The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) Thursday imposed “special measure five” against Tanzania-based FBME Bank Ltd, formerly known as the Federal Bank of the Middle East.
Entries in money laundering (103)
Four foreign nationals were arraigned in federal court Wednesday in Newark, New Jersey on charges of smuggling counterfeit Sony Camcorders and Apple iPhones, iPads, and iPods from China for sale in the United States.
Jing Wang, the former president of global business operations for Qualcomm Inc., was sentenced Friday to 18 months in prison and fined $500,000 for his role in a three-year insider trading scheme and cover up.
The Financial Crimes Enforcement Network (FinCEN) Tuesday fined a money transfer business based in Hamtramck, Michigan and its owner for processing millions of dollars in wire transfers to Yemen without any due diligence on those involved.
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) fined Silicon Valley star Ripple Labs $700,000 Tuesday for selling its virtual currency without registering with FinCEN and for not having an anti-money laundering program.
The circumstances in which a money laundering offense may also constitute a substantive criminal offense was the subject of a UK Supreme Court decision last week.
Last month the UK Privy Council delivered an important decision on the extent to which a bank is obliged to make inquiries into the underlying commercial purpose of offshore financial arrangements.
Regulators are tightening their grip on anti-money laundering compliance. As a result, banks and other financial institutions have begun to re-examine the ways in which they address risk in their operations. Historically, they have done do by taking drastic measures -- exited business lines or cutting ties with business partners.
Interpol -- the International Criminal Police Organization -- isn't a police force. It's an information clearing house that promotes international police cooperation.