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Weekly Roundup: Turkey to Implement Syria Sanctions, Hong Kong Prepares AML Measures, FinCEN Seeks Comment on MSB Registration Form, And More
printCompliance officers and business professionals can expect regulators to heavily focus on money laundering, terrorist financing and other related issues in the next five years, according to poll results released Wednesday by New York-based Deloitte, an audit and consultancy firm. Instances of corporate fraud, anti-money laundering (AML) and corruption are likely to result in highly publicized prosecutions or enforcement actions in the next few years according to 35 percent of the poll's respondents. And, over 47 percent of those surveyed at 1,340 financial institutions and other businesses believe that higher compliance costs are the direct result of AML and anti-corruption...
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Turkey's vulnerability to illicit financiers has grown over the past year, in part due to its deepening economic relationship with Iran and turmoil along its southern border, say policy advocates.
An ongoing corruption and graft scandal involving a state-controlled Turkish bank will likely complicate Turkey's standing with the global anti-money laundering community, say analysts.
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.
Global banks with business in Turkey are anticipating the outcome of an intergovernmental organization's plenary meeting this month that could see the country suspended from the group or removed from a blacklist.
The Turkish government's longstanding relationship with Hamas has stalled the country's passage of counterterrorist financing measures and threatened its involvement with an influential intergovernmental group, analysts say.
The Financial Action Task Force threatened Friday to suspend Turkey's membership if the country fails to pass counterterrorist financing laws ahead of a Feb. 22 meeting by the group.
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.
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.
Mexican drug cartels are turning to trade-based laundering involving common goods to transfer narcotics proceeds, while the Financial Crimes Enforcement Network told banks Tuesday that it was postponing the deadline for new currency transaction and suspicious activity reports.
China, Mexico and Russia topped the latest Global Financial Integrity list of countries with the greatest outflows of illicit fund and the Financial Crimes Enforcement Network fined a former bank loss-mitigation specialist $25,000 Thursday for disclosing a SAR to the subject of the report.
The National Futures Association fined NCMFX, Inc. $12,500 for anti-money laundering deficiencies, Turkey's parliament began deliberations on a bill aimed at curbing terrorist financing, and more, in this week's roundup.
The effectiveness of Hong Kong's new anti-money laundering law will hinge largely on the willingness of the jurisdiction's regulators to enforce its new powers, according to former investigators and consultants.
Argentina to release AML action plan to avoid FATF blacklisting, the OCC issues two AML-related enforcement actions, and more, in this week's roundup.
Norway's first terrorist financing trial begins, a Pennsylvania bank enters into a consent order with the OCC and more, in this week's roundup.
U.S. officials may be looking at 200 bank accounts allegedly tied to North Korean leaders in Asia, Europe and Russia, the U.S. and India sign an MOU to share AML data and the head of Kosovo's central bank is arrested, in this week's news roundup.
The U.S. Treasury Department penalizes a New York bank for transactions tied to Cuba, Italy arrests 300 in a mafia crackdown and the Asia Pacific Money Laundering Group warns of laundering through carbon emissions schemes, in this week's news roundup.
Latvia shuts down the country's smallest bank, EUROPOL arrests 32 individuals on alleged money laundering crimes, Bulgarian national extradited to U.S. to face wire fraud and money laundering charges, in this week's roundup.
A Swiss official warns that the United States plans legal action if a deal to hand over UBS account data is blocked, China announces that it has tweaked its counterterrorism laws and Ecuador says it will be off of FATF's blacklist by June, in this week's news roundup.
A Milwaukee-based company sues American Express for failing to block illegal transactions and Royal Bank of Scotland discloses that the U.K. Financial Services Authority is investigating it, in this week's news roundup.
Iran seeks help with its terrorist financing laws on the heels of its inclusion in an international blacklist and investigators in the UAE say they are looking at U.S. credit card companies as part of investigation into the assassination of a Hamas leader, in this week's roundup.