Topic: Money laundering

Second Circuit split over RICO extraterritoriality

The US Court of Appeals for the Second Circuit has added further uncertainty to how the RICO statute is applied to foreign schemes after refusing to rehear a 2014 case that extended US jurisdiction over racketeering schemes conducted abroad.

16 April 2015

Switzerland returns US$20 million to Brazil

Switzerland has confiscated US$19.4 million of laundered proceeds from Brazilian nationals. The amount, which was held in accounts in Switzerland, will be returned to Brazil.

16 April 2015

US Marijuana companies gaining access to banking services

The Financial Crimes Enforcement Network (FinCEN) has revealed that financial institutions are beginning to offer services to marijuana businesses. Between February 2014 and January 2015, 1,736 suspicious activity reports (SARs) containing the phrase “Marijuana Limited” have been filed by financial institutions.

14 April 2015

Gibraltar Private Bank & Trust discloses AML compliance probe

Florida-based Gibraltar Private Bank & Trust is being investigated by several US enforcers for alleged poor compliance with money laundering rules.

13 April 2015

HSBC failing to clean up AML compliance

The monitor to HSBC, former prosecutor Michael Cherkasky, has written a report that questions the bank’s attempts at reforms to its compliance procedures after it entered into a deferred prosecution agreement with the US Department of Justice in 2012, according to Bloomberg citing sources.

31 March 2015

Two US officials charged in Silk Road case

US Secret Service agent Shaun Bridges and US Drug Enforcement Administration (DEA) agent Carl Force have been charged with money laundering and wire fraud in connection with the investigation of online black market Silk Road, the US Department of Justice said in a statement on 30 March.

31 March 2015

BPA owners order internal investigation after money laundering allegations

Grupo Banca Privada d’Andorra (BPA) has opened an internal investigation into allegations made by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) that the private bank laundered money on behalf of Russian, Chinese and Venezuelan criminals, according to Reuters.

25 March 2015

Lotte Group caught up in widening Korean corruption probe

Prosecutors in Seoul, South Korea, are investigating corruption allegations against the shopping subsidiary of multinational conglomerate Lotte Group, according to reports. The Seoul Central District Prosecutors’ Office is looking into suspicious deals involving Lotte Shopping, as well as steel manufacturer POSCO, the Korea National Oil Corp and construction business Keangnam Enterprises.

20 March 2015

DoJ charges Chinese government official with money laundering

The US Department of Justice (DoJ) has charged a Chinese government official and his former wife with immigration and money-laundering offences, the authority said in a statement on 17 March.

19 March 2015

Spain’s AML regulator refers BPA bank to prosecutors

Spain’s anti-money laundering regulator has referred its case against Banco de Madrid to the country’s anti-corruption prosecutors, less than a week after FinCEN published allegations of money laundering against the bank’s Andorran parent company.

18 March 2015

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