Topic: Money laundering

Switzerland is set to introduce a group of laws, known as “Lex FIFA”, which will increase the regulation of the 60 or so sports bodies based in the country. According to reports, the first of these laws is due to be passed on 19 December, and will see senior executives of organisations like the International Olympics Committee being classified as “politically exposed persons”, a term used to describe people in positions that could be abused for money laundering and corruption.

09 December 2014

New York prosecutors, Switzerland’s Office of the Attorney General, and Portuguese prosecutors are all investigating money-laundering allegations against Banco Espírito Santo, according to reports.

02 December 2014

Jaikumar Ramaswamy and Frederick Reynolds will join Bank of America’s financial crimes team in January, according to Reuters.

25 November 2014

The United Arab Emirates has blocked local banks from doing business with terrorist groups, Reuters reports. According to Al Jazeera, the UAE published a list of 85 such groups on 15 November.

21 November 2014

An Italian bank has returned €23 million to the Vatican, following wide-ranging anti-money laundering measures at the Institute for Religious Works, the Holy See’s bank.

20 November 2014

Japan’s government enacted a law on Wednesday that will allow it to freeze the financial and real estate transactions of groups and individuals connected to terrorism.

19 November 2014

A Belgian investigating judge has charged HSBC’s private banking arm in Switzerland with money laundering and fraud for helping wealthy clients avoid tax.

18 November 2014

Argentina’s tax authority (AFIP) has raided banks and financial services institutions for suspected money laundering. According to Bloomberg, the agency said it sent 250 agents to simultaneously raid 71 addresses.

13 November 2014

Sweden’s financial regulator is investigating whether the country’s banks have sufficient controls in place to block terrorist financing, according to reports. Finansinspektionen launched an inquiry after a series of studies highlighted weaknesses in Sweden’s banking system that make it more vulnerable to money laundering and terrorist funding.

07 November 2014

The UK government is researching cryptocurrencies, like bitcoin, with a view of possibly introducing regulation, according to reports. The UK’s Treasury is going to ask the public, law enforcement and financial regulators for information on new digital currencies, and will also research how other countries regulate cryptocurrencies.

04 November 2014