October 26, 2021

Western Union admits anti-money laundering and consumer fraud violations

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From US Department of Justice Western Union Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits $586 Million in Settlement with Justice Department and Federal Trade Commission Company also Agrees to Implement Anti-Fraud Program and Enhanced Compliance Obligations in Agreements with Federal Authorities The Western Union Company (Western Union), a global money services business headquartered in […]

Panamanian organised crime prosecutor obtains extension in Panama Papers law firm investigation

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By Kenneth Rijock From Caribbean News Now PANAMA CITY, Panama — Javier Caraballo, the lead organised crime prosecutor investigating Panama Papers law firm, Mossack Fonseca, since April 2016, has obtained an extension of time in which to continue his ongoing investigation of alleged criminal conduct at the firm. He has requested judicial assistance from 16 […]

Politicians and the Panama Papers

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By José Niño From Cayman Financial Review The recent Panama Papers leak has brought tax havens to the forefront of public policy discussions. Naturally, many individuals and supranational entities have advocated for more stringent regulations on tax havens and tougher Anti-Money Laundering (AML) programs in response to these revelations. Entities such as the Organization for […]

Hong Kong urges greater AML and KYC effort after Panama leak

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By Monira Matin From International Adviser Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money. The move comes after the city was named the “top centre for secretive offshore financial services” […]

Motion to dismiss FinCEN complaint against former MoneyGram CCO denied

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By David E Teitelbaum, Joel D Feinberg, Stephen Wallant Contributed by Sidley Austin LLP From International Law Office Introduction On January 8 the District Court for the District of Minnesota denied the motion of defendant Thomas E Haider to dismiss the federal government’s complaint seeking to hold Haider personally liable for violations of the Bank […]

CARICOM concerned over Guyana’s failure to approve anti-money laundering legislation

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From Caribbean360 OAS Secretary General, José Miguel Insulza, has called for the “timely approval” the Anti-Money Laundering and Countering the Financing of Terrorism Act (AML/CFT) in the Guyana Parliament. GEORGETOWN, Guyana, Thursday February 13, 2014, CMC – The Caribbean Community (CARICOM) Secretariat Tuesday said it was “deeply concerned” at the failure of Guyana to approve […]