All money laundering articles – Page 2

  • Blog post

    The (anti) corruption London bus tour

    2017-11-08T08:45:00Z

    A London bus tour that features the proceeds of corruption, exploring properties alleged to have been purchased with monies purloined from the country of Nigeria by the country’s former oil minister, the disgraced and now arrested, Diezani Alison-Madueke.

  • Blog post

    Fallout of corruption in South Africa worries U.K. government

    2017-10-31T10:30:00Z

    The House of Lords, the U.K. Parliament’s upper chamber, debated this month what action the U.K. government is taking to prevent money laundering through British banks by families and businesspeople linked to the government of South Africa.

  • Blog post

    FinCEN: Beware of laundering Venezuela bribe money

    2017-09-22T11:45:00Z

    The Financial Crimes Enforcement Network (FinCEN) issued an advisory, warning banks about widespread public corruption in Venezuela and what methods Venezuelan senior political figures may use to move and hide corruption proceeds.

  • Blog post

    OFAC red cards Mexican footballer Marquez

    2017-08-13T15:30:00Z

    A prominent Mexican football star finds himself on OFAC's black list for allegedly fronting for a known drug kingpin. Just when you thought soccer couldn't get any more dramatic.

  • Blog post

    FTC bust targeted money laundering, fraudulent merchant accounts

    2017-08-08T16:00:00Z

    The Federal Trade Commission has charged 12 defendants with laundering millions of dollars in credit card charges through fraudulent merchant accounts.

  • Blog post

    Shell companies in the U.S.—beginning of the end?

    2017-07-11T11:45:00Z

    The Man From FCPA explores the issues surrounding shell companies and, in particular, money laundering enforcement.

  • Blog post

    London bank official jailed for taking bribes

    2017-06-27T09:30:00Z

    A U.K. court on 20th June sentenced a former London bank official to six years in prison for accepting more than £2million in bribes in return for approving large loans.

  • Article

    Lost in fraud translation

    2017-02-22T11:00:00Z

    Paul Hodgson explores the case of Jacques de Groote, the 90-year-old former CEO of the World Bank and director of the International Monetary Fund, who has spent the last decade in court battling allegations of fraud and corruption.

  • Blog post

    Former Assistant U.S. Attorney joins Hinshaw & Culbertson

    2017-01-31T13:00:00Z

    The U.S. law firm of Hinshaw & Culbertson has named Kenneth Yeadon, Previously an Assistant U.S. Attorney for the Northern District of Illinois and a senior attorney with the Securities and Exchange Commission’s Division of Enforcement, as a partner in the Chicago office.

  • Blog post

    U.K. introduces bill to tackle criminal financing

    2016-10-28T14:00:00Z

    The U.K. government has published legislation that gives law enforcement agencies new powers to tackle money laundering and corruption, seize the proceeds of crime, and counter terrorist financing. Jaclyn Jaeger reports.

  • Article

    U.K. FCA issues strong new financial crime reporting rules

    2016-09-13T11:30:00Z

    Taking issue with numerous reports that London is an ideal environment for money laundering and other financial crimes, the city is fighting back, writes Neil Hodge.

  • Blog post

    Basel Index finds slippage in AML efforts

    2016-08-04T15:45:00Z

    The Basel Committee on Banking Supervision, an international consortium that develops banking standards, has issued its “Basel AML Index,” an annual ranking of country risk regarding money laundering and terrorism financing. The overall conclusion this year, says Joe Mont: A majority of countries fall short in the effective implementation and ...

  • Blog post

    EU tackles tax abuse in the wake of Panama Papers

    2016-07-26T09:30:00Z

    The Panama Papers document leak shed much light on a deep and pervasive effort to evade taxes. Since then, the European Union has passed a number of new rules to improve tax transparency and close tax loopholes. According to CW’s Paul Hodgson, the EU is only just getting started.

  • MossackFonseca
    Article

    Mossack Fonseca leak prompts global compliance crackdown

    2016-04-18T09:30:00Z

    While politicians draw fire for their connections to shell companies, regulators and legislators are threatening to take action. CW’s Joe Mont says to expect plenty of renewed scrutiny on beneficial ownership data, attacks on U.S. incorporation laws, and a focus on how firms conduct due diligence on third parties, business ...

  • Article

    Data collection could be key to battling trade-based money laundering

    2016-02-09T11:15:00Z

    Trade-based money laundering is a common technique for funding terrorist activities through seemingly innocuous trade activity that essentially hides criminal transactions in plain sight. And it will take the combined efforts of U.S. Customs, FinCEN, the Department of Commerce, and port authorities (and their counterparts in other countries) to compile ...

  • Blog post

    Treasury Moves to Shine a Light on Real Estate Transactions

    2016-02-01T14:30:00Z

    Recently, the U.S. Treasury Department said it would begin demanding to know the names of folks behind the shell companies, which ultra-wealthy foreigners use to hide behind multimillion-dollar real estate purchases. Efforts by the U.S. Treasury Department to police more closely large cash purchases of real estate as a method ...

  • Article

    AML Regulations in NY Force CCOs to Rethink Everything

    2015-12-08T14:45:00Z

    Earlier this month New York officials proposed new anti-money laundering regulations for financial institutions that fall under that state’s regulatory regime and supervision—which pretty much includes every major international bank in the world. Along with heightened demands for monitoring programs that detect money laundering red flags, the requirements seek to ...

  • Blog post

    Standard Chartered Bolsters Its Financial Crime Unit Amid Regulatory Trouble

    2015-08-12T11:00:00Z

    Standard Chartered is adding more staff to its financial crimes team, following a probe by U.S. regulators for an alleged breach in sanctions laws that resulted in a $400 million fine in 2012. In its first-half results announced last week, the bank said, “There is a range of potential penalties ...

  • Blog post

    IMF: U.S. Must Tackle Shell Companies, Beneficial Ownership

    2015-07-07T17:15:00Z

    A new report from the IMF faults the United States for turning a blind eye to shell companies and unclear beneficial ownership—that is, the parties that really control a company or its related bank accounts, even if they do so behind the scenes. That loose approach, the report says, “creates ...

  • Article

    Lessons From HSBC’s Size, Compliance Struggles

    2015-03-03T14:30:00Z

    For nearly three years, HSBC Holdings, a grande dame of international banking, has come under fire for a litany of regulatory problems and compliance failures: money laundering, sanctions, violations, and abetting tax evasion to name just a few. How does a good bank fall into such dire straits? The problem, ...