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Weekly Roundup: Liechtenstein Offers U.K. Clients a Chance to Fess Up, Ponzi Schemer Rothstein Gets 50 Years in Prison, And More
printWhile many eyes are on Switzerland and an anticipated June 18 vote that will determine if the names of 4,450 UBS AG account holders will be handed over to U.S. authorities, Liechtenstein is offering its British bank clients an opportunity to fess up to unpaid taxes. More Liechtenstein and the United Kingdom have struck a deal that allows the principality to give its British bank clientele until the end of March 2015 to admit to unpaid taxes to U.K. authorities, Bloomberg reported on June 11. The deal grants those who come clean a penalty "as little as 25 percent of...
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Liechtenstein's oldest bank will pay nearly $24 million to the United States for aiding American tax evaders for at least a decade, the Southern District of New York disclosed Tuesday.
Several domestic and international banks are retraining investigators tasked with identifying fraud and money laundering to better uncover Ponzi schemes, say compliance officers and consultants.
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.
Eight U.S. senators penned a letter to European Union leaders calling for an embargo on Iranian oil, the OECD released three reports criticizing Italy, Japan and Switzerland for inadequate anti-bribery controls of foreign public officials, 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.
Credit Suisse AG says it will disclose U.S. client names to the IRS, Swiss authorities are conducting enforcement proceedings against two banks that willfully violated AML rules involving PEPs, and more, in this week's roundup.
The Financial Crimes Enforcement Network penalizes a money transmitter $25,000 for structuring transactions, Sri Lanka's parliament approves two bills to strengthen anti-money laundering and counter-terrorist financing controls, 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.
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.
The Office of Thrift Supervision issues a cease-and-desist order against a California bank for BSA violations, a London lawyer gets sentenced for seven years in prison for money laundering and other crimes, in this week's roundup.
The European Commission sets a two month deadline for Germany to fully comply with the Third Money Laundering Directive, a secret report is leaked connecting an Islamic political group and al-Qaida, and more, in this week's roundup.
Several large U.S. banks have closed embassy accounts potentially linked to corruption, a Russian official accuses a U.S. charity of terrorist ties and more, in this week's news roundup.
Transparency International downgrades the United States in its annual corruption index, the FDIC dings a California bank for anti-money laundering troubles and more, in this week's news roundup.
Weekly Roundup: Italy Investigates Vatican Priests, Afghanistan to Audit All Private Banks, and More
While U.S. regulators are pushing national banks to hire regional Bank Secrecy Act (BSA) officers, some smaller banks have yet to hire a single full-time compliance officer, the U.S. Treasury Department said this week.