Media
Latest News
In The News
Compliance officers are terrified of a New York State Department of Financial Services proposal that could make them criminally liable for failings in their firm’s anti-money-laundering programs, according to industry representatives.
Few Europeans use the 500-euro note, and most Americans rarely encounter the $100 bill. Yet hundreds of millions of these notes are in circulation around the world, where they are often used by drug cartels, corrupt politicians, terrorists and tax cheats to evade law enforcement.
There is no question that India has the most positive economic story on the planet. Buoyed by increased manufacturing output, India's economy grew by 7.4% in the third quarter of 2015, the fastest growth of any major country in the world.
Meaningful new U.S. sanctions on Iran will have to wait for the next administration. President Obama continues to oppose congressional efforts to inflict financial pain on Tehran for its malign activities. In January the Treasury Department finally did react to Iran’s unlawful ballistic-missile tests, but those sanctions will cause no economic damage.
There have been some recent interesting and interconnected events dealing with Chinese capital flight that bankers need to know about:
The Islamic State has seized large swaths of territory in Iraq and Syria, handily defeating state armies and rebel groups. The conventional wisdom is that its large contingent of former Ba’athist army officers is the key to its military success.
An international anti-money laundering group wants government financial intelligence agencies to give extra scrutiny to transactions and business relationships involving Iran and North Korea.
The Financial Action Task Force, an international body that sets standards for anti-money laundering and combating terrorist financing, said Algeria, Angola and Panama are no longer on its blacklist.
Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdictions.
The U.S. airstrike over the weekend of another Islamic State financial site has increased the estimated amount of cash destroyed into the “hundreds of millions,” according to Col. Steve Warren, the Baghdad-based spokesman for Operation Inherent Resolve.