Dramatic changes to the Arab world's political landscape will mean broad reassessments by U.S. financial institutions of compliance risks in the region, according to bank officials. Demonstrations that toppled former Tunisian President Zine El Abidine Ben Ali on Jan. 14 have seemingly spread to the Northern African nation's Arab neighbors, including Algeria, Yemen, Jordan, Syria and Egypt. On Tuesday, Egyptian President Hosni Mubarak said he would not seek reelection as a result of nationwide protests to his 30-year rule. The promise for political reform has been followed by leaders in Jordan and Yemen in response to demonstrations. The Jan. 25...
If you aren't certain that the Bank Secrecy Act job market is unusually active these days, ask anyone who has recently taken an executive position in a compliance department facing regulatory scrutiny. The message they're hearing: move quickly or move out of the way.
Complex offshore financial structures and shortcomings in international legal assistance agreements are jamming efforts to repatriate funds considered stolen by former North African leaders, say asset recovery experts.
The U.S. Treasury Department Thursday blacklisted an Iran-based bank for facilitating the purchase of millions of dollars worth of missiles and other weapons for the country's military.
An ousted Tunisian leader's transfer of suspect funds into Western bank accounts highlights the pitfalls financial institutions face when they maintain relationships for foreign political leaders, say analysts.
The Financial Action Task Force has removed Egypt from its list of Non-Cooperative Countries and Territories (NCCT), one of two countries that earned their way off the blacklist leaving seven on the "name and shame" list.
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