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Weekly Roundup: HSBC Report Prompts Questions Abroad, U.N.’s Syria Resolution Blocked, and More
printThe fallout from a congressional report on HSBC's troubled anti-money laundering (AML) efforts dominated compliance news this week. On Wednesday, British lawmakers said that U.K. Trade Minister Lord Green should explain what he knew about HSBC's compliance failures when serving as the London-based bank's chairman, This is Money reported. The report found that the head of HSBC's global compliance group had e-mailed Green in 2005 about forged documentation covering up AML problems. Green, who left HSBC in 2006, is also being pressured to resign from public office. More Bangladesh's central bank said Wednesday that it has launched an investigation into...
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The United States should more frequently blacklist foreign financial institutions that flout American sanctions barring Iranian oil sales, a lawmaker said Tuesday.
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.
The Bank of Israel fined Mizrahi-Tefahot Bank 3.8 million shekels for violating AML laws, French investigators searched the Paris offices of UBS AG as part of a tax evasion probe, and more, in this week's roundup.
The Obama White House will reportedly blacklist the Haqqani network, the organization responsible for attacks against American troops in Afghanistan; the U.S. State Department removed the Communist Party of Nepal from its sanctions lists; and, more.
The U.K.'s Serious Fraud Office is investigating payments between Barclays PLC and Qatar Holding LLC, the U.S. Treasury Department's top sanctions official will be in Switzerland and Turkey next week to discuss sanctions against Iran and Syria, and more, in the weekly roundup.
A Trinidadian official is calling for a money laundering investigation of former FIFA Vice President Jack Warner, Thailand is looking to boost its AML regime, and more, in the weekly roundup.
Switzerland expanded sanctions against Syria to include travel bans and asset freezes on 25 more Syrians, Brazil accused 38 people of laundering money and evading taxes as part of a scheme to gain political backing for former President Luiz Inacio Lula da Silva, and more, in this week's roundup.
The U.K. OFT hit online lender MCO Capital Limited with an $850,000 penalty for AML violations, the UN Secretary-General urged the Security Council to impose financial sanctions against individuals and entities contributing to civil unrest in Mali, and more, in this week's roundup.
Two unnamed European men were arrested in Panama for allegedly laundering over $100 million, Hong Kong police arrested 130 individuals in a gang-related money laundering investigation, and more, in the weekly roundup.
Switzerland has frozen nearly $700 million belonging to ousted Egyptian President Hosni Mubarak, Israeli officials will introduce legislation next week to make tax evasion a predicate money laundering offense, and more, in this week's roundup.
Africa loses $333.778 billion annually to due to capital flight, Fiji's FIU received 728 STRs in 2011 and 318 of those reports were sent to law enforcement for further investigation, and more, in the weekly roundup.
An ex-federal prosecutor could be disbarred next month for secretly requiring now defunct American Express Bank International to fire one of its employees, the U.S. Treasury Department blacklisted six individuals Thursday over their alleged support for al-Shabaab, and more, in this week's roundup.
The FDIC dinged a Coral Gables, FL bank for BSA infractions, Vatican Bank defended its AML troubles and more, in this week's news roundup.
A new Florida law requires state-chartered banks to report any accounts they suspect are linked to Iran, Africa loses $460 billion to money laundering annually, and more, in this week's roundup.
A Pakistani company director was sentenced to over two years in prison for money laundering, suspicious transaction reporting in Italy rose 147 percent between 2010 and 2011 due to a dramatic increase in mob activity, and more, in the weekly roundup.
A Boston-based lawyer famed for defending organized crime bosses is accused of money laundering, the European Union blacklisted Guinea-Bissau's leaders in response to the military junta's continued repression of constitutional order, and more, in this weeks' roundup.
HSBC Bank will lay off 77 employees that serve on its AML team in Buffalo, NY, Belarus' central bank will audit Credexbank after the U.S. Treasury Department accused it of money laundering, and more, in this week's roundup.
Kazakhstan's Senate approved a new anti-money laundering and counterterrorist financing bill, two former First Republic Bank employees claim that they were fired for investigating suspicious activity in an account that was later found to be connected to a fraudster, and more, in the weekly roundup.
A Pakistani opposition leader believes that new legislation will open the "doors for money laundering", banking executives in the U.S. and elsewhere believe that most financial institutions are unlikely to meet the January 2013 deadline for the FATCA, and more, in the weekly roundup.
The EU imposed sanctions on six individuals who are responsible for leading a recent coup d'état in Guinea-Bissau, Gaddafi's family members transferred approximately $1.97 million in stolen government funds to its embassy in Brussels last year, and more, in this week's roundup.