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Weekly Roundup: China Tops Illicit Outflows List, FinCEN Fines Bank Official for SAR Disclosure, and More
printChina, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit funds. The Washington, D.C.-based advocacy group said that $903 billion in suspicious money moved across borders in 2009, a drop from the approximately $1.4 trillion the organization estimated for 2008. The drop, however, is "almost entirely" attributable to the economic recession that peaked in late 2008 and early 2009. Between 2000 and 2009, China lost the most to corruption and tax evasion, with $2.74 in illicit flows, according to the report. More The U.S. Securities and Exchange Commission (SEC) has asked...
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