft, Taiwan brings corruption charges against a second former president and FATF advises countries on how to evaluate the risks of alternative financial service providers, in this week's news roundup.
President Obama signed a renewal of the Patriot Act into law late Thursday and the U.S. State Department cracked down on international companies for their ties to Iran, in this week's news roundup.
Congressional leaders struck a deal Thursday to reauthorize several controversial powers of the Patriot Act though June 1, 2015, including a provision that allows investigators to seize "tangible" records from financial institutions, the New York Times reported.
An expected decision on whether to include Argentina on an intergovernmental list of jurisdictions with poor compliance controls will depend on the country's willingness to enforce its new laws, say analysts.
Dubai fines the UAE arm of E-Trade, and a source familiar with the U.S. Justice Department investigation of HSBC says that prosecutors may target individual bankers, in this week's news roundup.
The White House targets top Syrian officials for human rights violations as the United Nations mulls naming countries that haven't enforced Libyan sanctions, in this week's news roundup.
Antiguan officials are questioning the U.S. decision to shut down an online gambling Web site, and Indonesia investigators say that potential AML violations at Citibank may be tied to an embezzlement case, in this week's news roundup.
The OTS dings an Indiana bank for BSA violations as RBS gets an extension on its deal with the U.S. Justice Department, in this week's news roundup.
Afghanistan's finance minister welcomes probe into whether he took payoffs from Kabul Bank, Argentina issues 22 new AML rules in response to international scrutiny, and more, in this week's roundup.
Wells Fargo is the target of a lawsuit filed in the Southern District Court of Florida that accuses a Miami Wachovia Bank branch of failing to perform adequate customer due diligence.
With the $536 million penalty for sanctions violations still fresh in the minds of compliance officers, Credit Suisse faces new problems. On Sunday, Reuters reported that Germany is currently investigating 1,100 Credit Suisse clients for suspected tax evasion violations.