The Head of Media and Public Affairs, of the Economic and Financial Crimes Commission (EFCC), Mr. Wilson Uwujaren, yesterday disclosed that the commission would drag more bank managing directors and chief executives of banks to court over allegations of money laundering.
In contrast to the general tone of the report, which points to significant progress since the previous assessment in 2006, that concern is raised about “Lack of timely access to adequate, accurate and current beneficial ownership information” which “remains one of the fundamental gaps in the U.S. context.”
A U.S. bank regulator is ready to fail Wells Fargo on a national scorecard for community lending, sources familiar with the decision said on Wednesday, in a move that could limit near-term expansion for the bank.
The bill would represent an ambitious change in U.S. policy. If it becomes law, it would require the U.S. president to execute a range of punitive sanctions against Chinese individuals and entities for activities in the South China Sea and in turn sanction third-party financial institutions that interact with those entities knowingly.
Switzerland has achieved “good results” in fighting money laundering and terrorism financing, but should strengthen its compliance controls, boost scrutiny on the use of cash and share information more with foreign authorities, a leading watchdog said Wednesday.
Financial services providers must start adapting and expanding compliance procedures to deal with the new UK failure to prevent the facilitation of tax evasion offence that is set to come into force next year, says Ogier’s Head of Regulatory Services.
Fears have been resurrected about the stability of the Italian banking system, and even the possibility of Italy leaving the euro has been raised.
The Financial Industry Regulatory Authority, the self-regulatory authority for the securities markets, fined Credit Suisse Securities (USA) $16.5 million on Monday over violations of anti-money-laundering rules.
A bank break-in has left 25,000 customers at risk of fraud after thieves stole computers containing people’s financial details.
The Enforcement Directorate has arrested two officials of a private bank in the capital in connection with its money laundering probe for alleged irregularities in the conversion of old currency and supply of new notes leading to black money generation.
An investment fund can be utilised by those seeking to launder money. Investment funds are particularly suitable for money laundering where a large sum of illicit money is already within the financial system.
It is a precarious victory that Romania's 500,000 protesters earned last week, and it is characteristic of current public sentiment that there have been no celebrations. There is widespread distrust of the government, partly due ...
This is the transcript of a speech given by John Griffith Jones, Chairman at the UK's Financial Conduct Authority, to MBA students at Cambridge Judge Business School. It is republished here with the FCA's permission. Thank you ...
The fallout from a massive bribery scandal that helped to bring down a Brazilian president is spreading across Latin America, threatening to engulf leaders from Panama to Peru. The workings of a secret “bribery department” at ...
Serious and organised crime costs the UK £24bn annually, and threatens the safety of the British public. Accountants form a crucial part of the front line when it comes to spotting suspicious financial activity and ...
HSBC has cut the pay package of its top executives in 2016 after Britain’s biggest bank failed to meet demands by US regulators that it toughen up its defences against financial crime.
On 17 January 2017, at Southwark Crown Court, Lord Justice Leveson approved a deferred prosecution agreement (“DPA”) between the Serious Fraud Office (“SFO”), and Rolls-Royce Plc and Rolls-Royce Energy System Inc (“Rolls-Royce”). The third DPA agreed by the SFO has led some to wonder whether DPAs have finally come of age as a weapon the SFO’s enforcement arsenal.
In late November, Jay Clayton was called by a longtime client seeking advice for how the Trump administration should tackle scaling back rules on Wall Street.
European Supervisory Authorities warn on money laundering and terrorist financing risks affecting the EU financial sector
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published today a joint Opinion addressed to the European Commission on the risks of money laundering (ML) and terrorist financing (TF) affecting the European Union’s financial sector.