As part of the EU, the UK has to adhere to the Anti-Money Laundering Directive which is looking at transparency of trusts – but not for much longer.
The agreement follows a number of high profile cyber-attacks on banking systems around the world, which has brought banking security to the top of the agenda.
The UK bookmaking industry has been exempted by the country’s Treasury from the new Fourth EU Money Laundering Directive, thus escaping the onerous and expensive fate of conducting due diligence on every transaction of €2,000 (£1,740 / $2,150) and above.
U.S. banks should not cut ties with foreign clients over money- laundering worries unless officials have concrete cause for concern, a leading U.S. regulator is telling staff and lenders.
The Financial Conduct Authority (FCA) is being scrutinised by a government audit, alongside a number of other agencies focused on preventing scams and economic crime.
The art and antiques trade has raised fears that the launch of a new government money laundering watchdog will lead to further red tape for dealers and auctioneers in the UK.
The Government is to set up a new watchdog to close loopholes used by criminals as part of a wider clampdown on money laundering and terrorist financing.
Finance leaders of the world’s top economies have agreed to review banking rules, but this does not automatically mean hard-fought financial market regulation will be rolled back, Bundesbank President Jens Weidmann told Reuters on Sunday.
Danish banks should significantly increase their focus on complying with rules to avoid money laundering and tax evasion, the Danish
In January the UK Government published a consultation paper aimed at exploring new ways of tackling corporate economic crime, including criminalising conduct committed by, on behalf of, or in the name of companies.
Widened conduct rules for British bankers take effect Tuesday, adding more teeth to a regulatory framework that has been a game changer for financial firms since it was first introduced 12 months ago.
Lawmakers, members of Oregon’s law enforcement community and public interest groups on Monday spoke in favor of a bill that would rein in abusive, anonymous companies, but a spokesman for Oregon Secretary of State Dennis Richardson’s office said the legislation “still needs significant work.”
The Chinese banking regulator’s newly appointed chief on Thursday brushed aside suggestions that he would spearhead a merger of the country’s three financial industry watchdogs, describing the talk as “rumour”.
Earlier this month, the Fraud Section of the U.S. Department of Justice (DOJ) published its Evaluation of Corporate Compliance Programs (Evaluation Guidance). Although issued without fanfare, the Evaluation Guidance represents the latest in a series of important communications by the Fraud Section outlining the DOJ’s expectations for effective corporate compliance programs.
President Donald Trump signed an executive order on Friday to place “regulatory reform” task forces and officers within federal agencies in what may be the most far-reaching effort to pare back U.S. red tape in recent decades.
China has appointed Guo Shuqing as the new head of the banking regulator, according to people familiar with the matter. Having spent much of his life working on transforming the nation’s financial system, Guo, 60, faces daunting tasks ahead as he takes on oversight of the world’s largest banking industry by assets.
Just 215 wealthy people were granted an investor visa for the U.K. last year after the government doubled the investment needed to 2 million pounds ($2.5 million) and introduced new money-laundering checks in 2014.
Many business people think it is wonderful that we now have an Administration filled with people from business backgrounds. To a point, I relate.
The nation’s first state-mandated cybersecurity regulations regarding banking and financial services companies are scheduled to go into effect in New York state on March 1.
The Financial Conduct Authority (FCA) has entered into a co-operation agreement with Candian regulator Ontario Securities Commission (OSC) in an effort to boost innovation.
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.
In the year and a half that has transpired since the DOJ’s Fraud Section retained a compliance consultant to assist prosecutors’ evaluation of compliance programs, compliance officers, general counsels and white-collar defense lawyers have called for more visibility into what the Fraud Section’s compliance consultant portends for companies ensnared in DOJ investigations.
Parliament has passed a bill that strengthens the rules around foreign trusts. The changes were recommended by tax expert John Shewan, appointed by the government to review existing legislation following the release of the Panama Papers.
Hong Kong is beefing up its anti-money laundering and corporate disclosure laws in a move that some financial crime specialists say could lead to the exodus of billions of dollars in assets from the territory as people seek to avoid increased scrutiny.
Senate Democrats on Tuesday enlisted Janet L. Yellen, the Federal Reserve chairwoman, as an expert witness against Republican plans to roll back postcrisis financial regulations.
Donald Trump moved on Tuesday to expunge rules aimed at forcing oil companies to disclose payments made to foreign governments
The first weeks of the Trump administration have not exactly been characterized by an excess of regular order. So there’s special reason to applaud a document it released last week that helps to make sense of one of the president’s controversial actions — an unprecedented executive order limiting regulation.
China’s central bank said on Thursday it met with nine smaller local bitcoin exchanges to discuss risks and problems in the bitcoin market, and warned them that they risk closure should they seriously violate the country’s regulations.
The Philippine Senate has moved closer to including casinos in the coverage of the country’s Anti-Money Laundering Act, as one of the Senate’s panels began analysing three different bills on the matter.
Big US banks are warning that money laundering is one space the place they anticipate Donald Trump to keep up tough regulatory requirements, regardless of the brand new president’s pledge to ease burdens the place potential.
On November 8, 2016, Indian Prime Minister Narendra Modi announced in a televised speech that 500 and 1,000 rupee notes would no longer be legal tender, swiftly rendering 86 per cent of cash in the ...
Image: nomination of Richard Cordray as CFPB director. Dodd Frank, the sweeping financial reform brought in after the 2008 financial crisis, is not beloved by Republicans. Numerous elements of the legislation have drawn criticism from the ...
Tom Devlin, barrister and partner at Stephen Platt and Associates LLP, unpicks recent anti-money laundering scandals in the finance industry. He looks in detail at what went wrong, how word got out, and how the failings ...
Campaigners have frequently branded the UK a world money-laundering hotspot, citing the 'terrifying' scale of illicit funds that make their way through the City of London. Is this fair? What is the UK Government doing to ...
Abolishing cash might seem impractical, even ridiculous. But think back to that famous image from The Sopranos. The main character, Tony Soprano, is the head of a fictional Mafia organisation dominating organised crime in New ...
A Republican state senator from the Niagara Falls area and his predecessor pleaded not guilty on Thursday in a pair of schemes involving payments to a spouse and a former aide, the latest in a long line of corruption cases to emanate from New York State’s capital.
Cristina Kirchner ordered to stand trial for the first time in series of corruption and mismanagement cases
Argentina’s former president has been ordered to stand trial, in the first of several cases against the divisive ex-leader.
If you don’t think there is any corruption in Australian politics, then you have no need to worry about the millions of dollars’ worth of corporate donations to political parties.
Agricultural Bank of China (AgBank), the country’s third-biggest lender, said it will spend three years building an anti-money laundering (AML) centre to improve and centralize AML control, according to a statement circulated late on Thursday.