Despite enacting new laws this year aimed at money laundering and terrorist financing, Brazil has again come under fire for apparent weakness in its ability to meet international enforcement standards.… Continue Reading
The Egmont Group — Financial Intelligence Units from 151 jurisdictions, with 19 other observer organizations — issued its latest Communiqué from its meeting in Monaco last week, targeting terrorist financing.
The Egmont Group, founded in 1995, is used by enforcement agencies to share information and help each other develop evidence to prosecute financial crimes, such as money laundering, tax evasion, and graft.… Continue Reading
I recently attended a program at which Special Agent Luigi Mondini spoke about the work of the FBI’s Art Crime Team. He said the United States is a net importer of stolen art.… Continue Reading
Zurich-based UBS AG agreed to pay just over $1.7 million to resolve civil allegations that it processed 222 transactions for a client that apparently violated U.S. anti-terrorism sanctions.
“Multiple business lines and personnel within UBS, including supervisory and management staff within the bank’s compliance department, had actual knowledge of the conduct that led to the apparent violations,” the U.S.… Continue Reading
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) Thursday imposed “special measure five” against Tanzania-based FBME Bank Ltd, formerly known as the Federal Bank of the Middle East.… Continue Reading
The U.S. Treasury Department’s Financial Crimes Enforcement Network sets risk-based compliance obligations of U.S. financial institutions. FinCEN directs counter-measures against the countries with the highest risk and enhanced due diligence against others.… Continue Reading
Japan has not done enough to combat money laundering, an international watchdog said on Friday, urging the government to adopt measures such as legislation that criminalizes terrorist financing.
The Financial Action Task Force (FATF) in Paris referred to its 2008 report on Japan, which highlighted deficiencies such as a lack of internal controls among financial institutions to prevent and detect illicit money transfers, Reuters reported on Saturday.… Continue Reading
The Financial Crimes Enforcement Network (FinCEN) issued an Advisory to U.S. financial institutions reminding them to take risk-based steps to track the potential movement of assets related to Viktor Yanukovych and his former administration.… Continue Reading