The director of the US treasury department’s Financial Crimes Enforcement Network (FinCEN) has addressed bankers to share some of his perspectives on the US’ new Anti-Money Laundering Act of 2020 (AML Act). Kenneth Blanco said the act, which includes the Corporate Transparency… Read More ›
The US treasury department’s Financial Crimes Enforcement Network (FinCEN) has issued a notice to inform financial institutions of the latest developments to prevent money laundering and report suspicious activity related to trade in art and antiquities. The notice covers new… Read More ›
Global Financial Integrity (GFI) has published a policy paper that provides five strategic recommendations the administration of new US President Biden and Congress could use to reform the treasury department’s Financial Crimes Enforcement Network (FinCEN) to better protect national security…. Read More ›
Both houses of the US Congress have voted through a law compelling US companies and limited liability partnerships (LLPs) to disclose their beneficial owners holding 25 per cent or more of the shares or voting rights, or those who exercise… Read More ›
Global banks have engaged in industrial-scale money laundering according to secret financial intelligence reports leaked to the BuzzFeed News channel and analysed by the International Consortium of Investigative Journalists (ICIJ). The consortium alleges the leaked reports from the US treasury… Read More ›
The US treasury’s Financial Crimes Enforcement Network (FinCEN) has awarded the Internal Revenue Service-Criminal Investigation Division (IRS-CID)for its investigation into a transnational money laundering organisation operating in the US and Mexico through a complex trade-based money laundering (TBML) scheme. The… Read More ›
Some analysts have suggested that chaos in the illegal narcotics trade’s supply chains and financing operations due to coronavirus pandemic impacts may push drug barons towards trade-based money laundering (TBML) operations (Trade-based Financial Crime, 24 April 2020). But data recently… Read More ›
The US Treasury’s Financial Crimes Enforcement Network (FinCEN) has created a platform to facilitate information sharing on financial crime issues including anti-money laundering (AML) efforts. FinCEN Exchange is designed to share information more dynamically and seeks to formalise relations between… Read More ›