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Weekly Roundup: Vatican Bank Accused of Laundering, Iran Sanctions Closer, Manhattan DA Penalty Looms, and More
printPolitical and corporate corruption kept the headlines busy this week after one Florida politician pleaded guilty to money laundering conspiracy charges and a Dow Jones survey revealed that some banks and companies have cancelled business plans over fears of becoming ensnarled by anti-corruption laws, such as the Foreign Corrupt Practices Act (FCPA). More On December 10, Josephus Eggelletion, a former vice-mayor of Broward County and Broward County Commissioner, pleaded guilty in a West Palm Beach court to money laundering conspiracy and filing a false tax return. Eggelletion admitted that he intentionally helped an undercover FBI agent launder money from a...
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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.
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.
The former leader of the Arellano Felix Organization drug cartel pleaded guilty to racketeering and money laundering conspiracy, former New Jersey rabbi Eliahu Ben Haim was sentenced to five years in prison for his role in a money laundering scheme, 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.
Commerzbank AG agrees to pay OFAC $175,500 for allegedly violating the Cuban Assets Control Regulations, the FDIC discloses two enforcement actions for AML violations, and more, in this week's roundup.
The Manhattan D.A. reasserted plans to wind up more settlements with financial institutions accused of removing interbank wire data showing Iran sanctions violations, Senate leaders voiced support for an amendment to a bill that would blacklist Iran's central bank, and more, in this week's roundup.
A U.S. official's threat last month of economic sanctions against four Chinese banks is likely to be toothless given economic and enforcement hurdles, say sanctions analysts.
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.
Former Holy Land Foundation leaders appear in court to appeal convictions, the United Kingdom announces charges against an individual for alleged Bribery Act violations, and more, in this week's roundup.
The United Nations is considering imposing tougher financial restrictions on Eritrea, a think tank in Ghana says 60 percent of all remittances in the country are sent through illegal channels, and more, in this week's roundup.
The Financial Crimes Enforcement Network warns about the risks involving Syrian PEP transactions, New Zealand issues new AML regulations, and more, in this week's 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.
The U.S. and Europe issue new sanctions against Iran and Libya, Transparency International calls on Kenya to implement anti-money laundering legislation pending since 2009, and more, in this week's roundup.
Argentina's Senate approves new anti-money laundering legislation, New Jersey rabbi receives probation for money laundering conviction, and more, in this week's 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.